Published: 03 July 2014

The Reserve Bank of Zimbabwe (RBZ) says mobile banking is an important driver of transactions in the financial sector as it caters for millions of people who do not have accounts.

RBZ Governor, Dr John Mangudya gave thumbs up to the mobile banking sector as an important driver of liquidity in Zimbabwe.

Dr Mangudya, who was giving oral evidence to the Finance and Economic Development Parliamentary Portfolio Committee, said mobile banking has filled a void as it services millions of citizens without bank accounts, adding that it is beneficial to the overall national economy.

Mobile banking has become popular especially in the rural areas where the need for conventional banking facilities has almost been taken away.

Access to a connected mobile phone is enough for those who do not have traditional bank accounts to handle cash transactions.

Several financial institutions and telecommunications service providers have launched different brands of mobile banking.

About $2 billion is estimated to be circulating in the mobile banking sector locally.
- zbc

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