Published: 18 July 2013

RBZ has said local banks should embrace mobile banking platforms to remain relevant as the public moves from conventional brick and mortar banking.

Speaking at the Small to Medium Enterprises seminar yesterday, RBZ deputy governor Khupukile Mlambo said the apex bank had to date registered 18 financial institutions to adopt mobile financial services in a bid to promote financial inclusion.

The central bank said mobile banking was emerging as the preferred platform for the thriving business sector.
Mlambo said following the approval of the establishment of mobile banking services by three mobile network operators - Econet, Telecel and Net*One - in collaboration with local banks, mobile banking transactions increased to $381.61 million in 2012 from $7.87 million recorded in the previous year.
- newsday

You might also want to read this

• RBZ suspends 30-day forex liquidation requirement
• RBZ maintains 50% USD retention for tobacco farmers
• AMG boss proposes gold-backed Zimbabwe currency to RBZ
• Money Supply (M3) rises to $17.1 billion in July 2019
• 'Banks should focus on savings deposits'
• RBZ integrity called into question
• RBZ floats $300m additional TBs
• RBZ develpps cold feet, brings back cash-in, cash-out
• RBZ clamps down on illegal cash deals
• Strive Masiyiwa lashes RBZ