Mobile money transaction value surges 16,3%

The value of transactions on mobile money platforms increased by 16,3% to $533 million in the fourth quarter of 2015, with Econet Wireless enjoying the lion’s share of the business, latest industry statistics have shown.

BY TATIRA ZWINOIRA

The Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz), in a 2015 fourth quarter report, said the previous quarter recorded transactions were valued at
$458 412 196.

This comes as the number of agents also increased by 11,7% to 33 259 from 29 775 recorded in the previous quarter.

Potraz said the number of mobile money subscribers also increased by 9,9% to reach 7,3 million.
“The total value of transactions on mobile money platforms increased by 16,3% to record $533 067 245 from $458 412 196 recorded in the previous quarter,” the regulatory body said.

“Cross-network transfers were implemented in the fourth quarter of 2015. Mobile money subscribers are now able to send money across all the three networks.

A total of $2 256 390 was transferred across the three mobile networks, representing 0,4% of total transactions.”

In terms of market share, Econet remained dominant, having 96,9% of the value of tractions made, 72,2% of the number agents, and 74,3% in terms of subscribers using mobile money platform.

Telecel was a distant second, accounting for 3,1% of the value of transactions made, 21% of agents and 14,3% subscribers.

NetOne accounted for 0,01% of the mobile money transactions, 6,8% of the agents and 11,4% of the mobile money subscribers.

Analysts say the average amount of mobile-based money transacted was $20, which was used to pay bills, buy goods and send money to family or friends.

Financial securities expert, Persistence Gwanyanya said the world was moving towards a cashless society and Zimbabwe is also moving in that direction.

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