Robust Mobile Money Transfer System Attributed To 1,2 Million Financially Included Bank Accounts

Reserve Bank Of Zimbabwe (RBZ) Deputy Governor Jesimen Chikipa has attributed “Robust mobile money Transfer System to the Banks Managing to sign up 1,2million accounts.”

The Rbz Deputy Governor also added that while the number of financially included Zimbabweans have increased, it is still below the 90% target set by the her boss, Rbz Governor Dr John Panonetsa Mangudya in 2016.

Deputy Governor Chikipa attributed the rise in financial inclusion to a robust mobile money transfer system, although authorities are worried about the low uptake in Matabeleland provinces.

Zimbabweans have experienced a very tough tumultuous time in the last 14 years, grappling with domestic currency shortages before the local currency crashed during the decade to 2008.

Extensive United States dollar shortages hit the market following the onset dollarization in 2009.Then as markets swung from one crisis to another, banks located huge opportunities in digital cash transfer services under RBZ’s Governor Dr John Panonetsa Mangudya’s direction.

“Financial inclusion is now at 83% against a target of 90%,” Chipika said.

“The 90% was a bit ambitious but we are happy…we are doing well,” she said, noting that the financial inclusion rate was as high as 93% in urban areas.

The Deputy Governor
also mentioned an Rbz recent Survey which revealed that the most banked provinces were Bulawayo and Harare, two of Zimbabwe’s metropolitan settlements.

She also noted that, “Rural areas were riding on mobile money platforms.”Chipika added more efforts were still required to improve financial inclusion in Matabeleland North and South provinces.