Mobile Banking

by Developed Africa 30. April 2014 09:00

Developed Africa has previously spoken about the benefits of mobile technology in financial inclusion, now there is growing evidence.

The EcoNet telecommunications group has seen vast expansion in the number of people signed up to their mobile cash transfer platform, EcoCash. 

In January 2014 Econet with a total subscriber base of 8.5 million also claimed to have 3.5 million users on their EcoCash money transfer platform whilst Netone's One wallet money transfer service epxerienced a 2000% increase in transaction volume since their re-launch in November 2013"

This is strong evidence of both the usefulness and popularity of mobile banking. Whilst it may not be pleasing to banks, the fact that people can control their money from anywhere they wish is incredibly useful, especially to those living in rural areas who would not have been able to regularly reach their banks before. By introducing mobile banking and money transfer, it is a lot cheaper for people to use the same services they would usually have to go to a bank for.

opening a mobile money account on any of the operators in Zimbabwe is free and all you need to start using mobile money services in Zimbabwe is a basic mobile phone"

The reach of mobile money services such as this should greatly improve access to services for citizens.


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