Zimbabwe: Mobile Money Transfers Up

By Golden Sibanda

THE value of mobile money transfers rose by 80 percent to $1,4 billion in 2014 against the prior year in tandem with the now widespread use of cell phones in Zimbabwe.

Zimbabwe's biggest mobile network operator, Econet Wireless, enjoyed a lion's share of the transactions with a near monopoly of the mobile money market at 98 percent.

This is according to the Postal and Telecommunications Regulatory Authority of Zimbabwe's quarterly report, which also says subscribers rose 72 percent in the 12 months.

"An annual comparison of total value of transactions shows that deposits increased by 80,8 percent to record $1,442 billion in 2014 from $797,9 million recorded in 2013," Potraz said.

This saw the mobile network operators smile all the way to the bank with revenue of $907,3 million in 2014, this however, represented a 17,9 percent decline compared to 2013.

Fourth quarter revenues for 2014 also show an 11,3 percent decline from $247,8 million generated in the prior quarter to $219,7 million generated in the last quarter of 2014.

Mobile money subscribers increased by 71,9 percent to reach 5 299 271 in 2014 from 3 083 126 subscribers at the end of 2013, as operators increased network coverage.

SOURCE:THE HERALD