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Mobile Banking Transforming Zimbabwe Into Cashless Economy

Boosted by a slightly improved financial market, Zimbabwean banks have introduced some popular money transfer services as the country moves towards a cashless economy.

Some bankers said Monday most of the mobile money transfer options have been snapped up by the banking public including small businesses and workers.

The money transfer options include Kingdom Bank’s CellCard, Zimbabwe Bank’s e-Wallet and e-Mali, FBC’s Mobile Moola and the Central African Building Society’s TextaCash.

They said Econet’s EcoCash has also become a household name as the banking public ventures into the cashless economy.

Under the Mobile Moola scheme, Econet subscribers pay 7c for each transaction while on the EcoCash platform, there is a 2 percent charge for a transaction for sending money to a registered EcoCash user. Other schemes have charges of up to $1.30 per transaction.

Independent economist Vince Musewe said mobile money transfers are also popular among Zimbabwean workers. “Clients will in the near future be able to pay commuter omnibus fares using their mobile phones,” said Musewe.