Mobile money constitutes 12,5pc of NPS transactions

28 Jul, 2017 - 20:07 0 Views
Mobile money constitutes  12,5pc of NPS transactions Dr Mangudya

eBusiness Weekly

Business Writer
Mobile transactions now constitute 12,5 percent of the national values and around 70,6 percent of volumes for the month ending June 2017.

This comes at a time when the cash shortages currently being experienced in the country have seen the public resorting to the highly accessible mobile money services.

According to Reserve Bank of Zimbabwe’s governor Dr John Mangudya mobile money is now widely being accepted for transacting by the public as it has the ability to reach out to all parts and sectors of the economy. “Mobile financial services have been widely adopted in Zimbabwe and the efforts by banks and payment systems providers is very encouraging.”

According to data from the RBZ’s National Payment Systems, there are seven mobile money platforms where eighteen banks are directly linked. In addition, all banks in the country have their own mobile banking platforms which are open for use by their customers.

Bank to wallet and wallet to bank transactions now constitute 23 percent of the transaction values and 13 percent of the transaction volumes.

Data from Zimswitch shows that US$304,54 million was moved through mobile money systems in the six months to June.

Globally, according to GSMA’s state of the mobile industry report, mobile money providers are processing an average 30 000 transactions per minute or more than 43 million per day. This is strengthening the banking industry as between September 2015 and June 2016, the volume of flows to and from bank accounts grew more than 120 percent.

“The trend towards higher levels of interoperability is starting to bear fruit where integration and convergence of banking and mobile systems is now a reality. Mobile money systems are used for low value retail transactions which have cumulative high volumes albeit in value terms they are lower,” said Dr Mangudya.

However, the bulk of national transactions at 70 percent are through Real Time Gross Settlement (RTGS). The Central Bank noted that the RTGS platform has not experienced any notable challenges over the period with an average uptime of 99 percent.

“However, in isolated incidences some banks experienced delays in applying customer funds where their internal systems faced intermittent challenges. Overall banks have been managing the challenges on an ongoing basis and the Reserve Bank will continue to monitor and ensure that any challenges are resolved as expected.”

Share This:

Sponsored Links

Survey


We value your opinion! Take a moment to complete our survey

This will close in 20 seconds