The Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) said mobile money cash-in transactions surged 108 percent to USD 2.4 billion in the second quarter to June 2019 from USD 1.2 billion in the first quarter 2019, as mobile money users grew. Cash-out transactions increased by 63 percent from USD 795.5 million to USD 1.3 billion. The increase is attributable to the general rise in the prices of goods and services coupled with cash challenges, too.
Last week, authorities temporarily banned cash-in and cash-out transactions to curb high premiums charged by some agents, but the Reserve Bank of Zimbabwe later lifted the ban.
The number of mobile money transactions climbed by 21.8 percent to 477.4 million from 391.9 million in Q1. Potraz said the total number of active mobile money subscriptions grew 5.3 percent to reach 7.0 million from a previous record of 6.7 million for the Q1.
Mobile money operators, with the exception of Telecash, experienced an increase in market share of active mobile money subscriptions. EcoCash increased 0.8 percent after recording 94.5 percent in the first quarter to 95.4 percent in the second quarter. NetOne’s OneMoney had an increase of 0.9 percent from 3.8 percent in the previous quarter to 4.7 percent, Potraz said.
The report revealed that the total number of active mobile subscriptions in the country has grown 1.8 percent to 12.35 million. The highest growth was attributed to NetOne, which expanded by 6.1 percent in the quarter. NetOne’s market share grew from 21.4 percent to 22.3 percent while the other operator that experienced growth in this quarter only grew by 1.3 percent.
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