Mobile money transactions surpass $2 billion

The value of transactions processed through mobile platforms surpassed $2 billion during the first five months of the year, highlighting the increasing number of people turning to mobile devices to transact.

According to the Reserve Bank of Zimbabwe's monthly report for January-May, mobile-based transactions were valued at $2, 35 billion with analysts pointing out that the practice could spread as the unbanked and rural people are now embracing mobile payments.

The service has become important taking into account that the country now has a thriving SME and the informal sector (the shadow economy) which is estimated to hold around $7 billion.