Zim mobile money services too expensive

Zimbabwe's mobile money platforms are still too expensive owing to the refusal to share infrastructure by the mobile service providers, parliamentarians heard last week.

Giving oral evidence to the parliamentary portfolio committee on Youth, Indigenisation and Economic development, Bankers Association of Zimbabwe president George Guvamatanga said mobile money charges should come down.

"Mobile money platforms complement the banking system. However, the charges are too high and they should come down so that more people can have access to banking services," he said.

He said the challenge was that operators were refusing to share infrastructure with others and putting in place measures that seek to push out competition.

All three mobile phone operators in Zimbabwe have launched a mobile money platform which has been good for the sector. However, there have been constant battles as operators impose restrictions on each other in a bid to outdo the competition.

The telecommunications companies have also refused to share base stations and airtime booths. They have also refused to share their platforms with banks who also have their own platforms as well.

This has led to companies incurring high costs which they then transfer to the consumer who is charged both when sending and receiving money.

Guvamatanga said this had limited the drive to capture the money circulating in the informal sector.

"We want a legislative framework that encourages interoperability to make the service cheaper and more convenient for the public," he added.

He said BAZ had commissioned a study to find out how much money is circulating outside the banking system and how it can be captured.