NetOne's OneMoney aims to revolutionise financial inclusion in Zimbabwe

NetOne's mobile financial services subsidiary, ONE Money, is set to transform financial inclusion in Zimbabwe by offering a suite of innovative products and services designed to reach the country's unbanked and underbanked populations. This move is aimed at addressing the growing need for financial services in a market where an estimated 70% of the population has limited or no access to formal banking.

With mobile technology as its backbone, ONE Money seeks to provide affordable, convenient, and secure financial services to all Zimbabweans, regardless of location or financial status. The company is positioning itself as a crucial player in bridging the gap between traditional banking and digital finance.

Joseph Machiva, General Manager of ONE Money, highlighted that the platform is more than just a mobile wallet, but rather a comprehensive financial empowerment tool designed to bring about tangible change for those who have previously been excluded from the formal banking system.

"OneMoney is more than just a mobile wallet; it's a financial empowerment tool," Machiva explained. "Our goal is to bridge the gap between traditional banking and digital finance, ensuring that every Zimbabwean has access to secure, seamless, and efficient financial services."

NetOne Group CEO Raphael Mushanawani expressed confidence in ONE Money's potential to revolutionize the financial landscape in Zimbabwe. He emphasized that the strength of ONE Money lies in the vast distribution network of NetOne, its commitment to technological advancements, and its ability to serve communities at every level.

"The latest upgrade is a significant step towards a future where financial services are truly accessible to all," Mushanawani said.

The launch of ONE Money's comprehensive financial products and services is expected to have a transformative effect on financial inclusion across the country. A recent report by the Reserve Bank of Zimbabwe revealed that mobile financial services have the potential to increase financial inclusion by up to 50% in the next five years.

In addition to providing mobile wallets, ONE Money will offer services that include mobile money transfers, savings products, bill payments, and access to microloans, all designed to cater to the unbanked population. With Zimbabwe's population heavily reliant on mobile phones for communication and transactions, ONE Money is poised to tap into this vast market and bridge the gap for millions without access to formal banking.

Last year, Mushanawani disclosed that NetOne is positioning itself to achieve an ambitious revenue target of US$1 billion annually by 2029. This goal marks a massive increase in revenue from a projected US$160 million this year, signaling the company's determination to leverage new opportunities and expand its customer base.

NetOne, the country's oldest mobile telecoms operator, was the first to be licensed to operate a mobile telecoms business in 1996, preceding Strive Masiyiwa's Econet. Despite fierce competition, NetOne remains committed to expanding its reach, with over 4 million active subscribers as of the first quarter of last year, trailing Econet's 10 million.

Through ONE Money, NetOne aims to become a key player in Zimbabwe's mobile financial services market, offering a lifeline to millions of Zimbabweans in need of accessible, affordable, and secure financial solutions.