NetOne expands OneMoney to boost rural financial inclusion

One of Zimbabwe's largest mobile network providers, NetOne, is ramping up its financial inclusion efforts by expanding its OneMoney agent network and increasing remittance partnerships in rural areas.

The move is part of the company's broader strategy to enhance the visibility and accessibility of its mobile money platform, ensuring more Zimbabweans, especially those in remote areas, have access to financial services.

According to the Zimbabwe National Statistics Agency (ZimStats), the country's 2022 census revealed that Zimbabwe has a rural population of 9.3 million. This large market presents an opportunity for NetOne to expand its reach and improve financial access for underserved communities.

In its recent financial inclusion drive, NetOne has established thousands of new OneMoney agents in rural Zimbabwe. Additionally, the company is working on increasing its remittance partners to ensure rural communities receive money efficiently and conveniently.

The mobile network operator is also focusing on growing its merchant partner base, allowing small businesses, farmers, and shop owners to embrace OneMoney as a payment method. This shift reduces reliance on cash transactions, improves record-keeping, and enhances business security.

"These efforts not only support local businesses but also stimulate economic growth by keeping cash circulation within rural economies," NetOne stated in its Global Money Week presentation.

The company has also targeted key areas such as digital disbursements to pensioners and traditional leaders, government social grant distributions, and payments to smallholder farmers for their sales. These services will be facilitated through multiple access points, including Zimpost, TelOne, Petrotrade, OneMoney, and retail leader outlets.

Mobile money platforms have played a crucial role in Zimbabwe's financial inclusion drive, allowing previously unbanked populations to participate in the formal financial system. OneMoney, which is the country's second-largest mobile money platform after EcoCash, has been working to consolidate its market share, leveraging NetOne's extensive network coverage of 98.4% of Zimbabwe.

To enhance service delivery, NetOne has also upgraded its mobile money platform, with Chief Executive Officer Raphael Mushanawani stating that system improvements were necessary to ensure OneMoney maintains a competitive position in the market.

"We are addressing the limitations that we have on OneMoney so that we make sure it takes its rightful position in the market," Mushanawani said.

As NetOne continues to roll out these initiatives, its financial inclusion drive is expected to play a pivotal role in transforming Zimbabwe's digital payments landscape, particularly in rural communities.