MoMo transactions down in Zimbabwe

10 May 2021

The total number of mobile money (MoMo) transactions processed in Zimbabwe last year dropped 23% to record US$1.5bn from US$1.96bn recorded in 2019 as active MoMo subscriptions also took a dip. 

Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) attributed the declines to the banning of mobile money agent lines.

During the period under review, the Reserve Bank of Zimbabwe (RBZ) banned agent lines which mainly affected Ecocash as it had the highest number of agent lines.

“As a result, Cash-In transactions and Cash-Out transactions are no longer being effected,” reads part of the Potraz sector performance report for 2020. According to the report Ecocash maintained its dominance on both number of transactions as well as value of transactions at 97% and 95.7% respectively.

OneMoney accounted for 4% of value of transactions while the remaining 0.11% was for Telecash.