OneMoney debit card use rises

Source: OneMoney debit card use rises | Daily News

NETONE’s mobile money platform, OneMoney, recorded a 32,7 percent increase in subscribers to 241 566 in the fourth quarter to December 31, 2018 from 181 990 in the previous quarter, latest data show.

OneMoney has become popular through its availability on the Zimswitch network of banks, drawing on the stringent advantages, creating ease of movement of funds across the country.

With Zimbabwe slowly transitioning to a cashless society, OneMoney has become a force to reckon with after the company recently activated its debit card nationwide.
The debit card is primarily there to provide an alternative payment solution for the subscriber, and complement the mobile financial platform.

According to the Postal and Regulatory Authority of Zimbabwe (Potraz) fourth quarter report, the total number of active mobile money subscriptions was 6 352 552 as at December 31, 2018, representing a 1,6 percent growth from 6 252 538 recorded in the third quarter of 2018.

An annual comparison of total active mobile money subscriptions shows a 35 percent growth from 4 706 778 recorded as at December 31, 2017. In the period under review, mobile money transactions increased by 2,2 percent to $1 425 618 090, while cash in transactions declined by 1,7 percent to $1 million.
“The decline in cash-in transactions is attributable to liquidity challenges in the economy.

“Cross-network transactions have been declining and this is attributable to the lack of comprehensive wallet to wallet interoperability amongst the three mobile money providers,” said Potraz.
Mobile money has become an important channel for effecting Person to Business transactions following cash shortages being experienced in Zimbabwe.
An annual comparison shows that airtime and merchant payments grew by 190,5 percent to record $4 715 934 785 in 2018 from $1 623 469 563 recorded in 2017.

Cash-In transactions grew by 146,5 percent to record $3 806 534 842 from $1 544 100 162 recorded in 2017. Cash-out transactions also grew by 105,6 percent to record $2 843 488 072 from $1 382 968 270 recorded in 2017, the report added.
On the other hand, cross-network transactions declined by 46,7 percent to record $683 732 from $1 282 318 recorded in 2017.