Source: OneMoney grows 97pc | The Herald October 10, 2019
NETONE’S mobile money transfer service, OneMoney has grown by 97 percent in the three months ending September 30, 2019, driven by unique offerings including OnePay, a bulk payment facility, an official has said.
Active subscribers grew from 215 000 to 425 000 in the period under review.
NetOne head of public relations Dr Eldrette Shereni told The Herald Finance and Business that OnePay has provided relief to many corporates as it offers “convenient, seamless and instant multi-wallet salary disbursements”.
“The OnePay facility has been well received by several institutions including corporates mainly for salary and stipend payments, NGOs, farmers, as well as institutions that process grants and other social security payments,” said Dr Shereni.
“This facility is one of the feeders into the OneMoney ecosystem from an enterprise or B2B Level. At individual level, there are several convenient methods which can be used to fund the OneMoney Wallet.
“The most exciting is the fact that OneMoney is integrated to all 18 banks via the Zipit facility which allows clients to transfer funds seamlessly from bank to wallet and vice versa using the Zipit platform.”
OneMoney subscribers can also send and receive funds through the Peer to Peer function, which allows them to send funds to loved ones and relatives across the country, as well as pay for goods and services to any NetOne number.
Dr Shereni said it was gratifying that the Reserve Bank of Zimbabwe (RBZ) had restored the cash-in and cash-out facilities.
The apex bank capped cash-out transactions at $100 per transaction up to a maximum of $1 000 per day. Cash-in limits are $1 000 per transaction and the limit is $10 000 per day.
NetOne has recruited “OneMoney Champions” within communities to activate and register small shops, vendors, and commuter omnibuses, among others, so that subscribers are able to pay for basic services without the need for physical cash.
Individuals can also earn money on the go through the One TopUp facility, which allows anyone to sell electronic airtime at 10 percent commission.
One Money also offers a micro loan dubbed Katsaona, which allows someone to borrow up to $50. The loan can be repaid within 30 days with a 10 percent interest charge.
The 2019 second quarter Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) shows that the total number of active mobile subscriptions has grown by 1,8 percent to 12 354 315.
The highest growth being attributed to NetOne which grew by 6,1 percent in the quarter.
NetOne’s market share grew from 21,4 percent to 22,3 percent after adding over 159 000 new customers.