The second edition of the annual Mobile Money and Digital Payments Conference Zimbabwe organised by Oxlink Capital has just kicked off in Harare.
The first presentation was made by the Minister of ICT Supa Mandiwanzira and according to the Minister, only $2 million has been transferred across the different mobile money networks. This pales in comparison to the multi-billion dollar transactions handled by mobile money services.
To put this in context, in the first quarter of 2016 mobile money services handled $1.2 billion worth of transactions.
This facility was opened up towards the end of 2015 after the industry regulator, the Reserve Bank compelled all service providers to offer cross-network transfers as a way of boosting service interoperability.
It seems, though, that despite the benefits that come with the facility, the market isn’t fully aware that the feature is available, something that Mandiwanzira referenced as likely being a result of limited efforts to raise awareness from the mobile money operators themselves.
Over the years mobile money services have displayed a preference to hold money within their respective ecosystems, encouraging transactions through their networks rather than transferring funds to competing services.
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