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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5 comments
comparing the $2 million to the total revenue in the mobile sector is off the mark. Its their revenue, the government only intends to collect $20 million, so a comparison with that figure makes more sense.
This is an additional tax on Zimbabwean businesses in the telecommunication sector so comparing it with legitimate revenue collected doesn’t make sense.
You want them to give more of their hard earned money to government. Are you suggesting that they tax zim telcoms more to put to this fund. I mean really
That number used for comparison is not for revenues, it’s the total value of transactions made through mobile money services.
My point is in reference to the point you made here “This pales in comparison to the multi-billion dollar transactions handled by mobile money services.”
are you saying the money needs to be more that is placed in this fund. If yes then you are calling for an increase in tax for telco’s
correct me if i am wrong
total value of transactions made through mobile money services = revenue from mobile money services
Break in communication there. I never referenced any fund or taxes.
1. The $2 million is not a figure collected – it’s the value of money that was moved by users between EcoCash, Telecash, OneWallet and Nettcash.
2. The transactional value recorded by the RBZ for all mobile money services (the billions i referred to) doesn’t refer to their revenues. Its the total amount of money moved on the networks.
Thanks for the clarifications