Omega Ukama 
THE number of mobile money transactions in Zimbabwe declined by 10 percent during the third quarter of 2020 as the government tightened controls in the sector which it blamed for fuelling the parallel market for currency, a Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) report has shown.
During the quarter, the Harare administration placed a number of limits on mobile transactions, including an outright ban of certain types of wallets.
A report published by POTRAZ this week shows that 295 million mobile transactions were recorded during the three-month period, down from 328 million transactions reported for the third quarter.
There was, however, a growth in the value of transactions from $12,8 billion to $19,4 billion. “Cross network mobile money transactions recorded the biggest growth of 92,1 percent; cross network mobile money transactions are expected to increase gradually as interoperability is fully implemented in line with Statutory Instrument 80 of 2020 on Banking Money Transmission, Mobile Banking and Mobile Money Interoperability Regulations,” the regulator said.
Subscribe to The Financial Gazette
This is premium content. Subscribe to read article.
