Cash still king in Zimbabwe despite mobile money inroads.
However, the number of unbanked adult Zimbabweans remains high at 3.7 million or 54% of the population.
An excerpt from the Survey reads: “Lack of money remains the main reason for not having a bank account/mobile money. One in five adults prefers using cash over mobile money or bank and 16% reported affordability as another barrier for not using bank or mobile money accounts.” “Mobile money is playing a pivotal role in making the financial sector more inclusive in Zimbabwe. Further, mobile money is aiding in reducing exclusion rates among the rural populace, females, and youth,” it continues.
A breakdown of the data from the survey shows that 72% of Zimbabwean households now have access to either a bank account or mobile money. About 47% of Zimbabwean households only have access to bank accounts, while 66% of households have access only to mobile money accounts. Only one in four or 28% users of mobile money are considered high users as they use their accounts more frequently either daily or weekly.
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