NetOne records 291% mobile money subscriptions

Published: 14 December 2017

STATE-OWNED mobile communications operator, NetOne, recorded an increase of 291 percent in mobile money subscriptions in the third quarter 2017, a Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) sector performance report shows.

"The total number of active mobile money subscriptions increased by 15 percent to reach 3 867 676 from 3 352 476 active subscriptions recorded in the previous quarter.

"NetOne in the second quarter recorded 13 137 compared to 51 440 in the third quarter that indicates a growth of 291.6 percent. Telecel and Econet recorded a growth of 43 percent and 13.5 percent respectively," said Potraz.

According to the report the second quarter of 2017 saw Econet losing 1.3 percent market share, whereas Telecel and NetOne gained 0.4 percent and 0.9 percent respectively.

In October, the telecommunications company rebranded its OneWallet platform to OneMoney, which has already linked its OneMoney debit card with all Zimswitch Instant Payment Interchange Technology-registered banks, moving towards a complete financial ecosystem where every financial institution is connected to OneMoney.

NetOne was also recruiting merchants and agents around the country as part of its aggressive marketing and job creation drive.

Acting chief executive officer (CEO), Mr Brian Mutandiro said their desire was to ensure customers enjoyed wider access to cheaper and convenient mobile money service in the country.

Meanwhile, Potraz said mobile money services have emerged to be a key revenue contributor for the mobile networks in the current economic environment.
- the herald

Tags: NetOne,