Microfinance institution Oxlink Capital (Oxlink) last week hosted a mobile money conference and awards. Zimbabwe Independent business reporter Taurai Mangudhla (TM) interviewed Oxlink MD Brains Muchemwa (BM) on the concept of the awards and their research findings. Below are excerpts:
TM: What lessons did you learn about Zimbabwe’s mobile money infrastructure during your research?
BM: What became clear, even during the conference, is the fact that there is a lot of infrastructure, both physical and intellectual, that can be shared and harnessed by mobile money ecosystem to achieve scale and greater financial inclusion.
And considering the rate at which this industry is growing and how regulators and players are working towards areas around inter-operability, the-re is little doubt that soon, Zimbabwe will join other progressive economies around the world that have working inter-operable systems.
TM: Where does Zimbabwe stand in terms of mobile money transfers and what is its potential?
BM: Zimbabwe, after Kenya and Tanzania, is one of the biggest success stories on mobile money in the world and stands very close to becoming a success story in terms of mobile money. With cross-network person-to-person transfers in the offing and also a time banks are moving towards agency banking, the potential of mobile money in Zimbabwe is massive. The value of transactions will no doubt reach US$10 billion per annum in the next three years from the current US$6,1 billion.