THE country’s oldest mobile telecoms operator NetOne’s subsidiary ONE Money, a mobile financial services provider, is aiming to revolutionise financial inclusion through a suite of innovative financial products and services designed to reach the unbanked and underbanked populations.
The move is part of ONE Money’s efforts to tap into Zimbabwe’s vast unbanked market, where an estimated 70% of the population lacks access to formal banking services.
By leveraging mobile technology, ONE Money aims to provide affordable, convenient, and secure financial services to all Zimbabweans, regardless of their geographical location or financial status.
OneMoney general manager Joseph Machiva said the platform’s goal is to bridge the gap between traditional banking and digital finance.
“OneMoney is more than just a mobile wallet; it’s a financial empowerment tool,” he said.
“Our goal is to bridge the gap between traditional banking and digital finance, ensuring that every Zimbabwean has access to secure, seamless, and efficient financial services.”
NetOne group chief executive officer Raphael Mushanawani said the latest upgrade is a step towards making financial services accessible.
“The strength of OneMoney lies in the strength of NetOne — our extensive distribution network, our commitment to technological advancement and our ability to serve communities at every level,” Mushanawani said.
“The latest upgrade is a significant step towards a future where financial services are truly accessible to all.”
The launch of ONE Money’s financial products and services is expected to have a significant impact on financial inclusion in Zimbabwe.
According to a recent report by the Reserve Bank of Zimbabwe, mobile financial services have the potential to increase financial inclusion by up to 50% in the next five years.
Last year, Mushanawani disclosed that NetOne has laid the foundation to turn over US$1 billion annually by 2029, even as it battles to access capital.
He said the state run operator had located pockets of opportunities to power his ambitious turnaround effort.
The US$1 billion will represent a massive rise in revenue over five years, from a projected US$160 million this year.
NetOne was the first to be licensed to operate a mobile telecoms business in 1996, before billionaire Strive Masiyiwa’s ultra-innovating Econet entered the market two years later, following a browsing legal tussle with government.
The Zimbabwe Stock Exchange-listed privately-owned operator had 10 436 233 active subscribers during the first quarter of last year.
NetOne trailed with 4 017 167.
