OneMoney aims to bridge Zimbabwe's financial gap, ...

OneMoney aims to bridge Zimbabwe's financial gap, targeting unbanked millions

Philemon Jambaya
Zim Now Editor

NetOne's mobile financial services subsidiary, OneMoney, is spearheading a drive to revolutionize financial inclusion in Zimbabwe, focusing on the vast unbanked and underbanked population. By leveraging mobile technology, OneMoney aims to provide accessible, affordable, and secure financial services to millions of Zimbabweans who have traditionally been excluded from the formal banking sector.

With an estimated 70% of the population lacking access to traditional banking services, OneMoney sees a significant opportunity to bridge the gap through innovative digital solutions. This initiative is not just about providing a mobile wallet; it's about empowering individuals and communities by providing the tools for financial participation.

OneMoney general manager Joseph Machiva articulated this vision, stating, "OneMoney is more than just a mobile wallet; it’s a financial empowerment tool. 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 emphasized the synergy between NetOne's infrastructure and OneMoney's potential. "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," he said. "The latest upgrade is a significant step towards a future where financial services are truly accessible to all."

The potential impact of OneMoney's initiative is substantial. According to a recent Reserve Bank of Zimbabwe report, mobile financial services have the potential to increase financial inclusion by up to 50% in the next five years. This highlights the critical role digital platforms can play in transforming the financial landscape.

This push for financial inclusion aligns with NetOne's broader ambitious growth strategy. Mushanawani has previously outlined the company's goal to achieve an annual turnover of US$1 billion by 2029, a significant leap from the projected US$160 million for the current year. Despite challenges in accessing capital, NetOne is strategically identifying opportunities to drive its turnaround effort.

NetOne, the country's oldest mobile telecoms operator, entered the market in 1996, preceding the arrival of Econet. While Econet has since become a dominant player, NetOne is leveraging its established network and infrastructure to expand its reach and impact.