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VOA
WITH no end of cash shortages in sight in Zimbabwe, the use of mobile money has become the order of the day in the southern African nation. The central bank says it is happy with the situation and wants 90% of all transactions to be electronic.
For years now, Zimbabwe has faced an acute shortage of cash. That has forced people to switch to mobile money.
An informal sector is booming in the electronic exchange of foreign currency for the local currency, or in some cases, the other way around. This is called RTGS, or real-time gross settlement.
“Generally the bond notes most people are not accepting them because they are losing value. So people do not want them,” explains informal trader Slyvester Mupfururi.