Information technology has fundamentally changed the global complexion and face of the banking industry.
The advent of Internet banking offers banking firms a new frontier of opportunities and challenges.
Probably because Internet banking is a new industry here, consumers’ acceptance and use of Internet banking is still limited.
However as the country’s mobile subscriber base continues to grow, more and more consumers are warming up to Internet banking.
The opportunity to access a banking account at anytime, anywhere a customer has an Internet connection, is a major advantage for individuals and businesses.
There are no headaches about being unable to access a bank account if one is out of town, or if the weather is too unfriendly to allow an individual to travel to the bank’s physical location.
Figures released by Reserve Bank of Zimbabwe governor Gideon Gono on Friday showed that a cumulative total of mobile and Internet transactions of 457 513 valued at $193,13 million were processed from January to November 2010.
Of the $193,13 million, Internet transactions accounted for 99%, while mobile payments were 1% of the same amount.
“Mobile phone penetration in Africa has leapfrogged and Zimbabwe is no exception with a subscriber base estimated to be over 5 million,” Gono said.
The advent of Internet banking offers banking firms a new frontier of opportunities and challenges.
Probably because Internet banking is a new industry here, consumers’ acceptance and use of Internet banking is still limited.
However as the country’s mobile subscriber base continues to grow, more and more consumers are warming up to Internet banking.
The opportunity to access a banking account at anytime, anywhere a customer has an Internet connection, is a major advantage for individuals and businesses.
There are no headaches about being unable to access a bank account if one is out of town, or if the weather is too unfriendly to allow an individual to travel to the bank’s physical location.
Figures released by Reserve Bank of Zimbabwe governor Gideon Gono on Friday showed that a cumulative total of mobile and Internet transactions of 457 513 valued at $193,13 million were processed from January to November 2010.
Of the $193,13 million, Internet transactions accounted for 99%, while mobile payments were 1% of the same amount.
“Mobile phone penetration in Africa has leapfrogged and Zimbabwe is no exception with a subscriber base estimated to be over 5 million,” Gono said.
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