An analysis of the impact of mobile phone-based products on the provision of financial services to the individual Zimbabwean customer

Abstract

This research paper focuses on analyzing the impact that mobile phone-based products have had in providing financial services to the individual Zimbabwean customers. In recent years telecommunication companies have ventured into the provision of financial services that can be accessed through mobile devices such as cell phones, iPads, iPhones and event through the Internet in the comfort of people’s homes or offices. In this research the researcher focuses on evaluating the extent to which the introduction of mobile banking services has benefited the rural communities, which are currently unbanked in the Zimbabwean economy. The findings from this research reflect that the introduction of this facility and its roll out to rural communities has significantly improved these communities’ access to banking services, which they would otherwise need to travel to urban centres to access. There are however certain challenges that the customers are currently facing in using this facility and this research makes some recommendations in addressing these challenges that the customers have highlighted. Keywords: mobile banking, application, convenience, security, speed, cost effective, network availability, rural community.