Fintechs Are Airlifting Hard Currency As Zimbabweans Cling To US Dollars
- Remittances from Zimbabweans living abroad have surged 16% to USD 823 M in the first half of 2024.
- Mobile money companies like Mukuru airlift millions of US dollars into the country every month.
- Competitors like Mama Money are witnessing similar trends in providing physical cash transfers.
The preference for US dollars and the hesitance towards the ZiG digital currency in Zimbabwe pose significant challenges for the government. While mobile money companies are successfully meeting the demand for physical cash transfers, the government needs to address the underlying issues and build trust in the ZiG to promote its adoption.
