VOICED : Short changed Zimbabwean shoppers turn to mobile banking

Zimbabwe faces currency challenges with US dollars replacing the local currency and a shortage of coins. Mobile banking, particularly through Ecocash, offers a potential solution by facilitating cashless transactions. This trend is part of a broader shift in Africa, where mobile banking is becoming increasingly popular. Despite these advancements, Zimbabwe's economy continues to struggle, with growth projections lagging behind regional averages.

What was one of the main reasons for the replacement of Zimbabwe's local currency with U.S. dollars?

• To reduce the cost of printing money

• To align with international markets

• Due to hyperinflation

• To increase the value of the local currency

What solution did the Zimbabwean government implement to address the coin shortage?

• Introduced new banknotes

• Issued new coins

• Started using digital currency

• Increased the circulation of U.S. dollars

How has Ecocash contributed to the business environment in Zimbabwe?

• By reducing the need for physical cash

• By increasing the number of bank branches

• By providing loans to small businesses

• By offering high-interest savings accounts

Which mobile banking service is mentioned as being popular in Kenya?

• Ecocash

• M-Pesa

• ZimCash

• Impeesa

Despite the introduction of new coins and mobile banking, what remains a challenge for Zimbabwe's economy?

• High unemployment rates

• Lack of technological infrastructure

• Political instability

• Ongoing economic difficulties