From Zimbabwe, Standard Chartered has launched a digital-only banking experience via a mobile application.

The Standard Chartered mobile app will provide users with access to banking and other finance services.

Lovemore Manatsa, chairman for Standard Chartered Zimbabwe, described the app as key milestone in the bank's digital journey.

Manatsa said it "underlines our commitment to investing and growing" in the Zimbabwean market.

Digital finance solutions are gaining traction in the local market as the country continues to grapple with a shortage of cash.

"We have been steadily investing in and expanding our digital footprint in Zimbabwe. Digitising banking in the country in line with global trends remains at the heart of our business strategy," added Manatsa.

Jesimen Chipika, deputy governor for the Reserve Bank of Zimbabwe, says Zimbabwe is "on the right course in as far as the financial inclusion strategy" is concerned.

"Digital Finance is one of our major successes in the financial inclusion drive," said Chipika.

Zimbabwe's government has taken advantage of this growth and introduced an Intermediated Money Transfer Tax that levies 2% on most mobile money, electronic transfer and other digital finance transactions.