Mobile money agents in Zimbabwe are looking beyond services such as Telecash, EcoCash and One Wallet to boost their incomes as the market becomes more saturated.

This is according to the Mobile Money Transfer Agents Association of Zimbabwe (MMTAAZ), which says the number of dealerships and individuals handling such payments are growing rapidly.

Total mobile money user numbers for the likes of Telecel’s Telecash service have hit 600,000 after being launched earlier this year. Meanwhile, EcoCash, run by Econet Wireless, has over three million users.

Earlier this year, Zimbabwe’s central bank also forced money networks to allow agents to process transactions on rival platforms: expanding these agents selling options.

And these agents are set to expand their selling options even further.

“We are looking into areas to do with marketing of services such as insurance, financial loans, basic products and consumables for more commission. Mobile money will remain core business but we want to make sure that the agents can also be selling other products and services to their customers,” Francis Chinjekure, coordinator of the mobile money agents association said.

He said the MMTAAZ has also decided to offer free membership to mobile money agents owing to “financial constraints” dogging the economy. However, agents operating in city centres in the country are managing to sustain their operations, he said.

“Those in the CBD … are making good money compared with those outside,” he added.

Agents who spoke to ITWeb Africa said revenue was getting leaner because of the increased number of outlets handling mobile money transactions, especially in the urban centres.

An agent handling EcoCash transactions also told ITWeb Africa that transaction volumes surge during month-end periods when people get paid and have to send money to friends and relatives.