Zimbabwe mobile money transactions grew 91% to US$11 888 760 224 in the third quarter of 2019, thanks to the cost of goods and services.

In its Q3 report, the Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) confirmed that mobile money transactions increased from US$6 223 561 138 recorded in the Q2.

An excerpt from the report reads: "The growth in the value of transactions can be attributed to a number of factors such as the general increase in the cost of goods and services as well as the growth in the number of users and use cases. Mobile money has become an important channel for effecting person to business (P2B) transactions as shown by the growth in the value of airtime, bill and merchant mobile money transactions."

The adoption of mobile money has continued to increase, particularly amid ongoing cash shortages.

The report says active mobile money subscriptions surged to 7 190 153 subscribers from 7 032 330 the previous quarter.

The government's One Money's active subscriber grew 27. 8%, EcoCash had 6 707 225 and Telecash 54 399.

EcoCash active subscriber base experienced a 1% growth from the previous quarter, One Money's increased by 27,8%.The regulator also increased voice and data tariffs by over 50% at the start of Q3.

This resulted in a 99,2% increase in airtime, bill and merchant payments.

Cash in and out payments climbed 106,1% to US$5,03 billion and 46,9% to US$1,9 billion, respectively, which also fuelled growth.

EcoCash processed 99,7% of the total value of transactions in the third quarter up from 99,6% recorded in the previous quarter while NetOne remained unchanged at 0,3%.

Telecel saw a huge drop in mobile money transactions to 0,03% in the period under review from the previous quarter's 0,1%.