According to Barclays Bank of Zimbabwe internet banking is on the increase in the country, while Standard Chartered has sought to boost its mobile banking presence in Africa.

Recent stats also show the value of internet and mobile banking transactions is also on the rise because of crippling cash shortages - and service providers are having to adapt.

Following the introduction of a new smartphone and USSD banking platform by Steward Bank, the Zimbabwe Central Bank has urged financial institutions to speedily grasp and promote the use of digital platforms - but also put in place measures to curb cybercrime.

Lance Mambondiyani, CEO of Steward Bank, a unit of Zimbabwe telco Econet Wireless, said 60% of "interaction by depositors with their bank accounts is happening on mobile devices" hence the need to prop this channel up.

"The Square platform we have rolled out encompasses telephone banking after getting approval from the central bank for mobile transactions across the board. We have also now enabled USSD banking on feature phones because we understand that the number of people with feature phones is more than those on smartphones," he said.

In pursuit of a purely digital banking platform, Steward Bank has revamped its online banking and has also introduced a micro credit facility for emergency electricity purchases through mobile phones. The process to open accounts with the bank has also been streamlined, with depositors allowed to open accounts through their mobile phones, eliminating the need to visit bank branches.

Philip Madamombe, the deputy director for banking supervision at the Reserve Bank of Zimbabwe, said although the country had embraced mobile technology for greater financial services transactions, this should now translate to increased usage.

"E-transactions guidelines are being finalised and the uptake of mobile financial services should now translate to enhanced usage of these platforms," Madamombe said. "But these electronic banking channels also bring heightened cyber-crimes and credit card scheming and banks should now put in place measures to curb this."