By Kudakwashe Matizanadzo
Harare- NetOne’s mobile financial services platform OneMoney is orchestrating a three-pronged transformation across Zimbabwe’s financial landscape, leveraging an extensive distribution network that combines traditional banking infrastructure with mobile money agility to expand financial access, generate employment and streamline transactions for millions of Zimbabweans.
The State-owned mobile network operator has forged partnerships with six banking institutions including AFC Commercial Bank, POSB, NBS Bank, BancABC, FBC Bank, and Crown Bank to enable seamless Bank-to-Wallet and Wallet-to-Bank integrations
Industry observers note that the initiative’s true differentiator lies in the physical density of its distribution channels, which now span 79 traditional bank branches, hundreds of Point-of-Sale (POS) terminals at retail outlets and NetOne’s own retail presence across virtually every district in the country.
POSB operates 45 branches across all provinces, while AFC Commercial Bank contributes another 34 locations, with significant concentration in growth points and rural agricultural hubs. Beyond the brick-and-mortar footprint, NBS Bank and POSB offer branch-based account linking, enabling customers without smartphones or internet connectivity to participate in the digital financial ecosystem.
The distribution strategy has generated substantial employment opportunities through its agent banking framework. Every bank branch integrated with OneMoney requires additional transaction marshals or financial advisors, while agents at multiple levels earn commissions on cash-in, cash-out, bill payments, and transfer services.
The recent implementation of agent interoperability has effectively doubled service points: POSB and AFC agents now offer OneMoney services, while OneMoney agents provide access to POSB and AFC transactions, creating a reciprocal arrangement that has generated thousands of direct and in direct jobs across the country.
“This initiative is not just about transaction, it is about empowering communities,” said Ms Tracy Madziwa, Head of Sales and Marketing at OneMoney.
“Every branch we connect, every agent we onboard, is a local job creator. Our intense distribution network ensures that no Zimbabwean walks more than a few kilometres to access formal financial services, while also earning a living by offering those services.”
The dense distribution network has particular significance for rural communities and informal traders who have historically faced barriers to formal financial services. A vegetable vendor can receive payments directly to her OneMoney wallet from customers using a POSB or AFC POS machine, while cross-border traders can instantly move earnings between bank accounts and wallets to pay suppliers without carrying cash. Parents can pay school fees in seconds from their phones, and families in rural areas receive remittances without spending a day travelling to the nearest bank because the nearest bank might now be a NetOne shop just down the road.
Joseph Machiva, General Manager for NetOne Financial Services and Acting Chief Commercial Officer of NetOne, emphasised the strategic importance of the initiative:
“Our mission is clear: financial inclusion for all. By combining the credibility of banks with the agility of mobile money and backing it with 79 bank branches, hundreds of agents, and NetOne’s own retail footprint we are removing traditional barriers to banking. And as this ecosystem grows, so do opportunities for employment.”
OneMoney has implemented a float rebalancing framework with POSB and AFC as Super Agents, ensuring that all distribution points remain liquid and service delivery remains uninterrupted even in the busiest rural markets. The ease of transfer is instant. A salaried worker with FBC or Crown Bank can use the FBC Yo app to fund their OneMoney wallet, then send money to relatives in rural areas who can withdraw cash at any POSB branch, AFC branch, NetOne shop, or authorised agent nearby. Reverse transfers from wallet to bank are also supported, giving users full control of their funds.
Edmore Makanha, Head of Operations at NetOne Financial Services, highlighted the operational impact: “With Bank-to-Wallet and our dense distribution channels, customers no longer need to queue at banking halls or travel long distances. They can fund wallets instantly from home and withdraw or deposit cash at a point within walking distance. That ease of doing business whether for a parent, a farmer, or a small retaileris what drives real economic participation.”
As adoption continues to grow, OneMoney plans to onboard additional banking partners and expand its agent network further, deepening financial inclusion and job creation across Zimbabwe’s formal and informal economies. The platform’s strategy represents a significant bet on the integration of traditional banking infrastructure with mobile financial services as a pathway to broader economic participation in a country where a substantial portion of the population remains unbanked or underbanked.
