If the current dollar shortage in Zimbabwe has proved anything, it is the ability of Zimbabweans to find creative solutions in times of crisis.
There has been speculation that lack of paper notes will drive even more rapid adoption of Mobile Money technology.
That’s certainly borne-out by the data we see here at WorldRemit.
As the largest sender of remittances to Mobile Money in Zimbabwe, we have witnessed the continued growth of people transferring money from overseas into the Mobile Money accounts of family members. The vast majority of our transfers now go to EcoCash accounts, as opposed to cash pickup or bank deposit.
However, even we were surprised by a dramatic spike in Mobile Money transfers during the final week of March - just as the cash shortage was starting to make major headlines.
Within the space of a day, Zimbabwean diaspora went from sending around 80-85% of their money transfers to Mobile Money to 91% - a record high, with the exception of Christmas day when people tend to take advantage of instant mobile transfers to send last-minute gifts.