Economic analysts have welcomed the enhancement of the country’s financial system following the granting of a bureau de change license to a local mobile money operator.

The majority of Zimbabweans transact on mobile money platforms and the subsequent granting of a bureau de change to a local firm has been described as a welcome development.

An economist, Dr Prosper Chitambara said the move is all encompassing and in sync with government’s financial inclusion strategy as it serves both rural and urban communities.

“This is a giant step towards total financial inclusion in Zimbabwe,” said Dr Chitambara.

Another economist, Mr Batanai Matsika concurred with his counterpart, describing the move as a game changer that is certainly going to improve the ease of transacting for citizens as well as for visitors and more importantly tourists.

“This will see foreign exchange trading becoming more formalised and deviating from the current status quo where it is largely informalised,” said Mr Matsika.

The government in June scrapped the multi-currency system and this has seen the licensing of more bureaux de change in the country, with significant strides having been made in the formalisation of foreign currency trade.