Amidst intense hyperinflation, Zimbabwe eliminated their currency in 2009. Now at least 5 milllion Zimbabweans now use mobile payment services operated by mobile carriers Econet and Telecel Zimbabwe.
On a recent trip back home in Zimbabwe, one of the first things I noticed in the arrivals terminal were the billboards advertising cashless mobile payment services. The Zimbabwe dollar, once the pride of this nation of 14 million, was abandoned in 2009 after nearly a decade of hyperinflation. It got so bad that people didn’t carry their cash in wallets — they used duffle bags instead. Up until 2009, average Zimbabweans were trillionaires, but no one was vacationing at Club Med.