Mobile Banking: Inside e-Float, money that can be used to make payments or transfer to any other person in Zimbabwe.

Widely viewed as a huge breakthrough as far as technology is concerned the e-Float can be used to make payments or transfer to any other person and is also transferrable to any person or merchant via encrypted SMS.

In fact the real goal is enable banks to offer their customers an affordable and easy-to-use mobile banking facility that could change the face of banking in Zimbabwe.

To enhance the project, Zimbabwe's three mobile operators, Econet, Telecel and NetOne, all offer the service in partnership with banking institutions.

For a subscriber to access this facility they have to register their SIM card with their network operator and Users needs to visit the nearest agent and deposit cash in exchange for "e-Float".

However a charge of US$7 for withdrawing US$100 is relatively costly to rural people for example.