By HELEN ZULU –
THE Bank of Zambia (BoZ) has called on the financial sector practitioners to collaborate to remove possible barriers to the application of technology and financial inclusion.
BoZ deputy governor Bwalya Ng’andu said that for Zambia to achieve the high rates of financial inclusion, it is important that the financial sector practitioners work in collaboration with each other to remove possible barriers to the application of technology and financial inclusion.
Dr Ng’andu said that the value of transactions processed through the mobile money platform increased by 64.5 per cent to K1,574.4 million in 2014 from K957.3 million in 2013.
He said that as the population became more familiar with these products, the rate of growth within the next few years would be accelerated.
Dr Ng’andu was speaking at the E-money, cards and payments summit organised by the Zambia National Commercial Bank (Zanaco) in Lusaka yesterday.
“As we already know that the value of transactions processed through the mobile money platform increased by 64.5 per cent to K1, 574.4 million in 2014 from K957.3 million in 2013, we think the rate of growth within the next few years will be accelerated.
Dr Ng’andu said BoZ is contributing to this effort through technology with measures such as issuing the e-money directives to govern the issuance of e-money in Zambia, and the develpment of the national strategy on financial education programme.
Other measures include working together with the Government to facilitate the migration of Government payments to electronic means and continuing to work closely with key stakeholders on an efficient and inclusive payment system in the country.
He said the bank was in the process of issuing the branchless banking regulations that would govern the operations of Agency banking in Zambia.
According to the FinScope survey released in June last year, financial inclusion has increased to 59.3 per cent in 2015 from 37.3 per cent in 2009.
Dr Ng’andu said this was pleasing because it surpassed the 50 per cent target which was set in 2009 to be achieved through the financial sector development plan (FSDP) which was coordinated from BoZ.
Zambia currently has 2,770,916 debit cards, 961 Automated teller machines (ATMs) and 4,425 point of sale machines representing a massive up scaling in the use f these products within the last few years.
Speaking at the same function, Zanaco managing director Bruce Dick said the E-money, cards, and payments summit was an initiative to fully understand the role of e-money in the economy of Zambia.