TECHNOLOGY has been a game changer, especially during the current Covid-19 period which has seen an increased uptake of digital products, Payments Association of Zambia (PAYZ) has said.
PAYZ Chairperson Gilbert Lungu says the development of safe and secure digital products that add value to consumers have been placed at the core of the Payments Association of Zambia agenda, as it seeks to drive financial inclusion across the country.
Registered last year, PAYZ is a joint industry platform from which members are able to collaborate in dealing with various issues of mutual interest including payment systems policy formulation and innovations.
Mr Lungu observed that the industry had over the years matured with innovations and technological skills developing.
“The association has collaborated to come up with innovative initiatives to ensure the use of digital platform. More people have adopted the digital products.
“Technology has opened up many opportunities among industry players with players seeing high returns on their innovations,” he said in an exclusive interview.
Mr Lungu stressed that PAYZ members were leveraging on technology to develop safe, secure and digital products.
The Bank of Zambia together with Financial Sector Deepening Zambia, mobile money operators and other non-bank payment service providers partnered to form PAYZ.
PAYZ members, he said, were also innovating digital products which would assist the country in driving the financial inclusion agenda.
Mr Lungu however observed that: “Acceleration of the financial inclusion agenda is at the core business of our members. Infrastructure is however vital in ensuring that everyone is financially included.
“Infrastructure which will connect people to the mainstream financial system is required but this comes at an expense.”
He explained that as digital products s were being innovated and encouraged, PAYZ was creating awareness among consumers on the need to guard against fraud.
Mr Lungu said the association was aware of fraudulent people who wanted to take advantage of the increased uptake of the digital products.
Meanwhile, Mr Lungu said the relevance of PAYZ was to formulate a long-term strategy for the modernisation and development of a domestic payment system.
“This long-term strategy includes establishing a sound legal and regulatory framework within which payments could be governed and managed in an organised fashion,” he said.