THE Bank of Zambia has urged state owned telecommunication firm ZAMTEL to champion the provision of digital solutions in order to contribute to the achievement of the ambitious financial inclusion targets.
Bank of Zambia deputy Governor for Operations Bwalya Ng’andu said Zamtel should take the lead in the market by providing digital solutions that will help accelerate financial inclusion especially for rural communities.
Dr Ng’andu was speaking at Zamtel House in Lusaka when he officiated at the launch of the integration of ZamPay and Visa and MasterCard platforms.
The integration means that ZamPay customers anywhere in the world can move funds from their Visa or MasterCard bank enabled bank accounts to their ZamPay.
Dr Ng’andu said the innovation by Zamtel will help bring about a cashless society and also reduce cash handling risks.
, “So this is the space where we would like to see a lot of change and you have taken up this challenge and we would like to congratulate very much,”
“Given the state of advancement in technology based payment methods that we have so far achieved in Zambia, the use of cash in effecting payments is probably now much higher than it needs to be,” Dr Ng’andu said.
He said the current reliance on cash and hence the presence of huge amounts of cash in circulation today is owed to people still preferring to move with cash as opposed to using alternative payment methods.
The Bank of Zambia Deputy Governor has since appealed to the public to take advantage of these innovations, saying it was no longer necessary to move around with huge sums of money as alternative electronic channels of conducting transactions are now available in the market.
And Zamtel Chief Executive Officer Sydney Mupeta said that the integration of ZamPay with the Visa and MasterCard platforms is one innovation which will undoubtedly change the lifestyle of the Zambian people.
“As you are aware customers currently have to walk some distance to find the nearest retail outlet for them to credit their ZamPay accounts with e-value. This is not only inconveniencing but keeps the customers away from other productive activities”, Mr. Mupeta said.
He said that the integration would enable customers to electronically transfer money from their respective bank accounts onto the ZamPay e-wallet at the press of a button.
“All this will be done from the comfort of their home, office or indeed any work station. The integration of ZamPay with Visa and MasterCard therefore marks a huge step in making ZamPay the preferred mode of payment in Zambia as it will give our customers a seamless mobile payment experience”, he explained.
The integration of ZamPay with Visa and MasterCard therefore marks a huge step in making ZamPay the preferred mode of payment in Zambia as it will give our customers a seamless mobile payment experience.