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Zambia has seen growth of Fintech companies – Government

• The Fintech space has been integral to the successful establishment of world economies globally.
• Fintech companies use technology to facilitate payments on mobile handsets or electronic devices.
• Uptake of ICT has raised the threat of cyber-attacks

Ministry of Technology and Science says Zambia has seen an increase in the number of Financial Technology (FINTECH) companies operating and actively facilitating payments.
Speaking during the media launch of the first ever International ICT Expo and Fintech festival slated for next month, Permanent Secretary Dr. Brilliant Habeenzu said the rapid growth of players in this sector means increased participation in financial payments space which is predominantly home for commercial banks.
Dr. Habeenzu stated that the Ministry has created an enabling environment for digital services to thrive.
He stressed the need for industry players, regulators, consumers and other stakeholders to remain connected to emerging trends, best practices and innovation in product development and service delivery as the Fintech space continues to expand.
“Zambia has seen a growth of Fintech companies operating and actively facilitating payments. The Fintech space has been integral to the successful establishment of world economies globally. Fintech companies use technology to facilitate payments on mobile handsets or electronic devices.”
“The terms mobile money, mobile wallet and mobile transfers are therefore used interchangeably. Advancements in technology have opened the financial sector to a new form of banking leveraging technology,” Dr. Habeenzu said.
He added that the Fintech festival sets the tone in actualizing Zambia’s digital transformation, which speaks to government’s aspirations of transforming the country into a smart economy.
“The growing trend towards the need for fast and efficient payment solutions for most people globally has led to the popularization of digital mobile payment platforms leveraging on technology. The festival will be held under the theme, “Enhancing Digital Security, Resilience and Skills for Sustainable Digital Transformation through Innovation, Collaboration & Inclusion,” this speaks to government’s aspirations of transforming Zambia into a smart economy,” he stated.
Dr. Habeenzu said this in a speech read for him by Ministry’s Acting Director, Sylvia Mulenga.
Speaking at the same event, Payments Association of Zambia (PAYZ) Chairperson Roy Muyelu observed that the country has witnessed a steady growth of electronic money transfers in the past few years due to mobile payments as well as the use of ICT products and services which have contributed to national development.

Mr. Muyelu said this is through its impact in social and economic sectors such as e-commerce, agriculture, health and education, insurance and creation of jobs especially through mobile money agent distribution networks that play a significant role in reaching the last mile.

“I am pleased to see PAYZ and ICTAZ as institutions driving thought leadership in innovation and technology in Zambia be part of this initiative that aims at highlighting some of the milestones we have accomplished in the ICT and Fintech sectors,” Mr. Muyelu said.
Meanwhile, Information and Communications Technology Association of Zambia (ICTAZ) President Clement Sinyangwe said Zambia has made significant progress in embracing digital technology.
He however noted that the high ICT uptake has raised the threat of cyber-attacks in various sectors of the economy.
“This is the first of its kind and marks the significant progress that Zambia has made in embracing digital technology. As a nation, we have been aggressively implementing the Smart Zambia Agenda and that has seen government services going electronic.”
“Digitalization has seen more services being provided online and this has reduced the time needed to process documentation and also disseminate information. The uptake of ICT also has raised the threat of cyber-attacks not just at individual level but also in various institutions,” Mr. Sinyangwe stated.
The first ICT and Fintech festival will be held on 22nd and 23rd September 2022 in Lusaka.

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