• It reflects a growing acceptance and adoption of digital technologies in the financial sector.
• This can have a profound impact on the country’s economy and financial inclusion.
• Financial inclusion has been a key developmental sector in the country’s economy.

Bloggers of Zambia says the significant increase in Digital Financial Services (DFS) from 48.9 percent in 2018 to 73.1 percent in 2022 reflects a growing acceptance and adoption of digital technologies in the financial sector.
Organization Communication and Visibility Lead, Tapela Lungu told Money FM News in an interview that this can have a profound impact on the country’s economy and financial inclusion.
Mr. Lungu noted that financial inclusion has been a key developmental sector in the country’s economy and the increase shows that more people are now embracing digital channels for their financial transactions, such as mobile banking, digital wallets, and online payments.
“This shift towards digital financial services can bring about several positive outcomes for individuals, businesses, and the overall economy.”
“With positive outcomes such as convenience and accessibility for underserved and rural communities, boosting of e-commerce, and improved financial security moving away from bulk cash transactions which was more risky, Zambia can continue to harness the full potential of digital financial services to drive economic growth, financial inclusion, and overall prosperity,” Mr. Lungu stated.
He added that online payments have been the major breakthroughs for the financial sector in the country and this will continue to improve financial inclusion.
“In addition, as a country, we have had several economic challenges that have hurdled the development and adoption of digital financial services. As you may be aware, we are coming from past economic challenges such as fiscal deficits, high inflation rates, and external debt burdens which have limited the growth of digital financial services.”
“However, we have still made some progress with the adoption of mobile money services which have gained tremendous popularity even in the rural parts of Zambia. Online payments, digital wallets from one bank to another, and ecommerce have been the major breakthroughs for the financial sector in the country and we believe this will continue to contribute to the improving of financial inclusion thereby fostering economic development,” he noted.
According to the 2022 National Survey on Access and Usage of Information and Communication Technologies (ICTs) by households and individuals, conducted by ZICTA, Zambia Statistics Agency and Bank of Zambia, the volume of mobile money transactions grew by 73.1 percent in 2022, reflecting a positive improvement in Digital Financial Services from 48.9 percent reported in 2018.