The Bank of Zambia (BoZ) has urged members of the public to take advantage of digital innovations in the financial sector, as it is no longer necessary to move around with huge sums of cash.
Speaking at the launch of the integration of Zamtel’s ZamPay with Visa and MasterCard, BoZ Deputy Governor Dr. Bwalya Ngandu says the innovation by Zamtel is indeed transformative as it will easy the process of transacting.
Dr. Ngandu says this will impact positively on people’s day to day lives as a result of the efficiency and convenience that come with it.
Dr. Ngandu says the significance of the solution provided by the integration of ZamPay to the Visa and MasterCard platforms becomes more evident seeing the fact that one of the challenges that customers currently face when using mobile is poor integration between the banks and the Mobile Money service providers.
He says customers often walk distances to mobile money outlets in order to deposit money in their mobile Money wallets before engaging in further transactions.
The governor adds that the situation is a clear inconvenience adding that the integration of ZamPay to Visa and MasterCard platforms the challenge will be a thing of the past as customers will be able to load cash into their mobile money wallet in the comfort of their homes.
Dr. Ngandu says in an effort to educate members of the public about the importance and benefits of using electronic payments platforms, the central bank has been carrying out sensitization campaigns with the hope that the up-take of electronic payment by members of the public will grow.
And speaking at the same event Zamtel Chief Executive Officer Sydney Mupeta says the innovation being celebrated is in line with government’s vision towards achieving a cashless society.
Mr Mupeta says the integration of ZamPay greatly change how business is conducted on mobile platforms.