The Zambia Institute of Banking and Financial Services (ZIBFS) has noted that the growth of Zambia’s Digital Financial Space has come with a number of Challenges.
ZIBFS Chief Executive Officer Victoria Mumba has cited poor consumer data protection, high customer dormancy, and the difficulties in developing viable business models among others.
“You’ll find that, for Mobile network operators, they have a huge customer base,but not all of them will be active on first of all, the mobile network itself and let alone on digital financial services”, she says.
The chief executive officer has also identified liquidity management as another challenge especially for rural areas. “This inhibits rural expansion for digital financial services, because most of the digital financial services are conducted through agencies through partnerships between banks and Mobile network operators”.
Ms. Mumba was speaking in an interview with Money FM News ahead of the 2019 Banking and Finance Conference scheduled for the 9th and 10th of October 2019, to be held under the theme “Financial Inclusion in an Era of Digital Disruptions: Enhancing sector Transformation”.
She tells Money FM new that a number of innovations will be discussed with the various financial sector players that will be in attendance at the conference.