Digital economy open for more Zambians, says BoZ

By BUUMBA CHIMBULU
THERE is huge potential in Zambia to have more people financially included through digital channels and ultimately in the digital economy.
This is according to Bank of Zambia (BoZ) Director of Banking, Currency and Payment Systems, Lazarous Kamanga.
Over 90, 000 active agents’ points are currently accessing Digital Financial Services (DFS).
Mr Kamanga said the figures demonstrated the huge potential Zambia had to have more people financially included through digital channels and ultimately in the digital economy.
He said this in a statement issued by the UN Capital Development Fund (UNCDF) following the release of the 2019 State of the Digital Financial Services Industry Report which was undertaken in partnership with the central bank.
“In recent years, the DFS landscape in Zambia has changed dramatically from the use of digital channels to deliver payment and financial services to the majority of commercial banks developing and deploying mobile applications for customers to access financial services, and e-money issuers using mobile phones to offer financial services,” Mr Kamanga said.
UNCDF Zambia Country Lead, Isaac Holly, said whereas there was growth in the adoption of DFS and an increase in usage rates, there was still a gap in second generation products beyond person to person (P2P) transfers and airtime purchases.