Thu, 13 Apr 2017 08:27:47 +0000
By Sheila Sakupwanya
THE Bank of Zambia (BoZ) has appealed to all financial service providers to review their pricing structures in order to make financial services more affordable to the majority Zambians.
The high cost of electronic payment services has been cited as a reason for the reluctance by the majority to adopt them.
BoZ Governor Denny Kalyalya said this at the launch of Stanbic Bank and MTN ‘‘Bank for free service’’ product held at Taj Pamodzi hotel yesterday.
The ‘‘bank for free service’’ is a Stanbic and MTN product that would allow MTN customers to access its partner banks online banking sites and mobile banking applications at no data cost.
Dr Kalyalya said a reduction in the transaction fees for electronic payment methods would encourage further usage of these systems, thereby increasing the volumes that were processed on them. “Our expectation is that initiatives like the Stanbic Bank and MTN ‘bank for free service’ for the customers will go a long way in the reduction of these fees on the electronic platforms,” he said.
Dr Kalyalya noted that fair access to network services was a precondition for the achievement of high financial inclusion.
“There is need to work together in order for our country to achieve higher levels of financial inclusion that will positively impact the financial system and the lives of many people and the economy as a whole,” Dr Kalyalya said. Speaking later in an interview, Stanbic Bank chief executive officer Charles Mudiwa said the ‘‘bank for free service’’ initiative was vital in ensuring that ordinary Zambians were included in the monetary space.
Mr Mudiwa said financial inclusion was important for the country’s economic development.
“Financial inclusion is vital for economic development and as Stanbic Bank we are keen to drive it by ensuring that even marketers at Soweto market have access to these digital services while doing their business,’’ Mr Mudiwa said. He said Stanbic Bank would endeavor to offer products that were not only relevant and addressing the needs of all but also affordable and available for all people in the country.
Speaking at the same function, MTN chief executive officer Charles Molapisi said the ‘‘bank for free service’’ would increase the amount of monetary transactions happening through online platforms accessed via MTN network. Mr Molapisi noted that the product would familiarize customers with the internet which would result into an increase in digital usage in the country.
“This is in line with MTN Zambia’s ethical business which states that MTN adheres to a culture of sound ethical business conduct that generates economic value for the greater benefit of our communities and stakeholders in a manner that is both eco-responsible and sustainable,” Mr Molapisi said.
He said the Stanbic Bank and MTN partnership showed that both entities understood that ‘‘competition makes us faster but collaboration makes us better’’.
