By BUUMBA CHIMBULU
MOBILE Money (MoMo) has in the first quarter of this year recorded a growth of 81.0 percent year on year to K33.9 billion.
MoMo has remained the leading conduit for payments for the first quarter of 2021, recording a growth of 81.0 percent year on year to K33.9bn.
Accordin to the Bank of Zambia (BoZ) monthly statistics on its website, MoMo extended its sprint as the leading form of payment domestically in Zambia with 81 percent growth in the first quarter of the year in value and a 123 percent expansion growth on average transaction size now at K200.
Statistics indicated that MoMo was followed by Electronic Funds Transfer which expanded 23.0 percent to K21.6bn.
“This was followed by Point of Sale rallied 74.0 percent to K10.4bn, Automated Teller Machine transactions rose 15.0 percent to K13.11-billion as cheque transactions shrivelled 12.0 percent to K2.2- billion,” the statistics indicated.
Commenting on this development, the Kwacha Arbitrageur Magazine attributed it to the increased limits on digital transaction channels by the BoZ.
The Magazine acknowledged that this evidently had seen a spike in transaction size and volumes in the digital conduits.
Author
