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Bankers highlight digital initiative benefits

Bankers highlight digital initiative benefits


DIGITAL payment platforms are key to accelerating financial inclusion as they offer speedy and secure access to financial services to individuals and businesses.

The platforms in Zambia and wold over are offering speedy and secure access to financial services to individuals and businesses within the comfort of their homes, offices, and communities.

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This is according to the Bankers Association of Zambia (BAZ) Chief Executive Officer, Leonard Mwanza.

Mr Mwanza said digital solutions were facilitating the on-boarding of customers remotely and changing the payments landscape, through the deployment of cost-effective digital means to reach the financially excluded and underserved populations in both urban and rural areas.

“To grow an economy and to create meaning jobs you need smart choices made by a financially literate and included population and this is the reason why Digital Payment Solutions are vital in the e-commerce agenda of our Country,” he said in an interview.

Mr Mwanza said digital solutions were also facilitating the growth of financial inclusion, and this is what motivated BAZ to partner with the COMESA Business Council (CBC) and AfricaNenda to host the second Digital Financial Inclusion Public-Private sector dialogue in July this year.

The Dialogue was held to consider and adopt the draft Model Policy Framework on Digital Retail Payments for the Regional Digital Payment platform and the Rule book for Micro, Small and Medium Sized Enterprises (MSME’s) in the COMESA region.

“The CBC aims at creating a policy framework for a digital integrated regional common payment system for MSME’s within the COMESA region.

“The aim of the policy framework is to facilitate the design, development and deployment of an integrated low cost interoperable and fraud resistance Digital Financial Services Infrastructure that serves the needs of MSME’s,” Mr Mwanza said.

He therefore said interventions aimed at uplifting financial inclusion levels for MSME’s led by women and youths have the greatest potential to drive innovation, economic growth, and creation of jobs.

“In this regard, uplifting MSME’S and providing them with real time and efficient digital payment channel within the COMESA region, can facilitate the growth of their businesses as they tap into the unlimited regions potential,” Mr Mwanza said.

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