By BUUMBA CHIMBULU
OVER US$2 million has been invested in developing various digital platforms by Standard Chartered Bank Zambia in an effort to extend financial services across the country.
The bank has therefore launched a cardless cash service on its mobile application and online platform to enable people to send and receive money on their phones.
Harnessing technology is vital in promoting financial services across the country, says the bank’s Chief Executive Officer, Herman Kasekende at the launch of the cardless cash service in Lusaka yesterday.
Mr Kasekende observed that most people in remote areas did not have access to financial services and that the only solution to include more people in the sector was by harnessing technology.
He emphasised that technology platforms had more advantages compared to brick and mortar of the bank which was limited.
“Our dream is to make sure that all Zambians eligible to transact are given an opportunity through the digital platform. We can reach everywhere in Zambia using digital services and everyone eligible can open a bank account,” Mr Kasekende said.
He emphasised the need to enhance technology as it would assist in lowering the cost of doing business in Zambia.
He urged other banks to follow suit in investing in the digital space to transform the lives of people and the country.
Mr Kasekende also acknowledged Zambia’s economic potential despite having faced strong challenges in the past that created an output gap.
“The potential of the country’s economy used to grow between seven to eight percent but has been growing at three to four percent, through investments in technology.
“Countries in the Sub-Saharan Africa including Zambia have economic growth potential and it is our belief that investment in technology will help the countries participate in the journey,” he said.
At the same event, Standard Chartered Bank Zambia acting Head of Consumer, Private and Business Banking, Mwansa Kapeya, said the cardless cash service would enable customers to send and receive money to any recipient’s mobile.
Mr Kapeya said the service launched was part of the bank’s agenda in supporting the Government’s financial inclusion agenda.
“We are confident that with this service, our clients will continue to have a better experience as they interact with our banking platform that give them 24 hours access to their account on the go,” Mr Kapeya said.