BoZ calls for strong cybersecurity

…as FNB, Airtel launch seamless mobile money payment solution

By BUUMBA CHIMBULU

AS Government continues to push for seamless transactions within the financial system, the Bank of Zambia (BoZ) has urged innovators to develop resilient digital solutions that safeguard the financial sector from rising cyber threats.
This call was made as First National Bank (FNB) Zambia and Airtel Money launched an integrated mobile money payment solution that allows customers to make secure, cardless payments directly from their mobile wallets using FNB point-of-sale (POS) terminals.
Speaking during the launch in Lusaka yesterday, BoZ Deputy Governor for Administration Rekha Mhango said while technological innovation was transforming the financial landscape, it also posed significant risks such as cybercrime, fraud and data breaches.
“While innovation drives progress, it must be carefully managed to avoid systemic risks. Disruptions in financial services – whether through outages, breaches, or failures – can have far-reaching consequences for the real economy,” Ms Mhango said.She warned that as financial systems became more interconnected, the potential impact of cyber-attacks grows, adding that negligence could heighten these risks.
Ms Mhango commended FNB and Airtel for their partnership, describing the new service as a milestone in promoting accessible and efficient digital payments for both customers and merchants.
“The product being launched today is a testament to the two institutions’ commitment to empowering Zambian businesses and consumers with innovative payment solutions,” she said.
Highlighting the country’s digital progress, she revealed that active mobile money wallets had grown from one million in 2017 to 13 million by the end of 2024, reflecting a strong shift toward digital financial services – a trend accelerated by the Covid-19 pandemic.
Earlier, FNB Chief Executive Officer Kapumpe Chola described the innovation as a game changer for the country’s payment ecosystem.
“Through this collaboration, we are integrating mobile money wallets with our FNB POS terminals, enabling customers to make secure, cardless payments directly from their Airtel Money accounts,” Ms Chola said.
She explained that the solution would expand financial access, empower small businesses and informal traders, reduce reliance on cash, and promote safety and convenience while driving digital adoption across sectors.
Meanwhile, Airtel Money Managing Director Andrew Chuma said the partnership demonstrates the power of interoperability in advancing Zambia’s cashless agenda.
“This initiative allows Airtel Money users to make effortless transactions on FNB POS machines, enhancing the overall customer experience,” he said.
Mr Chuma added that Airtel remained committed to driving digital transformation and financial inclusion in Zambia.
“Our goal is to give customers more options, convenience, and control over their financial transactions.
This solution delivers just that – providing a fast, secure, and reliable experience,” he said.