Zambia ready for digital finance transformation
Written by Millennium on May 29, 2019
BUSINESS REPORTER writes
The future of cash in Zambia is shifting from physical to digital, driven by investment in digital financial solutions coupled with access to mobile phones, says Zazu Africa chief executive officer Perseus Mlambo
Mr Mlambo said that transformation was in response to a growing population that was becoming more digitally savvy.
He said people were abandoning banking halls, and adopting mobile payment platforms because they were faster, cheaper and more importantly, personalized,
Speaking in Lusaka, Mr Mlambo noted that Zazu had identified Zambia as a strong market for providing inclusive digital financial services for a growing population.
“Zambia is undergoing significant transformation in the financial sector and the future of cash is dependent on the innovation and investment made in making mobile payment platforms accessible, affordable and easy to understand especially for the financially excluded,” he said
Mr Mlambo noted that an increase in access to technology was helping to drive this transformation with Zambia’s population now seeking financial solutions that are responsive and tailored to their needs.
He cited the recent results of the ZICTA ICT Survey 2018 which indicated that smartphone users among all mobile phone users increased from 13.5% in 2015 to 29.6% in 2018 as a springboard for transformation in the financial services sector.
“This is an opportunity for innovation and investment in Zambia, to create a thriving digital economy that will help to achieve financial inclusion for the population,
“”This is why Zazu hasmade significant investment and innovated in mobile transactions, creating a platform that not only helps users to transact from their mobile phones but helps them plan financially through budgeting, tracking of their expenses and savings,” said Mr Mlambo.
Zazu was a financial technology start-up that provided digital payment services and financial education courses to the Zambian market.
Mr Mlambo further said that that the service was well positioned to support this transformation through its recently launched innovative money application for smartphone users.
The app has been in development for several months and has been recognized as one of the Global Top 50 Digital Only Banking Apps by Financial IT Magazine.
“We have just launched our money app and it is now available for both Android and iOS users. Zazu has also invested heavily in increasing financial literacy in Zambia, our free to use platform has been used by more than 20,000 users in less than 2 months,
“This platform allows people to learn about how money really works, giving people confidence to demand better and more transparent services from financial service providers,” said Mr Mlambo.