Mobile banking boosts access to basic banking services

VALUE ADDED SERVICES

|
Image: By BiztechAfrica
Mobile banking boosts access to basic banking services

By Edith Mwale, Lusaka, Zambia

Ecobank Zambia says it sees mobile banking as a tool for boosting access levels to basic banking services in the country.

Lauzi Mwamba, Ecobank Zambia’s head of mobile banking, said the increased rate of mobile phone penetration together with the bank's focus on mobile banking is expected to drive the growth in the country's financial sector.

Zambia's mobile user penetration has been on an increase with an estimated 8.2 million subscribers on the mobile phone operators-MTN Zambia, Airtel Zambia and Zamtel. Airtel is the country’s largest operator with slightly above 4 million subscribers followed by MTN that has just above 3 million customers.

Mwamba told delegates at the recent Celpay Zambia fourth annual mobile banking conference in Lusaka of the importance of focusing on mobile banking to augment efforts aimed at getting more people to access financial services in the country.

She said because the use of mobile banking allows customers at the bottom end of the pyramid to have access to basic banking services through the mobile phone, more local people are expected to have access to basic financial services.

According to the local Zambia Daily mail newspaper, Mwamba observed that mobile penetration has far exceeded banking penetration and therefore the introduction of mobile banking allows more people to have access to basic banking.

"The mobile revolution is here and is changing the world. It is up to us to embrace it and explore its many offerings to create the growth we are all looking for," the paper quoted Mwamba.

 She said for Ecobank, mobile banking is clearly seen as the most efficient model for driving banking transactions and scaling them to millions of customers rapidly.

"The unbanked customers are seen as the key demand driver for Ecobank Mobile because mobile banking is an affordable and reliable means of providing access to financial services to the unbanked in the urban as well as the rural areas of Zambia,” added Mwamba.



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE VALUE ADDED SERVICES NEWS

MTN Swaziland offers mobile financial services with Ericsson

MTN has deployed Ericsson Converged Wallet to provide a premium mobile money experience for more than 275,000 mobile wallet users and 3,000 agents in Swaziland. Read More

Airtel, Kenya Red Cross launch public emergency information service

Bharti Airtel has teamed up with Kenya Red Cross Society to launch the first of its kind public emergency information service in Kenya. Read More

EcoCash gets SA approval

EcoCash and its South African partners have secured approval from the South Africa Reserve Bank to start a cross border remittance service from South Africa. Read More

KTDA, Safaricom partner on cashless payment

Leading tea management agency, Kenya Tea Development Agency (KTDA), has partnered with Safaricom to roll out a cashless payment solution at all its 66 factories across the country. Read More

Airtel launches first mobile tap and pay system in Ghana

Airtel Ghana has added another first to its credits as it has rolled out an innovative service through their Airtel Money that allows a tap and pay, contactless payment based on the Near Field Communications (NFC) technology.  Read More

Vodafone gives hope to Ghanaian Farmers with Vodafone Farmers Club

Ghanaian farmers can now receive relevant crop and location specific information in their own language through a bespoke SIM card. Read More

Standard Bank introduces a first in SA: smart watch banking

Standard Bank today announced plans to embrace wearable technology, with the forthcoming release of its Apple Watch banking app in SA. Read More

Prepay Nation, Airtel Kenya to offer international mobile top-up

Prepay Nation, a leading provider of cross-border prepaid mobile airtime transfers, has announced its partnership in Kenya with Bharti Airtel. Read More

SimbaPay launches international access to M-Pesa PayBill

SimbaPay has launched the first product to allow Kenyans living abroad to make M-Pesa PayBill payments.  Read More

HomeSend named Best Payment Product in Africa

HomeSend, an international transfer hub created by MasterCard, eServGlobal and BICS, has been named “the Best Payment Product in Africa” at the Asian Banker Middle East and Africa Awards.   Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4Afrika

FEATURED STORY

IHS plans to inject fresh $500m to grow capacityIHS plans to inject fresh $500m to grow capacity

Mohammed Darwish, managing director of IHS Towers, says the firm will soon inject another $500million into the business after raising some $2.5billion to finance expansion drives. Darwish spoke with biztecafrica.com in Lagos.

IN DEPTH

As curtain falls on MDGs, what next?As curtain falls on MDGs, what next?

Dr. Bjorn Lomborg, president of the Copenhagen Consensus Centre, speaks to Biztechafrica about setting smart targets.

COMPANY NEWS

MTN Business expands partnership with Samsung to offer enterprise customers increased security

Samsung Electronics South Africa has announced that MTN Business has been appointed as a reseller of Samsung’s KNOX licenses to its customers.