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

Search News

comments powered by Disqus

MORE VALUE ADDED SERVICES NEWS

Safaricom pays out Kshs.152m in Skiza Tunes royalties

Safaricom Limited has released Kshs.152 million to Collective Management Organisations (CMOs) and Premium Rate Service Providers (PRSPs), for payment to artistes whose music is sold through the company’s music platform – Skiza Tunes. Read More

Opera Mini introduces native ad blocker for Android users

Opera Mini has announced the launch of its built-in ad blocking system operating on its browser for Android.  Read More

SimbaPay announces single money transfer of up to $45,000 to Africa

SimbaPay says it is revolutionizing the remittance space through its official announcement of raising the single transaction limit to a whopping $45,000. This is substantially higher than the previous transaction limit of $3,000.   Read More

VAS industry threatens traditional media

Mahindra Comviva says the rise of value-added services (VAS) industry could significantly displace traditional media in future.  Read More

Keeping up with the mobile banking evolution

Africa especially has witnessed the trend of mobile banking, due to the well-known fact that today more people on the continent have access to a mobile phone than electricity. Read More

ALTON, WASPAN kick against NCC’s VAS regulatory framework

The Association of Licenced Telecommunications Operators of Nigeria (ALTON) and Wireless Application Service Providers of Nigeria (WASPAN) have opposed the NCC's regulatory framework for the Value Added Services subsector. Read More

MTN Ghana soon to pay interest on Mobile Money Wallet savings

The over six million registered customers of MTN Mobile Money will soon stand a chance of earning some interest on money kept in their wallets.  Read More

Tigo Pesa customers pocket $2.3m/- in quarterly profit share

Tigo Pesa users in Tanzania have been paid a total of $2.3m/- as profit share paid every quarter by Tanzania’s leading digital lifestyle telco. Read More

Jongla launches ‘lightest’ instant messaging service in Africa

Jongla has announced that it is launching its fast, open and light instant messaging app in Africa at the Mobile West Africa conference taking place in Lagos. Read More

Surfline introduces mobile top-up code

Surfline Communications has introduced another convenient way for customers to top up their Surfline account and activate their 4G LTE internet bundles.  Read More

PRESS OFFICES

Sage EnterpriseSAP AfricaTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4AfrikaNetworks UnlimitedArbor Networks

FEATURED STORY

Criticism over Remita borne out of ignorance, says SystemSpecsCriticism over Remita borne out of ignorance, says SystemSpecs

The CEO of SystemSpecs, the company behind the revenue-saving Nigerian Single Treasury Account (TSA) system, speaks to Biztechafrica.

IN DEPTH

IBM Opens First Cloud Data Centre in South AfricaIBM Opens First Cloud Data Centre in South Africa

IBM is opening a new IBM Cloud Data Centre in Johannesburg, South Africa. The new cloud center is the result of a close collaboration with Gijima and Vodacom and is designed to support cloud adoption and customer demand across the continent.