Mobile banking boosts access to basic banking services
VALUE ADDED SERVICESBy BiztechAfrica - Sept. 19, 2012, 9:35 a.m.
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.
MORE VALUE ADDED SERVICES NEWS
M-PESA launches online paymentsM-PESA aims to revolutionise e-commerce in Kenya with the launch of its online payment service. Read More
Airtel partners with DSTV MobileAirtel Kenya and DStv Mobile have entered into a partnership that will allow Airtel subscribers to access DSTV mobile through their mobile phone network using Drifta mobile decoder for Android. Read More
Mobile smart wearable device shipments to approach 130m by 2018New findings from leading hi-tech analysts, Juniper Research, indicate that smart wearable device shipments including smart watches and glasses will approach 130 million by 2018, 10 times higher than estimated this year. Read More
EcoCash to offer lendingEcoCashSave account holders will soon be able to also borrow money just like ordinary bank account holders. Read More
Apps, data changing mobileMobile voice revenue is declining fast, while data use is surging, driven by instant messaging and apps, say new reports on the state of mobility in South Africa. Read More
Airtel, Zanaco launch’Cultiv8’ accountAirtel Money and Zambia National Commercial Bank have partnered to launch a low cost account that is primarily accessed through Airtel Money. Read More
Airtel to launch Opera Web Pass in AfricaOpera Software and Airtel have announced the launch of Opera Web Pass for customers in 17 countries across Africa. Read More
Clickatell aims to be Nigeria’s largest PINless prepaid airtime providerClickatell says it aims to strengthen its position as a leading mobile enablement provider in Nigeria and be the largest PINless airtime provider by the end of the fiscal year. Read More
Why mobile money uptake is low in AfricaGlesecke and Devrient expert Wolfgang Decker says the absence of a global regulatory standard, trust and low awareness are among the challenges facing mobile money services in Africa. Read More
Kenyan agriculture platform supports smallholder farmersAn innovative social enterprise firm empowering smallholder farmers in the country has developed a mobile messaging application in a bid to stem the rising pressure on the few extension and field officers who link up with farmers in rural areas. Read More
FEATURED STORYGaming app introduces investors to trading
A new virtual stock market app is equipping would-be investors with the skills they need to trade.
BEST READ NEWS
IN DEPTHCorporate cyber security threats of the year
91% of organisations polled suffered a cyber-attack at least once in the past year, says Kaspersky Lab in its security review of 2013.
COMPANY NEWSSamsung, 49M embark on consumer educational drive
Samsung Electronics South Africa has announced a national consumer education campaign in support of the 49M initiative, offering practical actions to save energy in daily life.MTN launches new positioning campaign for enterprise market
MTN Group today unveiled a new Pan-African brand positioning media campaign for MTN Business, its enterprise business unit.