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

Orange Money Botswana tops 300,000 subscribers

Orange Money Botswana has announced that its customer numbers have reached the 300, 000 mark. Read More

Airtel, Wari expand financial inclusion in Nigeria

Airtel Nigeria has collaborated with payment solution provider Wari, to provide an innovative payment platform for Nigerians. Read More

Glo Xchange agents roll out operations on mobile money

Globacom has announced its readiness to roll out the first set of market-ready agents for its mobile money service, Glo Xchange. Read More

BotswanaPost releases app for electricity purchasing

BotswanaPost has officially released a smartphone app allows users to users to purchase prepaid electricity using mobile phones. Read More

GeoPoll, Kantar Media Unveil Kantar-GeoPoll Media Measurement in Africa

GeoPoll’s mobile platform and media measurement service is to be combined with Kantar Media’s experience in audience measurement methodology. Read More

Study: online gambling goes mainstream

New data from Juniper Research has found that more than 1 in 10 adults worldwide will engage in some form of mobile or online gambling by 2019. Read More

Is Kenya ready for social commerce?

With 99% of Kenyans accessing the internet through smartphones, many factors still hamper the growth of social commerce, says Jumia’s Communications Manager. Read More

MTN Ghana holds 2nd Mobile Money forum in Accra

MTN Ghana held its second Mobile Money Stakeholders’ Forum in Accra this week, under the theme maximizing the potential of mobile money to drive financial inclusion in Ghana.  Read More

Now parents can use mobile to pay kids for doing their chores

ZAZOO has partnered with Funifi to add a secure mobile payment mechanism to an app that encourages kids to do their chores.   Read More

Airtel unveils new digital content products

Airtel has announced the launch of two new innovative digital products in a move aimed at providing great local multimedia content online for consumers as well as in support of people doing great work in the arts, culture and technology. Read More

PRESS OFFICES

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

FEATURED STORY

Young innovators shine during pitch sessionsYoung innovators shine during pitch sessions

Botswana saw an array of upcoming tech wizards selling their ideas during the Vendors’ Day pitch sessions this week.

IN DEPTH

High tech homes: Just press playHigh tech homes: Just press play

High tech, digital homes where everything is automated and connected aren’t the stuff of science fiction any longer, says BNC Technology.