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
Samsung Partners in good health for Sub-Saharan AfricaSamsung Electronics is supporting the GSMA Mobile for Development mHealth programme on a range of mHealth services in Africa. Read More
New partners join ITU’s Be He@lthy, Be Mobile initiativeThe International Telecommunication Union has announced that global healthcare company GSK and Public Health England (PHE) will join Be He@lthy, Be Mobile, an initiative which it leads in collaboration with the World Health Organization (WHO). Read More
SIA Group enters African card payments sectorPerago has signed an agreement with Swish Payments to support its new m-commerce initiative in Africa and Europe. Read More
MTN partners Salt & Einstein MTS, NHIS on insuranceMTN Nigeria says it has partnered Salt & Einstein MTS and the National Health Insurance Scheme (NIHS) to help push health insurance to many people in the country leveraging on its wider reach. Read More
Free Twitter on EconetEconet Wireless is now offering free access to Twitter to all subscribers on Econet Broadband. Read More
Gemalto, GSMA drive African mHealth initiativeGemalto has announced its partnership with (global System for Mobile Communication Association (GSMA1) to drive the pan-African mHealth Initiative (PAMI). Read More
Has Africa slowed in global mobile payments innovation?wiGroup says Africa has lost ground to the US and China in the mobile payments innovation race. Read More
New mobile payment system goes live in SAMobile payment system Zapper has launched its innovative and secure payment app for smartphones in South Africa. Read More
Mobile banking numbers to pass online banking by 2019New findings from Juniper Research finds that over 1.75 billion mobile phone users will have used their devices for banking purposes by the end of 2019, compared to 800 million this year. Read More
FEATURED STORYWidening ICT skills gap: Cause for concern
Nigeria's FDI gains could be eroded by the widening gap in indigenous skilled ICT manpower, writes Kokumo Goodie.
BEST READ NEWS
IN DEPTHKenya rolls out e-extension to improve agriculture
In a bid to curb the overwhelmed number of agricultural extension officers in Kenya, the ministry of agriculture is embracing technology with their introduction of E-Extension services, which are aimed at reaching out to over 7 million farmers annually.
COMPANY NEWSVMware reports second quarter 2014 results
VMware, the global leader in virtualization and cloud infrastructure, today announced financial results for the second quarter of 2014.New Sage ERP X3 version puts business information at your fingertips
Sage ERP Africa has announced the availability of Sage ERP X3 version 7, the latest version of its global business management solution for midsized companies.How the cloud can power entrepreneurship and urbanisation in Africa
Cloud computing is not only fundamentally changing the way business operates, it is also driving a new wave of job creation opportunities, says SAP Africa.