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.



ngih thomas - Nov. 3, 2012, 10:33 a.m.

20 million folks yappin mindlessly all at once?? Wow

Share the News

Get Daily Newsletter

comments powered by Disqus

MORE VALUE ADDED SERVICES NEWS

iProcure delivers inputs to farmers’ doorsteps using ICTs

An innovation dubbed iProcure is already being used by several agro input firms which are now relying on it to distribute their products to farmers.  Read More

Telecel launches mobile insurance

Telecoms operator Telecel Zimbabwe is partnering with local insurance company, Zimnat Lion, to roll out a mobile insurance product that offers Telecel subscribers Funeral, Hospital and local and international Travel Cover through their Telecel lines.  Read More

Mobile context aware technology to revolutionise app economy

A new report from Juniper Research predicts that increasing contextual awareness in apps, as seen in digital assistants such as Google Now, will transform the process of app discovery and the cluttered app tray. Read More

Airtel, Grameen Foundation, VAS2nets launch mobile health services

Ayo Stuffman, Maurice Newa, Seyi Ibidapo and David Hutchful Airtel Nigeria has partnered with Grameen Foundation and VAS2nets Technologies Ltd to unveil two innovative mobile health services dubbed Mobile Midwife and Dial-a-Doctor in an effort to reduce infant and maternal mortality rate in Nigeria. Read More

TXT Ghana supports the fight against Ebola

TXT Ghana and the Wireless Application Service Providers of Ghana (WASPAG) have donated to the Noguchi Memorial Institute for Medical Research, in support of efforts to provide adequate and rapid testing and diagnosis of the Ebola Virus Disease (EVD). Read More

TNM pays K19.9m with mobile insurance

Malawian mobile network service provider TNM has announced that it has paid a total of K19.9 million worth of claims to beneficiaries of TNM Moyo Cover, the operator’s on-mobile life insurance policy. Read More

DRC mobile banking faces challenges in remote areas

Isidore Monga is a civil servant whose salary, like millions others in the Democratic Republic of Congo (DRC), is now being paid via mobile banking. Read More

Orange, Bank of Africa to offer new mobile financial services in Africa

In the coming months, Bank of Africa and Orange Money customers will be able to transfer money directly from their Orange Money account to their BOA account and vice versa simply with their mobile. Read More

Over 20m airtime advances through Pasavute

Net1 Mobile Solutions in partnership with Supa Pesa, has serviced more than 20 million airtime advance requests for the advance airtime service Pasavute from Telekom Networks Malawi (TNM).  Read More

Smart wearables market to generate $53bn hardware revenues by 2019

iWatch New findings from Juniper Research revealed that the global retail revenue from smart wearable devices will treble by 2016, before reaching $53.2 billion by 2019, compared to the $4.5 billion expected this year.  Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionSage HR AfricaMTN BusinessSchneider ElectricMultichoice

FEATURED STORY

MFarmer SMS redefines market access for Ugandan farmersMFarmer SMS redefines market access for Ugandan farmers

Ugandan smallholder farmers are benefitting from an ambitious innovative ICT mobile phone initiative that offers weather reports and up-to-date market information about changes in prices for agricultural commodities, thus granting them lucrative returns from their farming ventures. 

IN DEPTH

iProcure delivers inputs to farmers’ doorsteps using ICTsiProcure delivers inputs to farmers’ doorsteps using ICTs

An innovation dubbed iProcure is already being used by several agro input firms which are now relying on it to distribute their products to farmers. 

COMPANY NEWS

VMware announces VMware Workstation 11 and VMware Player 7 Pro

VMware Workstation 11 marks 15 years of innovation with Windows 10 Tech Preview readiness, state of the art performance and cloud connectivity.

Schneider Electric signs exclusive off-grid solar distribution agreement with Zimbabwean firm

Schneider Electric has announced the signing of an exclusive agreement with Samansco, a Zimbabwean renewable energy, back-up power and appropriate technology company.

SAP Innovation Helps The Global Fund Fight AIDS, TB and Malaria in Africa

Extending a longstanding partnership, SAP is a founding member of The Global Fund’s new Innovation Coalition to support disease prevention and treatment.