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
BBM coming to Android, iOSBlackBerry plans to make its popular BlackBerry Messenger (BBM) service available for the first time to iOS and Android users later this year. Read More
Mobile content revenues to pass USD65bn in 2016Juniper Research has revealed that annual revenue generated from content delivered to mobile handsets and tablets is expected to reach USD65bn by 2016. Read More
Mahindra Comviva expands Africa mobile musicMahindra Comviva is expanding its mobile music offerings for Africa, in partnership with over 70 local and international content providers. Read More
SA’s Waytag shortlisted for BlackBerry Achievement AwardThe Waytag location app for BlackBerry 10, available in SA and Nigeria, has been shortlisted for a BlackBerry Achievement Award. Read More
Full stream ahead for mobile musicMobile streamed music revenues will rise more than 40% this year to USD1.7bn, says Juniper Research. Read More
M-PESA goes out to dinnerNow M-PESA users will be able to pay for restaurant meals using their mobile money, says Safaricom. Read More
Google Maps voice navigation in 4 countriesGoogle Maps with navigation is now available in Kenya, Ghana, Senegal and Ivory Coast. Read More
EzeeMoney makes inroads in UgandaNew e-payment firm EzeeMoney says its services are quickly gaining consumer confidence in Uganda. Read More
Google maps navigation for iPhone, Android launched in KenyaGoogle has officially launched Google maps navigation services in Kenya for phones running Android 2.2 or superior and iOS 5.1 (and above). Read More
Tanzanian pregnancy text message service off to a good startTanzania’s healthy pregnancy text messaging (SMS) service has reached 100,000 active and sent over 4 million text messages on healthy pregnancy and motherhood. Read More
FEATURED STORYICT opens doors for Kenyan slum dwellers
A Nairobi based group is equipping high school girls from Nairobi's slums with ICT skills to help them participate meaningfully in building the economy.
BEST READ NEWS
IN DEPTHDollar-a-month broadband can change Africa
The Microsoft-led 4Afrika TV white spaces project, taking broadband to rural people for as little as a dollar a month, is now expanding in Kenya and launching in Tanzania.
COMPANY NEWSConnected services boosts company payroll and HR administration in West Africa
Connected Services enables SMEs to extend their desktop payroll and HR with an online solution that eases the growing burden of HR managers and payroll administrators.