Banks’ one-stop e-payment system set for January
By BUUMBA CHIMBULU tional Financial Switch (NFS) project which intends to interconnect all commercial banks’ electronic payment system is expected to be implemented in January 2018 by the Bank of Zambia in collaboration with the Zambia Electronic Clearing House (ZECHL).
The project is also meant to increase financial inclusion since all payment systems will be interconnected thereby lowering transaction costs.
According to ZECHL chief executive officer, Willie Chishimba, the Automated Teller Machines (ATMs) and Point of Sale Machines (POS) for the project would be up and running by January next year.
He was speaking in Lusaka at the master class training for business reporters organised by the Zambia Institute for Policy Analysis and Research (ZIPAR) and Financial Sector Deepening Zambia (FSDZ).
Mr. Chishimba explained that the project had two phases, saying the first phase would be implemented next year while the second one would be executed by the commercial banks soon after the first development.
“Next year, we should be up and running on ATMs. We are going live somewhere in January next year. We were supposed to operate the ATMs this year. The system is of international standards. It is based on very solid security. Customer education is however needed. Let us use more secure and efficient methods of making and receiving payments.
“The system is so much dependent on telecoms because it is an online project. The Zambia Information Communication Technology Authority (ZICTA) is putting towers all over to help with that process. In terms of implementation from our own point of view, we have two phases. Phase one which we are very close to finishing. The second phase is the mobile operators,” he said. Mr. Chishimba also explained that the NFS which was also meant to amplify digital payments was for small value transactions.