Digital cash boxes launched

A PARTNERSHIP to develop 50 digital cash boxes which will benefit 900 rural savers in village banking groups has been launched by Atlas Mara Zambia, World Vision and Rural Finance Expansion Programme (RUFEP).

This will involve the use of phone technology.

With US$66,000 investment in a pilot project from RUFEP, about 900 households from Chongwe, Rufunsa, Katete and Kasenengwa would benefit by using the App, translating into 5,000 beneficiaries.

The digital cash boxes which have been placed on the Atlas Mara Zambia’s mobile Tenga platform were meant to reduce risks of losing money and promote transparency.

Atlas Mara Zambia Chief Executive Officer, James Koni, said with Tenga group solution, a group of people can automate their village savings and loans association paper based system to a computer based system. Mr Koni said under the new App, saving groups would be able to define their own rules including the value of the contributions and loans.

He said this yesterday during the launch of the App in Lusaka.

“As a Bank we have introduced various initiatives that provides convenient financial services for the un ranked in line with Government policies for financial inclusion for all,” Mr Koni said. World Vison Zambia National Director, John Hasse, said the digital boxes would enable the savings for transformation project contribute to improved financial service delivery for rural savers.

RUFEP Programme Coordinator, Michael Mbulo, expressed optimism that the partnership would increase digital financial uptake.