MOBILE PAYMENTS HIT K170BN
MOBILE payments have continued to be a game changer in Zambia’s money transactions with nearly K170 billion handled through its system during the first quarter of 2022.
This is a positive indication of a wider shift to using and embracing digital transactions by consumers.
Mobile payments therefore translated to a total volume of over 834 million, according to the Bankers Association of Zambia (BAZ) Public Relations and Administration Officer, Mirriam Zimba.
Ms Zimba in response to a press query explained that these volumes translated to a value of over K169. 40 billion.
“From these statistics, we can clearly see the shift and drive towards digital financial solutions and how the sector is leveraging on digital technology.
“Statistics from the Bank of Zambia (BoZ) indicate that in 2021, the cumulative volumes of transactions and values that were processed under various platforms include Real Time Gross Settlement (RTGS) volume of over 855,000 with a total value amounting to K1. 488 billion,” she said.
According to the BoZ, statistics indicate that Zambia’s financial services industry is poised for a digital revolution as can be witnessed from the increased number of active customers using mobile money services.
Improvement of financial education for Digital Financial Services (DFS) has therefore become an essential next step to enable mobile money to expand further.
On Electronic Funds Transfer (EFTs), Ms Zimba said over K98 million had been transacted through the system in the banking industry during the first quarter of this year.
Ms Zimba explained that this translated to 8,570,230 transactions through EFTs in the period under review.
“The transactions on Automated teller Machines (ATMs) in 2021 accounted for a total volume of 36 million with a value of K57.68 billion. For Point of Sale (PoS) the total value was K62.08 billion and over 46, 000 in volume.
“Cheque transactions recorded in the same period accounted for 1, 22,608 in volumes of transaction amounting to K8.75 billion in value,” she stated.