The Bank of Zambia plans partnering with phone operators in the country to boost financial inclusion through mobile money services.
Statistics from the Bank of Zambia shows that mobile money accounts in the southern African country have already overtaken bank accounts to reach 3.4 million compared to 2 million bank accounts.
And the bank has said there is a need for operators in the country to double up their efforts to ensure that the uptake of mobile money services reaches all corners of the country.
Bank of Zambia deputy governor in-charge of administration, Dr. Tukiya Kankasa-Mabula, said one of the strategic objectives of the bank is to promote financial inclusion.
Therefore, she said the bank plans to partner with MTN, Airtel and Zamtel so that mobile money service becomes the main tools to promote financial inclusion.
She said the country needs to stimulate efforts that would enable the country to develop a reliable telecommunications sector that will support effective financial services.
Kankasa-Mabula also said information and communications technology-based knowledge and products would contribute to national development through agriculture, education and health.
“The Bank of Zambia is planning to partners with mobile service providers so that mobile money services become the main tool to promote financial inclusion,” she said.
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