MTN Mobile Money (MoMo) Zambia and Indo Zambia Bank (IZB) have established a cooperative arrangement to facilitate payments using the bank's national point-of-sale (POS) network.
In a statement, the two explained that the agreement enables MTN MoMo customers to pay for goods and services at all IZB terminals.
The parties described the move as a step toward improving digital interoperability and helping Zambia's national goal of transitioning to a cashless economy.
They went on to say that the arrangement seeks to provide smooth, real-time transaction processing between mobile wallets and financial systems.
This interconnection is supported by IZB's recent upgrading of its core banking system and the introduction of its IZB NXT digital suite, which includes ERP integrations and QR payment capabilities, the statement said.
Komba Malukutila, CEO of MTN MoMo Zambia, commended the agreement as a significant step toward a "fully interoperable digital payments ecosystem."
"MTN MoMo is evolving beyond traditional mobile money by offering smarter, more integrated services for customers and businesses across Zambia," Malukutila said.
The agreement expands on an existing arrangement in which IZB provides liquidity and float management help to MTN MoMo agents.
According to IZB Managing Director Brajesh Kumar Singh, "Customers can now pay effortlessly using their MTN MoMo wallets on any IZB POS terminal, reducing reliance on cash and ensuring faster checkout experiences."
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