Zambia wants Fast Track Court to curb mobile money fraud
The Bank of Zambia has begun the process to establish a dedicated Fast Track Court to handle cases involving mobile money fraud in a bid to curb a rise in theft from mobile money accounts.
The government has warned of the potential loss in confidence in the local mobile money market if the problem is not dealt with effectively.
The Central Bank believes the Fast Track Court represents a solution and will bring mobile money fraudsters to book.
Zamtel, which has invested in biometric technology on its mobile money platform, the Zamtel Kwacha, said rampant mobile money fraud has forced to it invest in strengthening protection of customer data.
The company said this has resulted in a slow but steady decline in the customer complaints related to mobile money scams on its network.
Zamtel released a statement saying that fast-tracking investigations and prosecutions around mobile money scams will “undoubtedly sanitise the mobile money space in Zambia.”
Zamtel corporate communications manager Changwe Kabwe said the company welcomes the establishment of the Court and this would be a major step in reassuring customers that their money is safe and that they can continue transacting with confidence.
He added: “With the impressive growth of the digital finance sector, initiatives that seek to provide an added layer of protection for the consumer are welcome. As Zamtel, we stand ready to offer cooperation to the Central Bank in their effect to curb the growing trend of mobile money fraud.”
It is not yet clear as to when the Court will be functional.