MTN Zambia is working towards ensuring that all of its 5.6 million voice customers subscribe to its mobile money service.

The company has introduced a number of incentives, including the micro lending service Kongola loans, to attract more subscribers. Loans are only available to MTN Zambia mobile money subscribers.

It has also expanded its agent network to extend its mobile money footprint.

Chola Mutoni, MTN Zambia public relations, communications and corporate social investment consultant, said in 2016 alone the company invested US$2 million on this expansion.

This has resulted in an exponential growth in the number of mobile money subscribers, says Mutoni. "We are doing multiple concurrence activities with two main activities being Agent network expansion and ecosystem development through the introduction of advance products such as micro lending and international remittances. We continue to invest aggressively in our distribution."

About three weeks ago, the company went into partnership with Barclays Bank Zambia to launch a bank-to-wallet product that allows clients to store, send and receive money using their MTN mobile money accounts and Barclays Bank accounts, in the hope of attracting more mobile money customers.

MTN CEO Charles Molapisi said the company is passionate about financial inclusion, which believes is directly linked to digital inclusion and transformation.

Airtel Zambia and Zamtel are the other two mobile phone operators that are proving mobile money services in the country.

Statistics from the Bank of Zambia shows that mobile money accounts in the country have reached close to 4 million, surpassing the current existing bank accounts by 1 million.