The future of cash in Zambia is shifting from physical to digital, driven by investment in digital financial solutions coupled with access to mobile phones. This transformation is in response to a growing population that is becoming more digitally savvy. People are abandoning banking halls, and adopting mobile payment platforms because they are faster, cheaper and more importantly, personalised.
Speaking in Lusaka, Zazu Africa Chief Executive Officer Perseus Mlambo notes that the company has identified Zambia as a strong market for providing inclusive digital financial services for a growing population.
“Zambia is undergoing significant transformation in the financial sector and the future of cash is dependent on the innovation and investment made in making mobile payment platforms accessible, affordable and easy to understand especially for the financially excluded,” he says.
Mlambo notes that an increase in access to technology is helping to drive this transformation with Zambia’s population now seeking financial solutions that are responsive and tailored to their needs. He cited the recent results of the ZICTA ICT Survey 2018 which indicate that smartphone users among all mobile phone users increased from 13.5% in 2015 to 29.6% in 2018 as a springboard for transformation in the financial services sector.
“This is an opportunity for innovation and investment in Zambia, to create a thriving digital economy that will help to achieve financial inclusion for the population. This is why Zazu has made significant investment and innovated in mobile transactions, creating a platform that not only helps users to transact from their mobile phones but helps them plan financially through budgeting, tracking of their expenses and savings,” he adds.
Zazu is a financial technology start-up that provides digital payment services and financial education courses to the Zambian market. Mlambo adds that the service is well positioned to support this transformation through its recently launched innovative money application for smartphone users.
The app has been in development for several months and has been recognized as one of the Global Top 50 Digital Only Banking Apps by Financial IT Magazine.
“We have just launched our money app and it is now available for both Android and iOS users. Zazu has also invested heavily in increasing financial literacy in Zambia, our free to use platform has been used by more than 20,000 users in less than 2 months. This platform allows people to learn about how money really works, giving people confidence to demand better and more transparent services from financial service providers,” says Mlambo.
Source: KPR Consulting