In a significant advancement for the financial technology landscape in Zambia, Zeepay is disrupting the mobile money ecosystem through international remittances and cross border payments. The company has earned the distinction of being the first fintech firm to implement the Zambia Revenue Authority (ZRA) led Tax-Payer Identification Number (TPIN) directive on all its registered mobile wallets.
Furthermore, Zeepay stands out as the frontier platform to implement the electronic money transfer levy in line with the Mobile Money Transfer Levy Act No.25 of 2024. This highlights the Zeepay platform agility and drive in ensuring regulatory compliance is adhered to, while innovatively providing customer centric products aimed at increasing last mile financial access.
Background
Zambia’s financial ecosystem has witnessed a transformative shift with the rise of mobile money services. Over the last decade, the increasing penetration of mobile phones has facilitated greater access to financial services, especially for the unbanked and underbanked populations. Mobile money solutions have emerged as a vital tool for promoting financial inclusion, enabling individuals to conduct transactions, save, and access credit in ways that were previously unimaginable.
Recognizing the importance of regulatory frameworks to support sustainable growth in this sector, the Zambian government has introduced levies on mobile money transfers as part of its broader strategy to ensure compliance and generate revenue. These levies are designed to foster a more robust financial environment while also potentially providing resources for infrastructure and economic development.
Zeepay’s Initiative
Zeepay, which has positioned itself as a frontrunner in the fintech sector, has embraced this opportunity to implement the mobile money transfer levy effectively. By becoming the first to do so, Zeepay is not only complying with regulatory requirements but is also leading by example in promoting transparency and accountability in mobile financial transactions.
The company’s approach includes educating users about the levy, emphasizing its importance in contributing to national development. This proactive stance helps demystify the levy, ensuring that customers understand the benefits that these funds can provide in terms of public services and infrastructure.
Impact on the Financial Sector
The implementation of the mobile money transfer levy by Zeepay is poised to have several impacts on Zambia’s financial sector:
Zeepay’s pioneering move to implement the mobile money transfer levy in Zambia is a noteworthy development in the fintech sector. It exemplifies how companies can align their operations with national objectives while fostering a culture of compliance and trust in digital financial services. As Zambia continues to grow its digital economy, Zeepay’s initiative serves not only as a model for other fintech companies but also as a testament to the importance of responsible innovation in the financial technology space. Through such initiatives, the potential for enhanced financial inclusion and economic growth in Zambia becomes increasingly attainable.
