Lusaka — Mobile Operator technology Company, MTN Mobile Money and Barclays Bank Zambia, have announced the launch of a forthcoming new Payment Operator System aimed at increasing financial inclusion and introducing an easy way to make payments.
MTN Mobile Money customers will now be able to pay for their goods and services on their mobile phones using the Barclays Bank Zambia POS terminal.
Speaking during the launch, Bank of Zambia Director Payment Systems, Mr Lazarous Kamanga who was the guest of honour, pointed out that such partnerships will ensure the Central Bank taps into the financial excluded adult population which is at 40.7% and begin to increase access and use financial services. The Bank of Zambia in its 2016 – 2019 strategic plan set out to increase the level of formal financial inclusion by 16 percent.
He further indicated that the next step in widening the offering of financial services products to the unserved and underserved population in Zambia and assured the two organisations of the Central Bank’s unwavering support.
“The Central Bank wishes to commend MTN Mobile Money and Barclays Bank Zambia for this initiative aimed at bridging the financial services divide. Barclays’ trail-blazing digital banking products coupled with MTN’s large subscriber base, comprehensive distribution, innovative digital products and financial technology platform to provide much needed financial services to the unbanked stands as a shining example. It is the central bank’s responsibility to ensure as many people, not only the urbanised population, have access to financial services, and this forms a core part of our 2016 – 2019 Strategic Plan. The progress we’re seeing in this regard would not have been possible without the sustained interventions from private sector partners such as MTN Mobile Money and Barclays Bank Zambia.”
MTN Zambia’s General Manager, Komba Malukutila, noted that partnerships between banks and mobile money operators are fundamental in the mobile money ecosystem, hence his organisation’s partnership with Barclays Bank Zambia.
“At MTN Zambia, we are committed to spearhead mobile payment in increasing financial inclusion in the country, we realise that mobile financial landscape has continued to evolve, and we need to constantly look at improving our products and services hence the exciting partnership with Barclays Bank Zambia on the launch of POS payment solution.”