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ITWeb Africa

Thursday, Feb 20th

Zambia's central bank to issue mobile money licences

Bank 1

Zambia’s government has directed the Central Bank to issue a mobile banking licence to the National Savings and Credit Bank (Natsave) in a bid to quicken the bank’s payment system.

The directive comes in the wake of reports that the bank has been delaying making payments to farmers and civil servants in rural areas using the traditional banking system.

The issuance of a new mobile licence is however, expected to stiffen competition in the provision of mobile money services by banks as other banks including Standard Chartered Bank, Zambia National Commercial Bank and Barclays Bank already provide mobile banking services.

Miles Sampa, deputy minister of Finance and National Planning believes that a mobile banking service by the bank will speed up the payment system as expected by the government.

“I have directed the Bank of Zambia to issue a mobile banking licence to Natsave so that the bank can be efficient in its payment system. In this era, you cannot have a bank that still relies of tradition payment system,” Sampa said.

He added, “We are receiving reports of people being delayed in getting their money even when the government has released the money on time all because it takes time to transfer the money by the bank using tradition payment system,” he said.

The Zambian government heavily relies on Natsave, a government run bank for payments to farmers who supply farm produce to government and the salaries of civil servants across the country.

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