The Bank of Zambia has revealed that it is currently reviewing an application from state owned telecoms firm ZAMTEL to set up a mobile money unit to be called ZAMTEL Money.
Bank of Zambia Assistant Director for Payment Systems Lazarous Kamanga told Journalists that the central bank will make the decision on the ZAMTEL application before the end of the year.
Mr Kamanga said the Bank of Zambia has allowed ZAMTEL to test the mobile money unit internally using its members of staff.
“Yes I can confirm that we are reviewing the ZAMTEL Money application and we should be able to make a decision before the end of the year. They came to us and we told them a few areas we wanted them to work on before licence could be issued,” Mr Kamanga said.
If granted, ZAMTEL will become the third mobile phone company to enter the mobile money platform after Airtel and MTN.
Mr Kamanga also revealed that Zambia currently has 3,400 registered mobile money users.
Just last month, speaking to Zamtel Communications Manager, we posted an article in which we revealed that Zamtel was set to launch its mobile money service by the end of this year.
That launch is set to happen as we now read in The Post Online that the Bank of Zambia has said it’s currently reviewing a mobile money service application submitted by Zamtel.
Zamtel, a government owned fixed and mobile operator, is the only mobile telecoms company in the country that doesn’t offer mobile money services yet. Zamtel, says the article, has so far been allowed to pilot the service with its employees.
Mobile money transfer services have been identified globally as key in reducing financial exclusion by enabling individuals that have generally been considered nonviable by traditional banks to access financial services like money transfer, savings and loans.
In Zambia, MTN and Airtel offer mobile money transfer services. In addition, Zanaco, the largest bank in the country, also offers a hybrid of mobile banking and mobile money called Xapit.
That is free robbery offer
Bye, bye money.