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With digital innovation rapidly transforming Zambia’s financial landscape, the Bank of Zambia (BoZ) has urged financial technology players to strengthen cyber resilience, even as FNB Zambia and Airtel Money unveiled a new integrated mobile payment platform.
The collaboration was launched on Tuesday at Arcades Shopping Mall in Lusaka, introduces a mobile payment solution that enables customers to make secure, cardless transactions directly from their mobile wallets using FNB point-of-sale (POS) terminals.
Speaking at the launch, BoZ Deputy Governor for Administration, Rekha Mhango, said while technological innovation was revolutionising financial services, it also came with rising risks such as cybercrime, fraud, and data breaches.
“While innovation drives progress, it must be carefully managed to avoid systemic risks. Disruptions in financial services — whether through outages, breaches, or failures — can have far-reaching consequences for the real economy,” Mhango said.
She cautioned that as financial systems become increasingly interconnected, the potential impact of cyber attacks grows, stressing that negligence could exacerbate these risks.
Mhango commended bank and telecom company for their partnership, describing the new product as a milestone in promoting accessible and efficient digital payments for both consumers and merchants.
“The product being launched today is a testament to the two institutions’ commitment to empowering Zambian businesses and consumers with innovative payment solutions,” she said.
Highlighting Zambia’s digital progress, Mhango revealed that the number of active mobile money wallets had increased from one million in 2017 to 13 million by the end of 2024, a surge largely driven by the COVID-19 pandemic and the growing adoption of digital financial services.
FNB Chief Executive Officer Kapumpe Chola hailed the innovation as a “game changer” for Zambia’s payment ecosystem.
“Through this collaboration, we are integrating mobile money wallets with our POS terminals, enabling customers to make secure, cardless payments directly from their mobile money accounts,” Chola said.
She added that the solution would expand financial access, empower small businesses and informal traders, reduce dependence on cash, and promote convenience and safety while accelerating digital adoption across multiple sectors.
Meanwhile, Airtel Money Managing Director, Andrew Chuma, said the partnership underscored the power of interoperability in driving Zambia’s cashless economy.
“This initiative allows the users to make effortless transactions on the bank’s POS machines, enhancing the overall customer experience,” Chuma said.
He reaffirmed firm’s commitment to advancing digital transformation and financial inclusion.
“Our goal is to give customers more options, convenience, and control over their financial transactions. This solution delivers exactly that — providing a fast, secure, and reliable experience,” he said.
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