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The Bank of Zambia (BoZ) has urged the public to verify recipient details before making electronic money transfers, saying a few extra seconds spent confirming payment information can help prevent costly mistakes and fraud.
BoZ Payment Systems Manager, Godwin Sichone, said users of mobile money and other digital payment platforms should always confirm the recipient’s name before authorising any transaction.
Speaking in a fraud awareness campaign, Sichone said mobile money platforms display the recipient’s name at several stages of a transaction, allowing users multiple opportunities to confirm they are sending money to the correct person.
“Taking advantage of these verification prompts is one of the simplest ways to avoid transferring money to the wrong account,” he said.
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Sichone encouraged more Zambians to adopt digital financial services, including mobile money, internet banking and mobile banking, noting that electronic payments have made business transactions faster, safer and more convenient by reducing the need to carry large amounts of cash.
He also urged users to safeguard their accounts by keeping their mobile money personal identification numbers (PINs) confidential and avoiding sharing them with relatives or friends.
He further advised members of the public against keeping cash at home, warning that money stored under mattresses or in piggy banks was vulnerable to theft and other risks.
Sichone said funds held in bank accounts or mobile money wallets remained secure even if a mobile phone was stolen, provided account security details such as PINs were not compromised.
While encouraging wider use of digital financial services, he acknowledged that some elderly people and individuals with limited digital literacy might still prefer cash transactions.
He assured the public that cash will remain available alongside digital payment options as the country continued expanding access to electronic financial services.
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