Bank of Zambia expanding payment systems to promote financial inclusion —Madubeko


The Bank of Zambia (BoZ) has said that it was expanding the reach and accessibility of its payment systems, promoting financial inclusion and enhancing security features.

It noted that this was part of its commitment to develop a modern, efficient and reliable payments infrastructure that will support innovation, commerce, financial market growth, and effective monetary policy transmission.

This is according to the BoZ National Information and Communication Technology (ICT) Survey Assistant Director, Payment Systems Oversight, Muuka Madubeko, as quoted in the latest Central Bank journal, the Zambanker.

Madubeko said the BoZ planned to facilitate the expansion of the coverage of participants to include more financial institutions and payment service providers, which will increase the reach and usage of the national financial switch.

Read more: Bank of Zambia rising to the challenge of managing financial instability —Chipimo

“These initiatives are expected to improve the efficiency and speed of payment transactions in Zambia and contribute to the country’s economic growth and development.

“Specifically, the bank plans to increase the number of participants in its payment systems, introduce new payment channels such as QR codes, integrate with other payment systems in the region, and continue to enhance the security features of its platforms,” he said.

These initiatives, he explained, would help to reduce reliance on cash and promote the use of formal financial services, which were essential for economic growth and development.

Madubeko said BoZ was committed to working with stakeholders to ensure that Zambia’s payments infrastructure was able to meet the needs of the country’s growing economy.

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