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Government has emphasized the need to embrace digital payment systems as it is an innovation which will contribute to a more secure financial system in Zambia.
Technology and Science Minister, Felix Mutati, said digital payment systems like mobile money integration with point-of-sale (POS) machines was a significant innovation that would have a positive impact on financial inclusion and economic growth in Zambia.
Mutati said this during launch of United Bank for Africa (UBA) mobile money integration with point-of-sale machines in Lusaka on Friday, held at Intercontinental Hotel. The speech was read on his behalf by Nkula Mwanza, Director at the Ministry.
He highlighted the benefits of such innovation as seamless transactions by allowing customers to make payments using bank cards or mobile wallets, making transactions more convenient and accessible.
“This will be allowing businesses to accept a wider range of payments, including mobile money, which is a popular transaction channel in Zambia,” Mutati stated.
He added that this would provide small businesses with affordable digital payment solutions, improve their operational efficiency and cash flow, citing micro, small, and medium enterprises (MSMEs) that have been excluded from mainstream financial systems.
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“Financial inclusision remains at the heart of our national development agenda. Formalization opens doors to credit, grants, and other financial services, allowing entrepreneurs to grow and contribute to economic development,” he noted.
UBA Chief Executive Officer, Chinedu Obeta, said the launch of mobile money-enabled POS systems was part of the Bank’s broader digital transformation strategy, which focuses on creating inclusive, secure, and customer-centered solutions to shape the future of banking in Zambia.
Obeta stated that the introduction of Mobile Money on POS means customers can pay for goods and services directly from their wallets, while businesses benefit from quicker settlements and easier reconciliations.
“The integration of mobile money on POS bridges the gap between mobile money, and banking. It helps businesses simplify collections while giving customers the flexibility to use their preferred method of payment. For many Zambians who actively use mobile money but may not hold a bank account, this represents an important step toward greater financial inclusion,” he said.
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