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The Bank of Zambia (BoZ) has initiated a 24/7 digital economy project aimed at enhancing the country’s payment systems and supporting the digital economy.
This announcement was made by BoZ Manager Banking, Edward Kapili, during the official opening of Indo Zambia Bank’s new Chinsali branch last Friday.
Kapili explained in a statement issued in Lusaka on Monday that the 24/7 digital economy project was a key component of BoZ’s efforts to modernise Zambia’s payment infrastructure.
“We wish to announce that we have already started the 24/7 digital economy project where we want to adopt the 24-hour economy. We are also developing a regional payments system,” Kapili said.
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This initiative, it said, aligns with the National Payments Vision and Strategy 2023-2027, which aims to advance the payment systems in Zambia through strategic initiatives.
In addition to the 24/7 digital economy project, BoZ says it is also focusing on developing an electronic Know Your Customer (KYC) system.
The electronic KYC system is designed to simplify and streamline the process of accessing financial services.
Previously, individuals needed to provide various documents, such as passport-sized photos and proof of residence, each time they opened an account or engaged with different banks.
The new centralised KYC system would eliminate the need for repeated documentation by consolidating these requirements, the bank said.
Kapili emphasized that this move would greatly enhance the efficiency of financial transactions and customer service, making it easier for individuals to interact with the banking sector without redundant paperwork.
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