By 
The Bankers Association of Zambia (BAZ) has reported a nine percent growth in mobile money transactions, reaching K345 billion as of September 2024, compared to K317 billion during the same period in 2023.
BAZ Chairperson, Lowani Chibesakunda, revealed the figures during a town hall forum on the 2024 budget, economic performance, and 2025 outlook held Tuesday at the Mulungushi International Conference Centre in Lusaka.
She noted that Point of Sale (PoS) machine transactions also grew significantly by 31.4 percent, rising to K138 billion from K105 billion year-on-year.
Similarly, electronic cash transfers increased by 9.4 percent, from K105 billion to K116 billion over the same period.
Read more: ZICTA warns of rising mobile money fraud amid increased internet penetration (Video)
“Digital service channels are crucial as we transition to a cash-lite economy,” Chibesakunda said.
She emphasized the importance of mobile money and PoS machines in driving economic digitization.
Despite the sector’s resilience, she highlighted challenges from last year’s drought-induced energy crisis, which disrupted member institutions’ systems and affected the delivery of efficient services.
WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.
Comments