Zambia Telecommunications Company Limited (ZAMTEL) has launched Zambia’s its electronic payment service to revolutionize mobile banking in the country, reports Lusaka Times.
The government-owned telecommunication service provider launched ZAMTEL Kwacha to enable its subscribers to send and receive money electronically across all mobile phone networks.
The new mobile money system gives additional value and convenience to ZAMTEL customers.
“The essence is to provide convenience by providing electronic money and as a way of allowing the customers to shop without carrying cash and as a way of promoting a cashless society,” said ZAMTEL Acting Chief Executive Officer Sydney Mupeta.
He further said that the mobile money service will help take financial services to the unbanked population especially in the rural areas.
“The cost of having brick and mortal and having a bank branch established in each and every rural part of this country is quite high. So we are coming in to add to that financial inclusion with ZAMTEL Kwacha by making it easy for our people to access those services that are not easy to provide by the conventional and traditional banking services,” Mr Mupeta said.
ZAMTEL is offering cheaper fee for the transactions compared to competitors in the market.
“Since ZAMTEL is a public institution, the fee structure for ZAMTEL Kwacha is very affordable. As you may have noticed, some competitors have since started announcing reductions in their cost structures after hearing of ZAMTEL Kwacha launch,” Mr Mupeta said.
