By Staff Writer
Technology and Science Minister Felix Mutati has disclosed that the Ministry is closely collaborating with security wings, financial institutions and other key sectors to ensure the protection of the over 160,000 mobile money agents.
The Minister disclosed this yesterday at a joint briefing with AYO, a subsidiary of MTN Zambia, offering insurance products to Zambians using mobile money platforms.
Mr Mutati said in addition to the awareness campaign that government will continuously undertake, the insurance component will answer to some of the challenges of cyber security affecting mobile money agents.
He has implored mobile telecommunication providers to assure the mobile money agents across the country that their monies are protected through insurance as a solution that addresses the country’s digital transformation strategy.
“We have over 156,000 mobile money agents. We need them to feel comfortable when they go to work that their money and earnings are protected so that whatever happens, somebody will be able to cover them. Let’s look after our mobile money agents, they need to be protected” he said.
And Mr Mutati observed that the low insurance penetration in Zambia which is currently at around 5 percent is attributed to challenges around affordability, access and availability, thereby having majority of the nation not insured.
He said while the acquisition and ownership of mobile phones amongst the people has increased, there is still a lot of work that has to be done in the aspect of financial inclusion which requires solutions and products that will create customer happiness.
Mr Mutati said even as the country embarks on the development of a digital strategy which should encompass insurance as a component, there will be need to address affordability, availability and access of services.
He also called on all players in the insurance industry to emulate AYO on their strategy especially that majority of their market segment is focused on the ordinary Zambians, enabling them access insurance products on mobile phones.
Speaking at the same meeting, AYO Group Chief Executive Officer Marius Botha said Zambia has a lot of opportunities for economic growth.
Mr Botha said about 80 percent of the customer base on their platform that are able to access insurance cover using the mobile money platforms are from low income households such as marketeers among others.
