The 2022 ZICTA annual market report shows that the number of mobile money transactions grew from K105.6 billion in 2020 to K169.4 billion in 2021, which represents a growth rate of 60 percent.
The report also indicates that the number of active mobile money subscribers increased from 8.6 million in 2020 to 9.9 million in 2021, while the volume of mobile money transactions increased from K746.5 million in 2020 to K843.1 million in 2021, representing an annual improvement of 11.7 percent.
This is a clear indication that the country’s quest to attain financial inclusion is on the right trajectory, as millions of mobile money users in Zambia are able to make simple payments for goods and services, as well as transact.
In early 2020, the COVID-19 pandemic unexpectedly thrust the Zambian financial services industry into a digital-first mindset. There was suddenly a global call for financial transactions to go cashless as face-to-face interactions needed to be limited for safety.
Businesses are now increasingly recognizing the importance of adopting digital technologies to reduce their administrative burden. More businesses should take advantage of this opportunity to digitize payment processes as part of a shift to cashless financial transactions.
Digitizing payments is a necessary part of that story because paper-based payments and manual processes increase business administrative costs, cause inconvenience to customers and suppliers, and businesses risk losing essential records.
The government’s vision is to achieve universal access and usage of a broad range of quality and affordable financial services that meet the needs of both individuals and enterprises.
We should all work for the greater good of our economy and always consider coming up with technologically smart means of solving any noticeable problem around us as we live in this digital age.
