Zambia: ECOBANK Zambia launches mobile money

By Nawa Mutumweno – Ecobank Zambia on June 7, 2012 launched the mobile money product in partnership with Airtel with a view to bring unbanked citizens into the formal banking sector.

According to the financial institution’s managing director Charity Lumpa, the bank was committed to keeping with the pace of the rapid technological changes affecting its business and clients in ensuring that it satisfied its customers’ needs.

“Our goal is to use these emerging technologies to not only deliver unprecedented levels of convenience, security and value for money for our customers but to also ensure the active inclusion of the non-banked and under-banked citizens of Zambia to the formal banking system,” Lumpa enthused.

Officiating at the launch, Lusaka Province permanent secretary Stephen Mwansa said the launch of the Ecobank mobile money will ensure that the bank provides an efficient and cost-effective banking and alternative payment channel that is accessible and convenient.

The new product would assist the bank in achieving a high level of financial inclusion of the non-banked population of the country.

“I am reliably informed that Ecobank is well poised to champion innovative products such as Ecobank mobile money across Africa. This is very encouraging and being innovative, and coming up with new products that add value to people, thus making the bank competitive in the financial sector,” he pointed out.

He was confident that the new product would provide the much-needed convenience and further simplify the banking process.

Meanwhile, Airtel Zambia managing director Fayaz King said the product would benefit rural traders and civil servants as they did not have to travel long distances to pay their bills or make account transactions.