By HELEN ZULU –
GOVERNMENT has observed that while the financial sector has been consistent in tapping into the country’s economic growth, it is still a challenge for the greater population to access and enjoy financial services at an affordable cost.
And MTN Zambia hit one million active subscribers on its mobile money platform in January this year.
Transport and Communications Permanent Secretary Misheck Lungu said the need for financial services in areas that are enjoying investment and population growth created an opportunity for financial institutions to thrive.
Mr Lungu noted that despite the positive strides that the country had achieved in the last few years, financial inclusion remained a challenge.
He said in a speech read for him by assistant director technical services and communications Austin Sichinga at the MTN briefing that the ability to identify and deliver financial services required in an environment of economic growth and investment cannot be overemphasized.
“The achievement of one million active subscribers by MTN mobile money indicates the reinforced long term commitment to the country. It also demonstrates the confidence that the business has in the Zambian economy as this milestone will unlock financial transactions and inclusion for small scale enterprises, agents, start-ups and general populace,” he said.
Mr Lungu said the increased use of financial services such as mobile money encouraged enterprise in the informal sector as medium to small scale enterprises would begin to thrive once they were able to tap into the various products and services on offer from the financial services industry.
Acting head of MTN mobile money Ruth Chuunka said MTN mobile money had marked one million active subscribers by announcing increased investment into a robust distribution network, building on the financial services provider’s more than 3,000 booths and 12,000 active agents countrywide.
Ms Chuunka said Digital Financial Services (DFS) especially through MTN mobile money had unlocked financial inclusion for the unbanked population, resulting in the empowerment of Zambians and creation of jobs.
She said the company was confident that it had adapted to the changing social and economic landscape in the country to ensure that it provided financial solutions that give the Zambian population confidence in the financial sector.
Ms Chuunka said that the Bank of Zambia’s drive for financial literacy and inclusion had been instrumental in MTN mobile money’s success and rollout countrywide, where the company had reached out to customers off the grid through its solar payments solutions.