the central bank has acknowledged that expanding access to financial services for zambia’s unbanked population remains one of the biggest challenges confronting the financial sector in the country
speaking today in lusaka at the 3rd mobile payment conference which opened today in lusaka dr ngandu says findings from the last finscope zambia survey conducted in 2009 showed that 62.7percent of zambian adults still remained financially excluded compared to 66.3 reported in 2005.
he says the slight increase in access to financial services, however, fails to match the significant increase from 14 percent of the current 19 banks and to over 90 in the case of the non bank sector.
dr ngandu has stated that the mismatch in growth between the supply side and the demand tell a story that the physical increase in the number of the traditional financial services providers does not necessarily translate into a corresponding increase in access to financial services among the population.
and speaking today at the same conference celpay international chief executive officer lazarous muchenje has predicted the with over $1billion of mobile payments expected in 2011, zambia will undoubtedly continue to dominate and lead rest of africa with regards to mobile payments.
mr muchenje says this will come as, a leadership it took initially by virtue of being the first african country to have a mobile payments platform 10years ago.
he says the conference which is being held is in line with government’s noble initiative of encouraging self sustainability and technological innovation as well as job creation, a new initiative to encourage young zambians to innovate by offering them a platform where their talent can be organized and nurtured.