Zambia Charts a Digital Banking Revolution
Technology and Science Minister Felix Mutati praised the banking sector for its revolutionary embrace of digital technology, marking a paradigm shift in the country’s financial landscape.
Addressing the symposium themed “Inside Tomorrow’s Bank – Assessing Growth Drivers post Covid 19: Is Technology the Answer?” Minister Mutati emphasized the pivotal role of technology at the heart of banking operations.
Despite the challenges posed by the COVID-19 pandemic, a survey by Price Water Cooper audit firm revealed that the crisis fueled competition in the banking industry, leading to enhanced accessibility and efficiency in technological banking services.
Minister Mutati highlighted the global impact of digitalization, citing the example of Citi bank, which boasts a customer base spanning 160 countries, dealing with 145 currencies, and processing a staggering daily transaction volume of four trillion dollars.
He urged the banking industry to strategize and create a future-focused plan that prioritizes expedited digital platforms, aiming to provide customers with a convenient and cost-effective banking environment.
Encouraging collaboration with the government, Minister Mutati cited the success of fiber connectivity across eight countries in the region and the role of Starlink in delivering fast broadband internet connectivity.
He called for a refined banking technology strategy to enhance digital transactions and urged banks to facilitate innovative financing to enable customers to access smartphones, consequently expanding the customer base.
Minister Mutati highlighted the importance of a digital ID system in combating fraud, particularly in government-driven initiatives. He advocated for interoperability, emphasizing the synchronization of shared data transactions among banking entities.
In his remarks, ZIBFS President Moses Shuko underscored the conference’s purpose to drive the banking industry forward. The focus is on deepening collaborations with the government and other stakeholders to promote innovation, implement quality learning programs, and foster professionalism in service delivery.
Chairperson of the Bankers Association of Zambia (BAZ), Mizinga Melu, stressed the importance of embracing innovative solutions through partnerships and welcomed new players in the sector. She expressed BAZ’s commitment to secure a digitized banking platform for current and future transactions.
Bank of Zambia Deputy Governor Rheka Mhango emphasized that the adopted theme for 2023 provides ample room for excellence and access in digital banking transactions. The symposium signals Zambia’s commitment to staying at the forefront of global financial technology trends.
