MoMo Virtual Card Strengthens Zambia’s Digital Finance – Dr Muhanga
The Bank of Zambia has welcomed the launch of the MTN MoMo Virtual Card powered by Mastercard, describing it as a significant milestone in strengthening Zambia’s digital payments ecosystem and expanding access to financial services locally and globally.
Speaking at the launch, Bank of Zambia Chief Operating Officer, Dr Isaac Muhanga, said the virtual card will enable MTN Mobile Money customers to make secure online and international payments directly from their mobile money wallets without the need for a physical card.
Dr Muhanga said the innovation enhances convenience, safety and accessibility, while opening new opportunities for individuals, small businesses and entrepreneurs to participate in the global digital economy.
“The product addresses a critical gap in the market and will provide significant value to consumers who increasingly rely on digital platforms for trade, services and payments,” he said.
He noted that promoting innovation remains a key priority for the central bank, particularly in creating an enabling regulatory environment that supports inclusive, efficient and secure payment systems. The Bank of Zambia continues to encourage initiatives that promote interoperability, innovation and efficiency within the national payments ecosystem.
Dr Muhanga cited key interventions such as the National Financial Switch, support for fintechs and payment service providers, and the Bank of Zambia Regulatory Sandbox, which allows innovators to test new products in a safe and responsible environment.
He highlighted strong growth in digital financial services in recent years, with the value of mobile money transactions increasing by over 800 percent between 2019 and 2024, rising from approximately K49 billion to K486 billion. Over the same period, the number of active mobile money wallets grew by more than 170 percent, reaching about 13 million by the end of 2024.
According to the FinScope Survey, overall financial inclusion in Zambia has increased to 69 percent, up from 59 percent in 2015, largely driven by the uptake of digital financial services.
Dr Muhanga said innovations such as the MoMo Virtual Card support the Bank of Zambia’s vision of a 24/7 digital economy, enabling secure cross-border payments, greater participation in e-commerce and the adoption of international payment standards.
However, he cautioned that innovation also brings risks, particularly during the festive season when transaction volumes increase. He urged stakeholders to remain vigilant against cyber threats, including fraud and account takeovers, and called on service providers to prioritise strong governance, system resilience, consumer protection and cybersecurity.
He congratulated MTN Mobile Money and its partners on the successful launch, expressing confidence that the virtual card will contribute meaningfully to Zambia’s digital transformation agenda.
