‘Go Cashless’ Campaign Launched by the Bank of Zambia

As part of a drive to boost the use of digital finance in the country, the Bank of Zambia has launched a campaign titled ‘Go Cashless’.

The bank is eager to drive the conversion of Zambia to modern digital finance. Many in Zambia are still largely cash reliant, lacking the digital means to access financial services remotely.

Speaking at the campaign’s launch, the Bank’s Governor Denny Kalyalya emphasised the consumer benefits of managing finances in a digital economy. He emphasised how household income can be better managed, assets can be tracked more accurately, and social security can be increased.

A 2020 survey, undertaken by FinScope, showed that financial inclusion was on the rise in Zambia. That is, the proportion of the population integrated into the formal economy and recognised financial services. The survey showed 69.4% of adult Zambians are now financially integrated, that represented a 10% rise between 2015 and 2020. As in much of the developing world, the proliferation of financial services available via smartphones was cited as the major driver of financial inclusion.

 Financial inclusion, in theory, sees increased revenues for the state, greater access to credit, and improved social security.

The Governor expressed his gratitude to a multitude of organisations involved in setting up the platform and then laid down a challenge to the sector. “I hasten to challenge financial service providers and other stakeholders to take up the opportunity to join the ‘Go Cashless’ campaign in order to continue providing digital financial services that are customer centric and meet the ever-changing needs of consumers”, he said.”

He did, however, acknowledge the risks involved in digital financial services. For example, those inexperienced in figital finance are often targeted by scammers. “This campaign is not only for stakeholders mentioned above, but for all of us who must also join this campaign by sharing vital information on how to avoid being defrauded, for together, we can achieve a lot more in securing the national payment system.”

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