Going digital to avoid ‘dirty money’

THE love of money is the root of eveil so the saying goes and in 2020 cash money may just be the source of death!The simple act of handling contaminated cash or even exposing yourself to coronavirus carriers while in public has marked the importance of going digital.The Bank of Zambia (BoZ) has encouraged members of the public to make use of digital platforms to protect themselves from the Covid-19 threat.Bank of Zambia Governor Christopher Mvunga recently warned that the usage of cash can be hazardous in light of the pandemic.The central bank boss therefore encouraged more banks to make available digital platforms that would make it easier for cashless transactions.He was speaking at the launch of an Absa Branch in Lusaka’s East Park Mall and thanked the commercial bank for being innovative and socially responsible.He welcomed Absa Bank Zambia’s dedication to consistently provide financial services to customers while adhering to the Covid-19 health guidelines.He pointed out that since the launch of the Absa brand on the Zambian market in February this year, the institution had shown commitment to opening new doors to clients in the midst of Covid-19.Indeed, with the threat of Covid-19 infection it has made visits to banking halls relatively more burdensome and so any attept by a bank to put up simple digital solutions are welcome.Technology has come to the aid of many people who were stuck at home under the partial lockdown.It is also encouraging to see a bank open another branch as if to signal confidence in Zambia’s economic prospects.In her speech, Absa Bank Zambia Managing Director, Mizinga Melu, pointed out that they were interested in bringing financial services closer to the public and were particulalrly targeting the University of Zambia students and the business entities around the area.Ms Melu further disclosed that K4.5 million was spent on the newly opened East Park Mall Branch.Ms Melu said Absa has further spent K120 million on upgrading its branches across the country.She added that the bank had enhanced digital platforms with 86 percent of the transactions conducted electronically.“We have partnered with all mobile service providers to make payments. This promotes payment. This has been done to ensure that we become a payment bank,” she said.Many Zambians own a mobile phone and so the use of digital banking is something that should see greater uptake.The role out of communication towers across the country also mean there is higher access of mobile subscribers to the internet and digital financial services.The Bank of Zambia Governor urged Absa to continue being innovative and providing customers with global banking products and solutions that met their evolving financial needs.He said the central bank was mindful of the risks involved in conducting cash transactions during the Covid-19 period.“I think one of the things we are mindful is that cash can be hazardous to Covid-19. So please try and use electronic transactions,” Mr Mvunga said.This is timely advice from the head of the central bank as more and more people seek out faster options in financial transactions – go digital. The Sun