MOBILE TRANSACTIONS HIT OVER K105BN

By BUUMBA CHIMBULU The mobile payments are from both commercial banks and mobile money accounts. This year, more than K33 billion has been transacted through mobile payments during the first quarter, says Bank of Zambia (BoZ) acting Director Payment System Miriam Kamuhuza. Ms Kamuhuza said the central bank anticipated that more funds would be transacted through mobile payments this year following an increased uptake of digital payments by consumers, partly triggered by the Covid-19 pandemic. Ms Kamuhuza said more consumers adopted the use of digital payments which saw over K105 billion being transacted through these channels from more than K50 billion recorded in the previous year. She explained that the usage of mobile payments in 2020 increased by about 77 percent increase in active mobile money active accounts.  “By the end of 2020, I can tell you that we had moved about K95 billion in mobile money, when we add the banks, it is about over K100 billion in terms of value, when you look at the volumes we had over K750 million transactions going through the system,” Ms Kamuhuza said.