Mobile Money Accounts Overtakes Bank Accounts In Zambia

There has been a very interesting development in the money mobile sector in Zambia.

Zambia’s central bank says the country now has 3.4 million mobile money accounts, compared with 2 million bank accounts. FNB head of strategic marketing and communications, Clotilda Mulenga, said her bank is gradually moving from using mobile phones and internet banking merely for information purposes, such as checking account balances or statements, to actually transacting on the phone.

Mulenga said the increasing convergence between mobile phone and banking technology for communication, banking and shopping, means that more of its customers are using their devices for their banking business. She said that in the last three years, FNB has seen an increase in the number of people using phones and tablets via the bank’s mobile banking application. This is exciting for Africa because the emergence of money money will have a very positive effect on the unbanked population of Africa. The CBN should take note of this development and begin to advocate mobile money adoption in Nigeria.