Finance

Zambia: Mobile money transfers reach record $652.1 mln in Q1 2019

Zambia: Mobile money transfers reach record $652.1 mln in Q1 2019
Monday, 15 July 2019 17:23

The amount of money transferred via mobile phone during the first quarter this year in Zambia reached $652.1 million, ZMW8.15 billion, the Central Bank revealed.

This volume is the highest ever reached for a first quarter since 2012, and is more than twice the amount in Q1 2018 (ZMW3.68 billion). The Q1 2019 amount is also much more than the total value of the transactions made each year between 2012 and 2017.

This statistics reflects the success of the Zambian government's financial inclusion strategy, at least for the Mobile Money segment. The sector has become the second largest contributor to access to financial services, after banks, with nearly 15% of adults of banking age using it.

Zambia has a large area with a low population density per square kilometer. In this context, the development of Mobile Money was not easy. The country has put in place a financial inclusion strategy and today there is still a lot of room for growth for the operators operating in the country. Of the country's 10 million mobile users, only 2 million were active users of the service, according to a 2018 Central Bank report.

Idriss Linge

On the same topic
DRC launches campaign to diversify investors in government securities 98% of bonds now held by banks; aim is to reduce risk and broaden...
Verdant Capital has invested $3 million in Nigerian fintech Bfree to help recover distressed loans in Africa. The deal will allow Bfree to...
Côte d’Ivoire will receive $234 million for a sustainable urban mobility project in Abidjan. Gambia will receive $32.2 million to build...
Stanbic IBTC and Zenith Bank cut monthly card spending abroad to $500 and $200 Foreign reserves fall by $3.5 billion in six...
Most Read
01

• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....

UEMOA: Inflation Drops to 0.6% in May, Driven by Lower Food Prices
02

• Qatar Airways and Kenya Airways establish strategic agreement, introducing a third daily flight be...

Qatar Airways Expands its Network in Africa, Building Presence in Kigali, Johannesburg, and Nairobi
03

• Interbank volumes rose 18.7% in May, while rates declined across the market• The BCEAO cut its mai...

WAEMU Sees Easing Conditions on Regional Interbank Market
04

• EY is preparing to leave Francophone Sub-Saharan Africa by 2026• The exit could unlock $500 m...

EY’s Exit Creates $1bn Opportunity in Francophone Africa Consulting Market
05

As cybersecurity asserts itself as a pillar of digital sovereignty in West Africa, technology-free z...

Cybersecurity Key to Côte d'Ivoire's Tech Future– VITIB's N'ZI
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.