Payment Systems Outlook
The Bank of Zambia realizes the important catalytic role that Digital Financial Services (DFS) can play towards the increased usage of electronic payment mechanisms by the general public. The Bank of Zambia is therefore working with government and other private and public stakeholders to increase financial inclusion, by increasing access to formal financial services. To this effect the Bank has amongst its strategic objective include plans to increase formal financial inclusion.
A number of initiatives have since been put into motion in order to meet this objective. Among others, these include;
- Working financial institutions and other interested parties in carrying out sensitization campaigns that highlight the importance of using formal financial services
- Review of regulatory space in order to promote innovation and increase usage of modern payment mechanisms and financial services, and provide safety and security amidst innovation in the payment systems in the country
- Working with the commercial banks, electronic money issuers (e.g. mobile money) and other financial service providers to implement a National Financial Switch
- Establishment of standards and regulation that facilitate for interoperability of retail and large value payment streams both domestically and across the border (e.g. within the SADC region)