Last year, we uncovered some interesting stats on the rise and use of mobile telephones in banking and the financial services sector in general. We examined the increase in usage on the continent and in Zambia, looked at how this gave rise to services like M-Pesa in Eastern Africa and Zoona in Zambia and explained how you could take advantage of the wide network of partners that are collaborating to make it easier for you to get money to your loved ones back home as quickly and easily as possible. You can download that edition here.

This month we go back and provide some more data for those living outside the borders of Zambia on the level of access to mobile financial services in the country and why it makes more sense to use a service like the one offered by Mukuru and Zoona’s partnership than it does using the more traditional banking system which remains inaccessible to a large portion of the general population.

mobile banking in zambia

According to an article by the World Bank based on a FinScope 2015 Survey, levels of formal financial inclusion increased from 23 percent of Zambian adults in 2009, to 38 percent in 2015 – a much slower rate than the growth shown in mobile financial services as explained in this month’s article (Issue 33 – June 2018 Edition). The article goes on to explain that the situation is worse in rural areas where Zambians are more excluded from formal financial services, especially women.

You can read the full article in Issue 33 (June 2018) of ZASA Magazine to understand the context of this post, it is supplementary material.

Download links (free) – You now have the option to download the Magazine in HD (bigger but super crystal clear kinda nice) or Low Res (smaller but still part of the cool crowd nice).

Low Res Version ZASA Magazine - Issue 33 - June 2018 (LRes)

HD Version ZASA Magazine - Issue 33 - June 2018 (HD)

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Associated Links

Sources: Mukuru | ZICTA | World Bank