06/08/2026
The Bankers Association of Zambia (BAZ) Chief Executive Officer (CEO), Mr Leonard Mwanza, was on the Money Matters programme on ZANIS TV, where he highlighted the growing adoption of digital payment systems in Zambia and their benefits to individuals, businesses and the wider economy.
Mr Mwanza explained that digital payment systems continue to enable money to be transferred conveniently and, in many cases, instantly.
He noted that Zambia had recorded significant growth in the use of digital payments, with mobile money emerging as a major driver of financial inclusion, particularly in hard-to-reach areas. He cited the significant volumes of transactions processed through mobile money, banking platforms, POS terminals and EFTs as evidence of the increasing acceptance of digital payment channels among Zambians.
Highlighting that digital payments provide businesses, particularly Micro, Small and Medium Enterprises (MSMEs), with greater visibility of their cash flows and verifiable records of income. Mr Mwanza explained that such records could strengthen conversations between businesses and financial institutions when seeking working capital or other forms of financing. He encouraged businesses and individuals to embrace digital payment channels as Zambia continued moving towards a cash-light economy.
On digital security, Mr Mwanza stressed that users had an important role to play in protecting themselves from fraud by keeping PINs and authentication codes confidential and remaining vigilant when conducting transactions. He added that banks and other industry stakeholders continued investing in security systems and collaborating to mitigate emerging cyber threats.
In conclusion, Mr Mwanza encouraged Zambians to continue embracing digital payments, noting that the growing transaction volumes demonstrated that the country was already making significant progress towards a more digitally enabled financial ecosystem.
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