Bank of Zambia reviewing Zamtel’s mobile money license application. Internal pilot approved.

Just last month, speaking to Zamtel Communications Manager, we posted an article in which we revealed that Zamtel was set to launch its mobile money service by the end of this year. That launch is set to happen as we now read in The Post Online that the Bank of Zambia has said it’s currently reviewing a mobile money service application submitted by Zamtel.

Zamtel, a government owned fixed and mobile operator, is the only mobile telecoms company in the country that doesn’t offer mobile money services yet.  Zamtel, says the article, has so far been allowed to pilot the service with its employees.

Mobile money transfer services have been identified globally as key in reducing financial exclusion by enabling individuals that have generally been considered nonviable by traditional banks to access financial services like money transfer, savings and loans.

In Zambia, MTN and Airtel offer mobile money transfer services. In addition, Zanaco, the largest bank in the country, also offers a hybrid of mobile banking and mobile money called Xapit.