LUSAKA, ZAMBIA – Stanbic Bank has lent its backing to the Government’s drive to achieve a digital economy by encouraging its customers to pay by debit card rather than cash.
Digital technology is increasingly becoming accessible to more people each day, creating an environment for cashless payments to grow, boosted by a competition offering customers the opportunity to win a trip of a lifetime to Dubai.
Stanbic Bank Zambia Head of Alternate Channels Mbinga Kafunya says with the world racing towards a digital future, it is imperative that Zambia keeps pace by embracing technology in all sectors of the economy.
“Financial institutions have an important role to play in spearheading the country’s transition into one that’s fully digitalised, reaping the benefits of improved security, accountability and efficiency among other things that technology brings to our lives,” he said.
As an extra incentive, Stanbic is rewarding its customers’ decisions to enjoy the convenience of cashless payments with a trip to Dubai and consolation prizes of a share of K10,000. Each time customers swipe with their Stanbic Bank debit card, they are entered in a draw for the prizes.
“The goal is to drive a mind-set change and encourage more people to go cashless and minimise the risk of theft. We want to enhance the public’s safety and help people protect their hard-earned cash by keeping it safe in the bank until that moment when they need to transact. By doing this we hope to help accelerate Zambia’s progression toward a fully digitalised economy,” added Mr Kafunya.
The swipe and win competition will run until the end of June 2019.
In recent years, the banking industry has been one sector on the front line of Zambia’s digital revolution, having adopted technologies to make customer transactions easier and quicker.
During this year’s Financial Literacy Week, Government, through the central bank, reiterated its desire to turn Zambia into a cashless economy to promote accountability and reduce revenue leaks, and thus supporting the national treasury.
This objective will run parallel to the ‘Smart Zambia 2018-2030 Transformation Agenda’ which seeks to digitalise all government agencies by 2030.
“To a budding economy like that of Zambia, digitalisation and cashless transactions offer a plethora of benefits both at individual and national level,” explains Mr Kafunya. “Since all digital transactions are done through organised channels, it is easier to track and levy tax on them, which results in an increase in tax revenue for the government,” said Kafunya.
And all records from digital transactions remain with banks, resulting in more transparent transactions and in turn a fall in corruption in the economy.
For individuals, swiping is not only more convenient as you never have to worry about having cash on you; it also offers an extra level of security.
It also eliminates the problem of change when transacting odd amounts and it removes the risk of receiving counterfeit currency.
Over the years, Stanbic Bank has been a key player in pushing the development of cashless payments in Zambia across multiple sectors.
Mr Kafunya noted that “We realise our clients are busy cultivating growth in their personal and professional lives and we want to facilitate this growth by providing them with access to convenient and uninterrupted services. We want them to use our digital platforms and enjoy the convenience of banking in their own way and at their own time.”