Barclays Bank Zambia says it has in the past 3-years invested about K43 million in technologies aimed at digitalizing financial services to scale up client acquisition and patronage.
And Barclays bank Zambia, MTN Zambia and JUMO, a technology company have launched a new savings product aimed at growing financial inclusion and bringing banking services to the unbanked.
Speaking during the launch of the product in Lusaka, Barclays bank Zambia Chief Executive Officer Mizinga Melu says Zamia needs to digitalise financial services to rapidly scale up client acquisition and patronage.
Ms Melu says the launch of the product is an expansion of an existing lending facility dubbed Kongola which was launched in 2016 and has seen more than five million loans disbursed.
And MTN Zambia Chief Executive Officer Charles Molapisi says taking financial services to the unbanked is a huge responsibility that demands constant innovation.
Mr Molapisi notes that partnerships such as the one entered into between MTN, Barclays and JUMO are fundamental in the mobile money ecosystem.
The Kongola loan facility will only be assessable to those who are 18-years and above, and MTN customers who have been on the network for more than 90 days with an active MTN mobile money account.