Embrace technology: Sichinga tells banking sector
Bob Schinga
Commerce Minister Robert Sichinga has called on financial institutions in the country to embrace technology in order to improve efficiency and lower the cost of conducting business transactions.
Speaking at a breakfast media briefing to launch the partnership between United Bank of Africa (UBA) Zambia and NECOR Zambia Limited on the UBA prepaid card, named Africard, at Taj Pamodzi Hotel in Lusaka this morning, the Minister noted that the new innovation was in line with the government’s policy of lowering the cost of doing business in the country.
“Some may look at this as a small issue but for those of us who understand technology, this is a major leap,” he said.
Sichinga further noted that the UBA prepaid card initiative would revolutionise the agricultural sector as it would make it easier for government to pay farmers and also make it easier and less costly for farmers to purchase inputs and supplies.
He however appealed to UBA and NECOR to embark on vigorous campaigns to educate people in the rural areas on how to use the card. “We have ten provinces and 103 districts. We will have business centres in these districts so you must ensure that everyone knows how to use this card, everyone must be on the same page.”
And speaking earlier, Necor Zambia Managing Director, Friday Mwamba said his company continues to transform itself into a truly reliable solutions provider by providing timely technology-enabled solutions in the age of the consumer and helping businesses turn technology into business advantage.
He further told the gathering that the UBA prepaid card will provide convenience for the majority of Zambians who have no bank accounts. “According to Bank of Zambia statistics, 63% of the Zambian population is unbanked and only 37% have access to financial services. The UBA prepaid card is for all, regardless of age, location and size of your pockets.”
And UBA Managing Director, Stanley Uguweze hailed the partnership between his bank and NECOR, saying it shows his bank’s unwavering commitment towards financial inclusion for all Zambians.
He stated that e-banking was his company’s strongest platform in promoting financial inclusion. “We currently have 17 e-banking products available in all 19 countries of operation. Our e-banking suite includes the Africard, U-Direct Corporate (UDC), U-Collect and Point of Sale (POS) machines which all offer clients the best and convenient solutions that are critical to their business process.”
Mr Ugwueze stated that UBA had gone into partnership with NECOR with the aim of riding on their extensive branch network (over 19 branches across the country), adding that his company was looking forward to forging more of such partnerships in order to benefit the Zambian people.
The UBA Africard is a payment card which is set up without need for the customer to own/operate a bank account with UBA. It is a Kwacha denominated card that is pre-funded and reloadeble. It is internationally accepted in all Visa acceptance points. The card can be used for ATM, Point of Sale (POS) machines and Web transactions.
the Africard is unique in the sense that there is no need for a bank account. This is a virtual account, no monthly service fees or charges, cheap ATM withdrawal and free on POS locally, generation of mini cash card statements, allows card transfer, SMS text alert is receivedin real time for any transaction performed. In the case of theft or loss of card, the value on the card remains intact and in case of any issues, exposure is limited to the balance of the card.
The benefits of the card include easier accountability, reduced risk of moving with large amounts of cash, avoid excessive cash money transfer fees, reduced transport costs as clients do not have to travel long distances to receive their cash payments. For the festive season this card can also be used as a gift card.