At the tail-end of 2022, Zambia’s Central Bank announced the launch of a new initiative called “Go Cashless.” Through this campaign, the Central Bank aims to promote awareness about the benefits of digital financial services and encourage the participation of Zambians in making and accepting digital payments due to the power that it must drive financial inclusion.
As the penetration of smartphones in Zambia increases, the role of the mobile phone has evolved from a basic communication device to a complete hub for managing your money through various innovative mobile applications. This innovation is combined with a strong regulatory framework from the Central Bank, which ensures the safety and security of fund movements.
Why is the Central Bank pushing this “Go Cashless” initiative: for many reasons! A cashless society is a strong driving force for ensuring that all members of society can participate in the economy and improve their financial wellbeing. Cashless payments remove the barriers associated with cash-based ones. For example, you do not need to physically meet up with someone in order to affect a trade or payment. Instead, digital-based payments are enabled across Zambia and even globally through a few taps on a screen.
This initiative also opens many new avenues for trade and generating income. If you are a cash-based merchant selling goods, your customer base is limited to those in the vicinity of your shop. With digital payments, your customer base suddenly expands to anyone who has an internet connection allowing you to sell more of your wares.
What will the Central Bank be doing as part of the “Go Cashless” initiative? They will be participating in several marketing channels to increase awareness and encourage a dialogue on the subject matter. This includes collaborating with partners but also embarking on roadshows and radio and television programs amongst other avenues.
At mytalu, we fully subscribe to this initiative. We believe that the adoption of digital financial services is of paramount importance as it allows for the unlocking of so much economic potential and is key to the financial empowerment of society as a whole. It has the capacity to do a lot of good and we look forward to seeing the Central Bank’s efforts on this coming to fruition.
