Do you prefer cashless financial transactions over cash? How often do you use cashless payment methods to pay your bills? With increased digital banking and payment systems, a cashless society is slowly growing in the country.
Almost every bank has a mobile banking platform which allows making payments and financial transactions easy to do without cash. With the growth of smart phone usage, mobile banking apps are on the increase. These mobile apps have made banking services accessible anywhere and at anytime provided you have data.
According to a ZICTA survey from 2015, mobile phone penetration in Zambia is above 70%, therefore making mobile banking easy with the majority using feature phones to access the services.
In order to attain a cashless society the following requirements will be needed:
- Increased knowledge and access to cashless payments
- Reception of the payment method being introduced, and
- Adoption and usage of cashless payment methods.
In Zambia, the level of knowledge on how to use cashless payments is still low with many mobile banking users living in urban areas. To help raise awareness, more needs to be done for those in rural areas.
Zambia is most likely not going to have a large cashless society all at once. Many people, especially those in rural areas will have to get acquainted with the growing mode of payment.
A cashless society in Zambia is possible. All that is required is increased tech adoption and awareness of its usage. Key stakeholders such as the private sector and financial institutions among others need to help raise awareness of cashless payment methods among Zambians.
Can you predict how long it will take for Zambia to attain a cashless society?