ZAMBIA will fully migrate to the National Financial Switch in the fourth quarter of this year, says Bank of Zambia (BOZ) Deputy Governor for operations Bwalya Ng’andu
Dr. Ng’andu said under phase one of the National Financial Switch project, 14 out of the 18 commercial Banks in Zambia have been connected to the switch.
He underscored that the establishment of the National Financial Switch, which was launched in 2014 and said once fully implemented it would yield massive benefits to commercial banks.
ZANIS reports that Dr Ng’andu said this at the official launch of the National Financial Switch in Lusaka recently which was organised by the Zambia Electronic Clearing House Limited.
Dr. Ng’andu said that the completion of the second phase of the programme this year, will see customers send money using their phone and other mobile devices regardless of the network one is subscribed to.
He pointed out that customers would also be able to transact from a mobile money wallet to any other mobile money wallet and to a bank account and vice versa.
“The National Financial Switch is the first ever local nationwide shared platform, which will facilitate for interoperability of digital payments throughout the country. As we pursue a digital economy, the NSF will reduce the dependency on cash and its associated risks,” he said.
Dr Ng’andu who is Zambia Electronic Clearing House Board Chairperson further emphasized that the National Financial Switch would bring about a wide range of benefits such as reduced dependency on cash as people will have greater access to digital financial services.
Meanwhile, Zambia Electronic Clearing House limited deputy board chairperson Kola Andeleke said that the National Financial Switch Project will gobble over US$8 million.
Mr Andeleke pointed out that when fully operational, the National Financial Switch will make it easier even for the people in the rural areas to transact.
