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MTN ZAMBIA HOSTS 60,000 VILLAGE BANKS

‘FinTech sector to see agents, master agents, banks collaborating more’

BUUMBA CHIMBULU writes
@SunZambian
OVER 60,000 village banking groups have been set up on the MTN Zambia Village banking platform, as the company resorts to focus more on the master agency model for availability of cash and float under its mobile money wallet.

MTN is not just a payments and deposit platform, there are all these advance services mushrooming such as village banking services coming out of the payments space, says Komba Malukutila , Managing Director MTN FinTech.
Mr Malukutila said such innovation was not only driven by MTN as they were based on the customers’ behaviour and what was driving an economy at a particular time.
MTN, he said, offered a platform for automation for such innovations.
He was speaking during the Anakazi Banking Online Conversations discussing “Synergies between FinTechs and Financial Institutions.”
“When we launched this product this year, we just put it out and say look we do not now who will take it up because they already have an ecosystem.
“We woke up last month and found ourselves with over 60, 000 groups had set up and doing village banking and within themselves a whole lot of individuals within those groups so it is something that is growing in terms of advance services,” Mr Malukutila said.
Mr Malukutila also said MTN was now resorting to implementing a master agency model where it would leverage on its existing dis-tributors under the agency network.
He explained that the master agency model under this initiative would manage the slightly small medium within the agency territory so that there was better efficiency and support with cash and afloat.
“So we now see an ecosystem where the banks, the master agent and the agents themselves will come together to be able to support our customers where float and cash availability is concerned.
“We do not want our customers to go out there in the market and try to deposit on their phones and there is just non availability. We want this ecosystem to grow and to operate efficiently. Agents need support,” he said.
He further said: “the innovation and innovations is so overwhelming. The agency network has grown, we have over 60,000 agents country-wide and we need it for customers to easily access their afloat cash as easily as they access airtime today.”

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