Digital money transactions hit K76bn

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Digital money transactions hit K76bn
By BUUMBA CHIMBULU

ELECTRONIC money transactions have hit K76.0 billion in the first quarter of this year owing to improved usage of digital channels by consumers.

The value of electronic money transactions increased from to K76.0 billion recorded in the first half of 2021 from K43.1 billion recorded in the first half of 2020.

This is according to the Zambia Information and Communications Technology Authority (ZICTA) 2021 Mid-Year Market performance report for the Information and Communication Technologies (ICT) Sector releases by company acting Manager Corporate Communications, Hanford Chaaba.

Mr Chaaba emphasised that the development reflected an increase of 76.2 percent.

“This demonstrates increased utilisation of ICT services in the country over the first half of 2021,” he said.

He however indicated that the volume of electronic money transactions decreased to 358 million transactions in the first half of this year from 424 million transactions recorded in the first half of last year.

Mr Chaaba said this was a reflection of a decrease of 15.6 percent.

He said the total number of active mobile network subscriptions increased to 19.7 million subscriptions at the end of June, 2021 from 17.9 million subscriptions at the end of June, 2020, reflecting an increase of 9.8 percent.

“The growth in mobile network subscriptions represents an improvement in the mobile penetration rate to 107.0 percent recorded at the end of June, 2021 from 100.2 percent recorded at the end of June, 2020.

“Domestic incoming mobile voice traffic increased marginally to 1.24 billion minutes reported in the first half of 2021 from 1.13 billion minutes recorded in the first half of 2020, reflecting an improvement of 11.0 percent,” Mr Chaaba said.

Similarly, he said, the total domestic outgoing minutes increased to 11.20 billion minutes reported in the first half of 2021 from 9.92 billion minutes recorded in the first half of 2020, representing an improvement of 12.8 percent.

Meanwhile, Mr Chaaba said Zambia has been ranked fourth cheapest country on all types of headline tariffs on-net peak and off-peak and off-net peak and off-peak tariffs.

He explained that this was based on the benchmarking of the per minute mobile voice headline tariffs for eleven countries in the COMESA region.

“Incoming international mobile voice traffic declined from 12.97 million minutes reported in the first half of 2020 to 10.54 million minutes reported in the first half of 2021 reflecting an overall reduction of 18.7 percent.

“Similarly, outgoing international mobile voice traffic declined by 41.8 percent, from 13.92 million minutes in June 2020 to 8.10 million in June 2021,” Mr Chaaba said.

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