THE financial market last year realised K22 billion from mobile money payments, an indication that the country is moving towards digitalisation.

This is according to the 2019 national financial literacy committee chairperson, Leonard Mwanza. Mr Mwanza said Zambia recorded 304 million transactions in 2018 worth K22 billion.

He was speaking yesterday in Lusaka at the launch of the 2019 financial literacy week which will run from 25th to 31st March under the theme “Be Money Smart to Live a Better Life.”

“Last year was a phenomenon year. We were analysing the transactions that went into the market the entire 2018 and leading the way the mobile money. The volume of transactions on mobile money payments in the country was 304 million transactions worth K22 billion. “So that is the volume of cash that circulated using the mobile money platform. It is taking a lead. Digital transformations can only be mirrored mobile payments volumes,” Mr Mwanza said.

Mr Mwanza said the industry recorded SEVEN million transactions through the electronic payment channel. He, however, indicated that the check volumes reduced.

“The check volumes reduced. We only had about two million cheques being processed so we are moving towards electronic payments transformation. “The digital space is here and mobile payments will keep taking the lead and that is why as an association we are promoting the financial switch which will have a module for mobile payments settlements,” he said.

Mr Mwanza also said Finance Minister, Margaret Mwanakatwe, would launch the 2019 financial literacy week.

And Bank of Zambia assistant director financial sector development, Musapenda Phiri, said over nine million were reached last year through the financial literacy week campaign.

Mr Phiri said the Central Bank was hoping to increase the number this year.

The Central Bank, he said, managed to reach the numbers through partnerships with various stakeholders.

“The outreach for financial inclusion is getting deep as the most people especially in rural areas are becoming aware of financial services,” Mr Phiri said.