By BUUMBA CHIMBULUTHE Bank of Zambia (BoZ) says it is expanding the reach and accessibility of its payment systems, promoting financial inclusion, and enhancing security features. This is part of its commitment to develop a modern, efficient, and reliable payments infrastructure that will support innovation, commerce, financial market growth, and effective monetary policy transmission.This is according to the BoZ National ICT Survey Assistant Director, Payment Systems Oversight, Muuka Madubeko, as quoted in the latest central bank journal, the Zambanker.Mr Madubeko said the BoZ planned to facilitate the expansion of the coverage of participants to include more financial institutions and payment service providers, which will increase the reach and usage of the national financial switch.“These initiatives are expected to improve the efficiency and speed of payment transactions in Zambia and contribute to the country’s economic growth and development.“Specifically, the bank plans to increase the number of participants in its payment systems, introduce new payment channels such as […]
BoZ expands reach of its payment systems
