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Mwanza attributed the increase in the value and number of mobile money transactions to the continued adoption of digital financial services by members of the public.
The value of mobile money transactions in Zambia grew by 52.8% in 2023 to K452.0 billion from K295.8 billion in 2022. Bank of Zambia (BoZ) assistant director of communications Besnat Mwanza said the number of mobile money transactions recorded last year also increased by 46.7% to 2.2 billion, compared to 1.5 billion in 2022.
Mwanza attributed the increase in the value and number of mobile money transactions to the continued adoption of digital financial services by members of the public. BoZ and other stakeholders continued to sensitize the public on the benefits and safeguards of using digital financial services.
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A combination of efforts has led to an increase in active mobile wallets to 12,940,462 in 2023, from 11,246, 686 in 2022. Analysts are of the view that these transactions are poised to increase several folds as smartphone intensity is growing in the country, indicating higher digital connectivity and penetration in the country.
