Bank of Zambia (BOZ) Deputy Governor for operations Bwalya Ng’andu says the country will fully migrate to the National Financial Switch in the fourth quarter of this year.
Dr. Ng’andu said under phase one of the National Financial Switch project, 14 out of the 18 commercial Banks in the country have been connected to the switch.
He underscored that the establishment of the National Financial Switch, which commenced in 2014 once fully implemented will yield massive benefits to the consumers are commercial banks.
ZANIS reports that the BOZ Deputy Governor said this at the official launch of the National Financial Switch in Lusaka today which was organised by the Zambia Electronic Clearing House Limited.
Dr. Ng’andu disclosed that the completion of the second phase of the programme this year, will see customers send money using their phone and other mobile devices regardless of the network one is subscribed to.
He pointed out that customers will also be able to transact from a mobile money wallet to any other mobile money wallet and to a bank account and vice versa.
“The National Financial Switch is the first ever local nationwide shared platform, which will facilitate for interoperability of digital payments throughout the country. As we pursue a digital economy, the NSF will reduce the dependency on cash and its associated risks,” he said.
The BOZ Deputy Governor who is also Zambia Electronic Clearing House Board Chairperson further emphasized that the National Financial Switch will bring about a wide range of benefits such as reduced dependency on cash as people will have greater access to digital financial services.
Meanwhile, Zambia Electronic Clearing House limited Deputy Board Chairperson Kola Andeleke disclosed that the National Financial Switch Project will gobble over 8 million dollars.
Mr Andeleke pointed out that when fully operational, the National Financial Switch will make it easier even for the people in the rural areas to transact.
The 14 Commercial Banks in Zambia Switched live on the 23rd of September in 2018 which is the migration from the Visa platform to the local platform which is referred to as the National Financial Switch.