Mobile money agents win BoZ praise
By Ludia Ngwadzai
BANK of Zambia (BoZ) Governor Dr Denny Kalyalya has called for stronger professionalism and cybersecurity standards in Zambia’s rapidly expanding mobile money sector.
Dr Kalyaya warned that trust or the lack of it would determine the success or failure of the country’s digital economy.
Speaking during the launch of the Standardised Mobile Money Agent Training Manual on Thursday, he said mobile money agents had become the backbone of financial inclusion by extending services to under-served communities and small businesses across the country.
“Financial inclusion levels have now risen to above 80 per cent, with digital financial usage exceeding three-quarters of the adult population. At every kiosk or booth, trust is either built or lost,” Dr Kalyaya said.
He said Zambia’s mobile money ecosystem had grown significantly in recent years, with transaction values increasing more than sevenfold between 2020 and 2025, while active mobile wallets nearly doubled to 17 million.
Dr Kalyalya said the newly launched manual aims to set standards for agents’ conduct, compliance and customer service across the sector.
He described mobile money agents as critical enablers of Zambia’s digital transformation, saying they now outnumbered traditional banking access points such as ATMs and point-of-sale devices.
“Their role includes converting cash into digital value, supporting first-time users and extending financial services to rural communities. To enhance and improve the service, the Bank of Zambia has introduced several reforms to accelerate digital financial services, including simplified know-your-customer (KYC) requirements, increased e-money transaction limits, interoperability through the National Financial Switch and updated electronic money regulations,” Dr Kalyalya said.
He highlighted the increase in cybersecurity risks in the financial sector, describing cyber resilience as a financial stability imperative.
Dr Kalyalya acknowledged persistent challenges, including weak digital infrastructure, low financial literacy, rising fraud cases and connectivity constraints.
Dr Kalyalya has since urged payment service providers to fully adopt the training manual and strengthen compliance monitoring to protect consumers and sustain confidence in digital finance.
“If we strengthen the agent network, we strengthen Zambia’s digital economy,” he said.
