By MUKOSELA KASALWE
MORE than K4 million was raised in commissions through digital financial services by agents, a United Nations Capital Development Fund and Bank of Zambia (BoZ) report has indicated.
The 2018 state of the Zambian Digital Financial Services (DFS) Industry report pointed out however that the commissions per agent were minimal. BoZ Deputy Governor Operations, Bwalya Ng’andu, released the report in Lusaka.
“Approximately K4 million was raised in commissions via digital financial services in 2018,” the report reads.
The report showed that the demand for digital financial services was growing at a very fast rate.
Technology driven innovations, the report says, were providing a safe, cheap and convenient means of accessing formal financial services ranging from savings, payments and transfers to credit and insurance.
Overall customer inactivity, the report said, was high with more than 70 percent of registered accounts being dormant.