By BUUMBA CHIMBULU
STANDARD Chartered Bank Zambia is implementing a digital payments system at Meheba refugee camp meant to widen financial inclusion in the country.
The system is being conducted in partnership with the United Nations High Commission for Refugees (UNHCR) and the mobile money service providers.
Head of transaction banking, Mwaya Siwale, said the institution had facilitated payments to more than 5,000 refugees in at the camp.
The technological innovation, she said, supported the Government’s aspiration to enhance financial inclusion, especially in the rural areas.
She said this in a statement.
“The Straight2Bank Mobile Money Wallet replaces onerous and risk-prone cash payments, offering an efficient and secure digital payment scheme for Standard Chartered’s corporate clients.
“Standard Chartered has successfully digitised the first-ever Cash Based Intervention (CBI) through Straight2Bank (S2B),” Ms Mwaya said.
Ms Mwaya explained that the implementation of the digital payments system at Meheba refugee camp was a life-changing innovation as it had replaced manual cash disbursements to refugees.
She said it had also reduced human error in processing payments and effectively reduced the security concerns associated with transporting and handling cash.
Ms Mwaya said the bank would continue to invest in digital capabilities to widen financial inclusion in the country.
“The bank’s corporate clients in Zambia can make cashless payments to banked and unbanked individuals via Standard Chartered Bank’s Straight2Bank Mobile Money Wallet platform,” she said.