Mobile money flows and transactability rose 38% in the first half of 2023 breeding cybersecurity risks. In his presentation of the 2024 budget themed unlocking economic potential, Zambia’s finance ministry Situmbeko Musokotwane revealed that mobile money flows rose to K200 billion in 1H23 representing a 38% increase year on year.
“It is for this reason that the Bank of Zambia issued Cybersecurity Guidelines in May this year to help with curbing threats,” Musokotwane said.
The Southern African nation has seen rapid growth in usage of mobile money platforms, an appetite which scaled exponentially high during the COVID 19 pandemic period. This has been supported by increased integrations between mobile network operators and commercial banks.
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