MINISTER of Technology and Science Felix Mutati says the PremierCredit product launch on the Zamtel Mobile Money platform is a game changer in the tradition of banking.
Felixix Mutati says the PremierCredit product launch on the Zamtel Mobile Money platform is a game changer in the tradition of banking.
Zamtel, in partnership with Fintech PremierCredit, yesterday launched the PrimierInvest product on its mobile money menu.
The launch took place at Zamtel house, in Lusaka.
PremierInvest is a peer-to- peer lending product by PremierCredit that is a first mover in the Zambian market to connect investors from around the world to borrowers in Zambia.
Zamtel mobile money users will be able to access the investment product and earn 36 per cent per annum in interest on their investment.
Speaking during the launch, Mutati said the innovation is a great and aggressive technological idea that does not only make banking easier and profitable, but also brings the bank into the people’s hands.
He said the innovation comes as a change in the tradition of banking, as it is one that will drive financial inclusion in Zambia by its capability to reach all.
“PrimerCredit meets and fulfils the criteria of access, availability and affordability. Something that every banking community should be able to work on. It is a cost that should be delivered to the bulk of citizens as the cost of money is almost becoming a problem in this country,” Mutati said.
“I am proud to be among the 25,000 investors in PremierCredit because I understand that my K10,000 will not only be safe through a trust account, but equally, gives me a 36 per cent per annum return of my money as it is secure, safe and profitable. I therefore advise other banks to emulate this product…”
The minister noted that the government is currently at 54 per cent, with the aim of reaching an 80 per cent financial inclusion and access by 2030, through the Digital National Identity.
“As government, financial inclusion has been a top priority. We firmly believe that no one should be left in our journey towards economic growth and development through technology,” noted Mutati.
Meanwhile, PremierCredit Chief Executive Offficer, Chilufya Mutale highlighted the importance of the said initiative, saying it is an operation that lies on a dedication of financial inclusion.
“Our primary objective is to prioritise the needs of our customers by providing them with user-friendly products and services. We have augmented our investment product range within the Zamtel mobile platform. This initiative aims to carter to a broad spectrum of individuals, including marketers, traders, and the general mass market,” said Mutale.
For, Zamtel acting chief executive officer Joshua Malupenga, the company has partnered with PremierCredit to offer the investment platform that will allow subscribers to access the best and quickest online-based investment option.
“This partnership will drive digital investment solutions in line with global trends and ensure that Zambia does not lag behind in digital financial development trends,” said Malupenga.
By Buumba Mwitumwa
Kalemba June 1, 2023