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1 Mapping the Retail Payment Services Landscape: Zambia This Mapping the Retail Payment Services Landscape: Zambia This report was commissioned by FinMark Trust Bankable Frontier Associates LLC www.bankablefrontier.com 30 November, 2012 1 Acknowledgements: Our thanks to the Banking, Currency and Payment System Department at the Bank of Zambia and executives from the private sector who gave their time to answer questions and help us understand their view of the current context for payment services in Zambia. Thank you to Edwin Banda and colleagues at Lusaka Probe Market Research for focus group facilitation and translation support. And with sincere gratitude, thank you to the individuals who shared so openly the most intimate details of their financial lives during our demand side research. Authors: Ahmed Dermish Denise Dias Caitlin Sanford Bwalya ChonaBwalya Project Director Supply Side Researcher Demand Side Researcher P. Chona Associate Bankable Frontier Associate Consultant Bankable Frontier Associates Bankable Frontier Associates Associates 2 Abstract This report is part of a series commissioned by FinMark Trust to examine the retail payments landscape in Malawi, Mozambique, Zambia and Zimbabwe. It distils key findings from research conducted in Zambia in March 2012 and provides tools for understanding key drivers for retail payments system development in the country. Zambia has made remarkable progress towards modernization of its national payment system, but there is a long way to go until most of the population can benefit from convenient, accessible and affordable electronic payments. This research finds that there is no single major regulatory or policy obstacle limiting progress, despite the fact that the applicable framework can still be improved. The Bank of Zambia is aware of the current regulatory gaps and is working on addressing them. It will need to issue e-money regulations to set minimum standards for existing businesses and provide certainty for new entrants. It will be necessary to create enabling rules for banks to use agents for the delivery of their services in a cost-effective manner, to expand their footprint outside urban areas and to increase convenience in places where they currently have physical presence. It is important that the upcoming regulations allow for a level playing field with nonbanks, which are already allowed to use agents. As the retail payment system expands and relies continuously on technology, the Bank of Zambia will need to create effective risk-based supervision practices to support a dynamic and healthy market. Lastly, it is necessary to improve penalization of fraud in electronic transactions for greater consumer confidence for long-term sustainability. The local market dynamics and organization create obstacles for the development and adoption of electronic retail payments by the majority of Zambians. First, although there is push for financial inclusion by government authorities such as the Bank of Zambia, few banks seem to be interested in the low-income market, as there is still much room for profitability and innovation at the high-end segments. There seems to be healthy competition in these segments, and only increased competitive pressure, or a development or social mandate would drive substantial incursions by banks into middle-low and low-income levels. For several reasons, banks are reluctant to share retail payment infrastructure, which has motivated the Bank of Zambia to push for the creation of a local switch. Nonbanks such as mobile money providers are also reluctant to increase interoperability of their services. Lastly, despite being subject to a relatively flexible anti-money laundering regulatory regime, banks tend to be overly conservative in their requirements for account opening, which again might be related to the limited interest in, or knowledge of, the low-end segments. Alternatively, this could be linked to the lack of a tiered regulatory framework for account opening and customer due diligence, which could be addressed by Bank of Zambia through future regulations. The demand side analysis in this report examines consumers’ experience with existing payment services, drawing from focus groups and in-depth interviews conducted in rural and urban settings in Zambia. This research found that urban residents and individuals with regular, consistent incomes have access to a greater array of payment options than rural Zambians and those working in informal employment. Across all sectors there is demand for payment services that take less time to use and are more reliable than the options available today. Lastly, basic infrastructure in many parts of the country is an obstacle for the full development of electronic retail payments to support financial inclusion. The descriptive preface of this report sets the stage for an analytical framework of themes that emerge from a consideration of the underlying conditions for enabling transformational retail payment services, followed by conclusions around the priorities for moving forward. 3 NOTE: This graphic depicts the varied access to payment services between the banked and unbanked population in Zambia, according to the demand and supply side research. It is not meant to present absolutes, but rather provides an indicative sense of the current state of the market in Zambia. 4 Abbreviations and acronyms AMIZ Association of Microfinance Institutions of Zambia AML Anti-Money Laundering AMLA Anti-Money Laundering Act ATM Automated Teller Machine BAZ Bankers Association of Zambia BCPD Banking, Currency and Payment Systems Department BFSA Banking and Financial Services Act BOZ Bank of Zambia BOZA Bank of Zambia Act B2P Business to person CAZ Communication Authority of Zambia CBD Central Business District CDD Customer Due Diligence COMESA Common Market for Eastern and Southern Africa CPSS Committee for Payments and Settlement Systems DDACC Direct Debit and Credit Clearing DSTV Digital Satellite Television EFT Electronic Fund Transfer EMV Europay-Mastercard-VISA FRA Food Reserve Agency FSDP Financial Sector Development Plan GRZ Government of the Republic of Zambia G2P Government to person KYC Know Your Customer LuSE Lusaka Stock Exchange LWSCO Lusaka Water and Sewerage Company MICR Magnetic Ink Character Recognition MFI Microfinance institution MNO Mobile Network Operator MTS Money Transfer Service MTZL Mobile Transactions Zambia Limited (currently Zoona) NPS National Payment System NPSA National Payment Systems Act NGO Non-governmental organization NRC National Registration Card PIA Pensions Insurance Authority PIC Physical Interchange Clearing PIN Personal Identification Number POS Point of Sale device PMTA Payment and Money Transfer Association PSB Payment system business PSP Payment Service Provider PSU Payment Systems Unit PSWG Payment System Working Group P2P Person to person RIA Research ICT Africa ROSCA Rotating Savings and Credit Association 5 RTGS Real Time Gross Settlement SADC Southern African Development Community SCT Social Cash Transfer SEC Securities and Exchange Commission SMS Short Message Service STP Straight Through Processing SWIFT Society for Worldwide Interbank Financial Telecommunication TT Telegraphic transfer ZECHL Zambia Electronic Clearing House Limited ZESCO Zambia Electricity Supply Company ZICTA Zambia Information and Communications Technology Authority ZIPSS Zambia Interbank Payment and Settlement System ZRA Zambia Revenue Authority Exchange rate used: USD$1 = ZMK 5,264 6 Table of Contents 1 Introduction ...................................................................................................................... 9 1.1 How to use this report ...................................................................................................................................... 9 2 Country context ................................................................................................................ 9 2.1 Demographics ................................................................................................................................................... 9 2.2 Financial Service Penetration ......................................................................................................................... 11 2.3 Telecommunications services ......................................................................................................................... 15 3 Supply Side Overview ...................................................................................................... 16 3.1 Size and scale of financial services market ..................................................................................................... 17 3.2 Electronic Payment Infrastructure and Participants ....................................................................................... 18 3.2.1 Payment Systems: Zambia Interbank Payments and Settlement System (ZIPSS) .................................. 19 3.2.2 Payment systems: Zambia Electronic Clearing House Limited (ZECHL) .................................................. 21 3.2.3 Payment systems: Zamlink e-switch ...................................................................................................... 22 3.2.4 A Future National Switch? ...................................................................................................................... 22 3.2.5 Payment system businesses (PSB).......................................................................................................... 24 3.3 Broad Policy Environment .............................................................................................................................
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