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Zambia Market Scoping Report

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Zambia Market Scoping Report IFC MOBILE MONEY SCOPING COUNTRY REPORT: ZAMBIA Elena Babkova, Joshua Mutunga, Matthew Saal, Susie Lonie, Tiphaine Crenn (with assistance from Alana Fook and Rita Armelle Oulai) ZAMBIA SUMMARY - PAGE 1 OVERALL READINESS RANKING Bank of Zambia introduced the National Payment Systems Directives on Electronic Money Issuance, 2015 CURRENT MOBILE MONEY SOLUTION Currently 4 mobile money solutions offered; 2 MNO offerings, 1 Bank offering, and 1 offered by a 3rd party processor. POPULATION 15.5 million MOBILE PENETRATION 11.3 million mobile subscribers (70% of penetration) BANKED POPULATION 31% through financial institutions, 36% overall, 12% through mobile accounts [Source: World Bank FINDEX] PERCENT UNDER POVERTY LINE 60.5% (2010) [Source: CIA] ECONOMICALLY ACTIVE POPULATION Labour force: 6.9 million (2015) [Source: CIA] ADULT LITERACY 63.4% (2015) [Source: CIA] MOBILE NETWORK OPERATORS MTN 44% market share Airtel 40% market share Market Readiness Zamtel 16% market share Regulation 3 Vodafone <1% market share Financial Sector 3 Telecom Sector 3 Distribution 3 Market Demand 3 Macro-economic Overview Regulations Financial Sector Telecom Sector Other Sectors Mobile Financial Services Landscape MOBILE BANKING MARKET POTENTIAL Key Country Statistics Insights . Population: 15.5 million (2016) [Source: CIA] . Very young population, with a median age of 17 . Age distribution: 46% (0-14 years), 20% (15 -24 and nearly half of the population under age 15 years), 29% (25-54 years), 3% (55-64 years), 2% . Relatively low literacy levels, and limited (over 65 years) [Source: CIA] education spending (1.1% of GDP in 2008) . Median age: 16.7 [Source: CIA] [Source: CIA] . GDP (PPP): $62.7 billion (2015) [Source: CIA] . Mobile money came to Zambia relatively early, . GDP per Capita (PPP): $3,900 (2015) [Source: but initial efforts were unsuccessful and may CIA] have slowed adoption in the long run; CelPay, . Urban/Rural split: 40.9% of population lives in launched in 2002, lost its license and went out of urban areas (2015) [Source: CIA] business by 2013 due to mismanagement, fraud . Population below poverty line: 60.5% (2010) and left behind rumors of having lost customer [Source: CIA] funds in the process.1 . Literacy Rate (age 15 and over can read and write): 63.4% total, 70.9% male and 56% female . Zambia ratified the Maya Declaration in 2011 and (2015) [Source: CIA] committed to increase financial inclusion rate from 37.3% to 50% by 2016 and ensure access . Account Penetration: 36% all transaction 2 accounts, 31% account with financial institution, to affordable financial services in all districts. 12% mobile account (2014) [Source: World Bank . Still, the market potential for Zambia is high given FINDEX] low levels of financial inclusion, high levels of . Net Sender of Remittances: Outflows $81 million mobile penetration, a young population, and (2015), Inflows $58 million (2014) [Source: World promising urban/rural split. Bank] . The establishment of a national switch (NFS), . Labour force: 6.9 million (2015) [Source: CIA] expected to be operational in 2017, can . Mobile Penetration: 70% (2016) [Source: ZICTA] contribute to interoperability for FIs and DFS . Internet penetration: 36% (2016) [Source: ZICTA] providers. 1 Digital Financial Services in Zambia (UNCDF, 2014) and Bank of Zambia revokes Celpay’s license (Itweb, January 9, 2014) 2 Joint Press Release by Bank of Zambia and Alliance for Financial Inclusion (AFI), September 2011 Macro-economic Overview Regulations Financial Sector Telecom Sector Other Sectors Mobile Financial Services Landscape REGULATORY BODIES INVOLVED IN MOBILE BANKING Roles & Responsibilities Implications • BoZ is also responsible for “regulating, • BoZ first adopted a “watch-and-learn” overseeing and maintaining an efficient and approach to DFS, but recently introduced safe payment system in Zambia”, as well as National Payment Systems Directives on licensing, regulation and supervision of Electronic Money Issuance, 2015, which Bank of Zambia banks and Financial Institutions (FIs), covers licensing procedures, minimum including approval and supervision of mobile capital, use of agents, consumer protection, (BoZ) 1 money services. and KYC requirements, among others. 1 • Guided by the National Payment system Act • In 2014, the BoZ and ZICTA signed an MoU of 2007 and the National Payment Systems to facilitate the growth of mobile money Vision and Strategy 2013 – 2017. services in Zambia. The MoU specifically covers regulation and supervision, but was also expected to improve coordination • ZICTA’s mission is to “effectively provide between the two entities.4 regulatory services to the ICT sector in order • ZICTA and the Zambia Police Service have Zambia to enhance Universal Access to ICT conducted inspections on mobile service services.” providers, distributors, dealers and agents to Information and • ZICTA issued SI No. 65 of 2011 relating to crack down on the sale of pre-registered Communications the Registration of Electronic SIM cards.3 Technology Communication Apparatus Regulations, • Further, ZICTA has published guidance Authority (ZICTA) which requires the registration of all SIM further explaining SI Number 65 of 2011, cards.3 and clarifying the obligations of service • SIM card registration requires original and providers, sellers and buyers of SIM cards valid identity card2 regarding registration of SIM cards.3 1 The National Payment Systems Directives on Electronic Money Issuance, 2015 (Republic of Zambia Gazette Notice No. 416 of 2015). 2 Acceptable forms of ID include passport, national registration card 3 ZICTA Website, accessed October 7, 2016. 4 Bank of Zambia, ZICTA sign MoU on Mobile Money (Itweb Africa, November 27, 2014) REGULATORY FRAMEWORK, SLIDE 2 Current Regulations Implications • Requirements to be an E-Money Institution1 • Market open to all • Banks are required to submit product • no requirement for non-bank EMIs to proposal, risk management framework, partner with a bank and service level agreements [Part II, • But, non-banks must set up a separate Article 5] company that can be regulated by BoZ E-Money • Requirements for other types of entities • EMIs are ultimately responsible for managing Institutions are outlined in Part II, Article 6 the mobile money platform, including risk (EMIs) • Entities not regulated under the Banking and management, AML/CFT, consumer protection Financial Services Act are required to establish and reporting to BoZ and register a new body corporate for the • EMIs are required to use technical standards provision of e-money [Part V, Article 26 (2)] and specifications that provide for • Non-Bank EMIs are prohibited from offering or interoperability [Part VII, Article 36 (1)] granting credit [Part V, Article 26 (1) (c)]1 • Non-Bank EMIs required to maintain a holding • EMIs must keep detailed records of customer account at a commercial bank (balance at account balances and these records must be least equal to the total electronic value in the reconciled electronically on a daily basis with Holding Account system, should be available to meet the commercial bank where the account is customers’ withdrawal demands, shall not co- held and any deficiencies be settled the next mingle customer funds with funds for business day. operational or other purposes), on which it may earn interest, but use of interest must be approved by BoZ [Part III, Article 17-20] 1 National Payment Systems Directives on Electronic Money, 2015 (Republic of Zambia Government Gazette No. 416 of 2015) REGULATORY FRAMEWORK, SLIDE 3 Current Regulations Implications • E-money Institutions may use agents and • Agreements with agents must be distributors [Part II, Article 21] submitted for BoZ approval and must not • An “agent” is defined as a person be exclusive or entity appointed by an E-Money • Few other requirements for agents, such Institution to provide certain e- as being a registered entity, holding an Agents and money related services in its account at a commercial bank, etc. Distributors behalf.1 • Specific transaction types to be performed • Distributor defined as a person by agents and distributors are not outlined acting on behalf of an EMI and in detail engaged by the EMI to distribute • EMIs are required to train agents and and redeem e-money distributors to administer consumer protection requirements • EMIs must maintain customer information • No specific KYC/CDD requirements for 10 years [Part VII, Article 31 (1)] delineating the number and type of • EMIs and their agents and distributors are identification required to satisfy KYC/CDD required to comply with AML/CFT laws in laws, which is important to clarify given Zambia and ensure all employees are that 94% have ID, but a much smaller KYC/AML adequately trained [Part VII, Article 38 (2)] share would be able to provide proof of ID • BoZ shall prescribe transaction and and residence (16%).2 balance limits for different types of accounts (individual, business, or agent), but they are not defined in E-money guidelines 1 National Payment Systems Directives on Electronic Money, 2015 (Republic of Zambia Government Gazette No. 416 of 2015) 2 Data as at 2014 for bank branches and 2013 for ATMs. Source: World Development Indicators (World Bank, 2016). Accessed on September 26, 2016 http://data.worldbank.org/data-catalog/world-development-indicators Macro-economic Overview Regulations Financial Sector Telecom Sector Other Sectors Mobile Financial Services Landscape FINANCIAL INCLUSION – ACCESS AND USAGE Access Ownership/Usage Key Insights •
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