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Zanaco launches mobile phone banking service

By Michael Malakata, IDG News Service
September 18, 2008 12:10 PM ET

IDG News Service - To ease payment procedures for its account holders, the Zambia National Commercial Bank (Zanaco) has launched a mobile banking service dubbed Xapit, which allows customers to make payments via cell phone.

The facility will initially be made available only to the bank's customers but will later be extended to over 2 million people who have mobile phones but no bank accounts, said Zanaco managing director Mark Weissing at Xapit's Monday launch.

Xapit enables mobile bill payments, airtime purchases and fund transfers, Weissing said, but the service is only available to Zain Zambia subscribers.

The launch of the mobile banking service is part of Zanaco's initiative to improve the business activities of the bank and its customers, he said.

Last week, Zanaco acquired a US$25 million loan from development agencies to consolidate its portfolio base. It has also updated its cash-machine cards to make them compatible with Visa machines worldwide.

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