Zambian kwacha
The Kwacha (ISO 4217 code: ZMW) is the currency of Zambia. It is subdivided into 100 "Ngwee".
Mobile Transactions Zambia
Zambia's banking system imposes high fees on customers and only includes a minor part of the population. Therefore, as only 2 Zambians out of 10 own a bank account, MT intends to develop the cashless system to render financial transactions easier, faster and safer than with cash and paper money.
A more direct connection between the sender and the recipient lowers transaction costs and suppresses expensive and time wasting intermediaries. NGOs wishing to send money, companies that used to pay thousands of employees under the surveillance of armed guards and farmers who get paid more quickly and transparently, benefit from it. Besides, people feel safer as their money is stored electronically.