In order to support the growth of mobile money agents, Lusaka Central Member of Parliament Mulambo Haimbe is advocating for access to booster loans similar to those available to marketeers. These loans would provide much-needed financial support to mobile money agents, allowing them to expand their businesses and better serve their communities. By recognizing the important role that mobile money agents play in the economy, we can work towards creating a more equitable and sustainable financial system for all.
Mobile money agents play a crucial role in providing financial services to underserved communities, but they often face challenges in accessing capital to grow their businesses. To address this issue, Mr. Haimbe suggests that the Citizens Economic Empowerment Commission could establish a loan program specifically for mobile money agents, similar to existing schemes for market traders. This would provide much-needed support for these agents and help to promote financial inclusion in the region.
In an effort to better understand the challenges faced by mobile money agents operating in Lusaka’s Central Business District, Justice Minister Mr. HAIMBE addressed the agents and discussed potential solutions. One solution that was proposed was offering loans to support these agents in their business endeavors. By providing financial assistance, mobile money agents can continue to provide valuable services to their communities and contribute to the growth of the mobile money industry.
However, mobile money agents often face financial challenges themselves, such as unexpected expenses or cash flow issues. To support these agents, a revolving fund has been established with a contribution of 50,000 Kwacha from a Constituency office. This fund will provide loans to agents in times of emergency, helping them to continue providing vital services to their communities. By supporting mobile money agents, we can promote financial inclusion and empower communities to thrive.
The Mobile Money Business Association, represented by its President Pamfred Hasweeka, expressed their satisfaction in meeting with the MP and welcomed the proposed initiatives to support mobile money agents. One of the suggested initiatives is the provision of booster loans and revolving funds, which can greatly benefit the service providers.
According to Mr. Hasweeka, supporting mobile money agents with loans is a viable option as it is a secure business and has the potential to be financially empowered. These agents have the ability to pay back loans, making it a mutually beneficial arrangement.
To support these agents, the association is working with stakeholders like Zambia Information and Communication Authority (ZICTA) to improve security measures. One potential solution is offering loans to agents, which can help them invest in better security systems and improve their overall business operations. By providing support to mobile money agents, we can ensure that financial services are accessible to all, while also promoting economic growth and stability.
