Airtel and ZIC Bank collaborate to amplify digital connectivity for Small and Medium Enterprises in Zambia.
Airtel and ZICB Partner to Boost Digital Connectivity for Zambian SMEs
In a move aimed at enhancing digital innovation in Zambia, Airtel Networks Zambia plc and the Zambia Industrial Commercial Bank (ZICB) have formed a strategic partnership. This collaboration, formalized through a Memorandum of Understanding (MoU), is designed to provide small and medium enterprises (SMEs) with advanced 4G and 5G Internet devices at no cost.
Louis Kabula, the acting chief executive officer of ZICB, emphasized the bank's commitment to digital innovation. He expressed optimism about the partnership's potential to create an environment where SMEs can thrive, innovate, and contribute meaningfully to the national economy.
Under the terms of the partnership, SMEs banking with ZICB will receive Airtel devices free of charge. The requirement is a contract to activate monthly data bundles. This arrangement is designed to empower businesses by making it easier for them to perform online invoicing and maintain accurate transaction records.
Lindiwe Banda, Airtel Business Director, explained the practical benefits of the partnership for SMEs. She stated that it would enable easy access to Internet banking services from business premises or homes.
The partnership aims to enhance operational efficiency, open up new market opportunities, and improve overall competitiveness for SMEs by providing reliable and high-speed internet access through Airtel devices. It also represents a significant step forward in Zambia's digital transformation journey, focusing on the needs of SMEs to drive economic growth and innovation across various sectors.
The Zambian government and private sector are working on a project to construct 520 communication towers, aiming to achieve 96 percent phone and internet coverage by the end of 2025 or early 2026. This initiative, combined with the Airtel-ZICB partnership, is expected to further boost internet penetration in the country.
In February 2024, the government announced plans to build 60 4G mobile towers and digital centers offering free internet services in rural areas. The internet penetration rate in Zambia is projected to rise from 31.2 percent in early 2024 to 43.44 percent by year-end.
As Zambia invests in its digital infrastructure and fosters partnerships between telecommunications providers and financial institutions, it is positioning itself as a growing hub for digital innovation in Africa. The collaboration between Airtel and ZICB serves as a model for how public-private partnerships can work together to create tangible benefits for businesses and contribute to national economic development goals.
It is worth noting that the Zambia Industrial Commercial Bank is backed by the Zambia Industrial and Mining Corporation (ZIMCO), a parastatal conglomerate created by the Zambian government in the early 1970s to control key industrial and mining sectors, including banks. While specific details on its direct position in Zambia's digital transformation are not provided in the available sources, the bank has played a role in advancing Zambia’s economy by integrating various industrial holdings.
ZICB has developed a comprehensive digital banking platform through various collaborations and partnerships, promoting capital management efficiency and business convenience for clients. This partnership with Airtel is another step in this ongoing digital transformation journey, providing SMEs with the tools they need to succeed in the digital age.
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