Zampost develops new payment system

Mergers, Acquisitions and Financial Results

The Zambia Postal Services Corporation (Zampost) has developed a new payment system called Commercial Payment Services which has capacity to make payments and money transfer services worth more than USD20 million per month the country.

The newly developed payment system is expected to help employers pay their employees based in unbanked remote parts of the country and reduce the risk of moving large sums of money.

The company said the Commercial Payments Services has been developed in response to a need for the company to have a separate efficient business venture catering for the government and corporate clients who were having challenges of making business transactions.

Postmaster general McPherson Chanda said Zampost, through its Swift Cash Money Transfer business, was already “handling over USD7 million cash on a monthly basis but the system had proved insufficient to transfer huge sums of money.”

But he said the Swift Cash system has no capacity to payments and money transfer service worth more than USD20 million per month.

Chanda said by coming up with the new business, Zampost was responding to the real need from the market.