- Airtel Zambia and Zambia Industrial Commercial Bank Limited (ZICB) have signed a Memorandum of Understanding (MoU) and partnership to improve the business environment for Zambia's Small and Medium Enterprises (SMEs).
- Under the provisions of the MoU, Airtel will deliver free cutting-edge 4G and 5G Internet service devices (routers) to ZICB's SME customers. However, these users must register for the Bank's Internet banking platform and commit to monthly bundles on these devices.
This move, targeted at ZICB SME clients, seeks to deliver dependable and high-speed Internet connectivity using Airtel devices. This comes at a time when the country's Internet penetration rate is 31.2% of the overall population as of early 2024, with a projected increase to 43.44% by year-end.
To expand the country's Internet access, the Zambian government and private sector are building 520 communication towers across the country to achieve 96% phone and Internet coverage by the end of 2025 or early 2026. In February 2024, the government announced plans to build 60 4G mobile towers to increase Internet coverage in rural areas, as well as digital centres for free Internet services.
Following the signing of the memorandum, ZICB's Acting CEO, Dr. Louis Kabula, stated that the bank's digital banking infrastructure is comprehensive, encouraging capital management efficiency and client comfort.
He emphasised the bank's commitment to reducing the cost of doing business in Zambia, particularly for SMEs, which he said handles the largest number of low-margin commercial transactions in the country's economy.
Airtel Business Director, Lindiwe Banda, commented that the partnership will enable easy access to Internet banking services for SMEs banking with ZICB, conveniently from their business premises or homes.
Banda added that SMEs will receive Airtel devices at no cost, only requiring a contract to activate monthly bundles. This will empower businesses, making it easy for them to carry out online invoicing and keep records of their transactions, Banda stated.
Notably, Zambia is one of Airtel Africa's strong markets for its fast growing Airtel Money product, which has plans to go public in 2025. It also plans to leverage first-mover advantages, key infrastructure, and distribution, in its strong markets which includes Zambia.