FINCA Zambia Wins Award for Innovation in Banking

In recognition of using biometric point-of-sale (POS) devices to reach the unbanked in the country, FINCA Zambia has been awarded with the Governor’s Award for Innovation during the Financial Literacy Governor’s Award ceremony, held on July 14, 2016. The award was presented to FINCA Zambia by Dr. Denny Kalyalya, the Bank of Zambia Governor.

Currently, FINCA is the only financial institution in the country offering financial services via biometric POS devices. FINCA Zambia uses these machines through its agency banking program, where a network of local merchants and shopkeepers provide basic banking services in areas where FINCA does not have a presence. The agents are equipped with POS machines, a portable device that connects to FINCA bank accounts, easily and securely, through biometric fingerprints.

This technology empowers semiliterate clients to not be intimidated to bank. Users of the machines do not have to fill out any forms or use cards or pins to transact.

FINCA Zambia launched agency banking in October 2015. Currently, FINCA agents and the use of POS machines account for 67% of all small transactions in Zambia.