Session 7: Consumer Banking: Financial Services Are Changing, Are Banks Transforming? Session 8: Cyber Readiness In A Changing World: Cybercrimes And Risk Management: Institution Preparedness And The Role Of The Private Sector

SESSION 7: CONSUMER BANKING: FINANCIAL SERVICES ARE CHANGING, ARE BANKS TRANSFORMING?

This Session was moderated by Ms. Charity Mwanza, the Chief Executive Officer at Digital Paygo. Ms. Mwanza was joined by Ms. Yaza Kara from the Partnerships and agile project office at Stanbic Bank; Mr. John Samara, Chairman of Sampay and Mr. Nash Kabunda, the Head of Digital Channel Delivery ZANACO.

KEYNOTE Banks should respond to developing disruptive technologies by assisting fintechs in distributing their goods on the market, as banks are often more inflexible, whilst fintechs are more adaptable to change, and the two institutions are not in conflict, contrary to popular belief.

Ms. Charity Mwanza kicked off the discussions by stating that the landscape has been changing over the years driven by a number of factors that includes; consumer preferences, technology development and regulatory constraints that dictates the need to do things differently. With the emerging changes, comes the issue of factors that players in the ecosystem need to consider to remain competitive.

Ms. Yaza Kara added by saying that currently about 60 – 70 % of the banks in Zambia are now digitally transformed. The motivation to digitally transform is driven by the desire to meet customer needs. From the perspective of regulation, banks have been encouraged to embrace digital transformation whilst developing trustworthy relationships with clients. She added that Banks leverage on the trust that they are able to develop with their clients.

Mr. Nash Kabunda also agreed that Banks are transforming as there have been so many changes that ZANACO has undergone with regards to retail banking since 1969. He further added that currently the account balance service is available on mobile applications platforms and mobile banking service and transactions can be conducted at convenient locations like shopping malls and markets through agency banking.

Mr. John Samaras mentioned that there is a misconception that Fintechs are in competition with Banks. What is desired is to identify areas of strengths for either parties and facilitate the development of a complementary relationship. Traditionally, banks are known to be highly institutionalised, adhere to strict and longer regulatory processes, whereas Fintech are able to adapt to challenges and provide market solutions to fill existing gaps. He added that Banks should respond to the emerging disruptive technology by supporting fintechs to distribute their products on market. In response to questions on the cost for mobile money transactions being high relative to cash transactions and bank charges, Mr. John Samaras said that the fact is the mobile transaction ecosystem is growing in Zambia and there is an expectation that with more competition there will be a downward trend with regards to the cost of mobile transaction.

SESSION 8: CYBER READINESS IN A CHANGING WORLD: CYBERCRIMES AND RISK MANAGEMENT: INSTITUTION PREPAREDNESS AND THE ROLE OF THE PRIVATE SECTOR

This session was moderated by Ms. Janet Zulu from INQ, with her panel consisting of Mr. Brian Chungu from StarLabs, Mr. Elias Mpofu from Digital Safe, Mr. Chris Mwale from Trade & Development Bank and Ms. Jessie Himunyanga from Digital PayGo.

KEYNOTE The protection of computer systems and networks against information disclosure, theft, or damage to their hardware, software, or electronic data, as well as disruption or misdirection of the services they offer, is known as computer security, cybersecurity, or information technology security.

Mr. Brian Chungu stated that Cyber security involves integrity of data, confidentiality and availability. Integrity in the cyber security context implies the information you are getting is exact as with what is provided. He also added that confidentiality is concerned with authorised access to information and Availability deals provision and timeliness in the provision of a service to the citizens.

Ms. Jessie Himunyanga mentioned that Cyber security is how you ensure protection of data devices and data contained in there against unintended users and cyber attack. For example, a house wife receiving messages on social media like Facebook, WhatsApp and many others and then the way she handles or perceive such massages e.g. Some will require to open using a password and some without a password therefore, by deciding to open or ignore such massages is what is considered to be Cyber security conscious.

Mr. Elias Mpofu added that Cyber security is the protection of digital assets. However, the key word at this ICT expo was digital transformation. Then from the fintechs point of view it is either you choose to go digital or go out of business and of very importance is the fact that everyone needs to know how to protect their digital data starting from the house wife up to an organisation level. Mr. Mpofu alluded to some forms of cybercrime as ransomware and that is on top ten across Zambia and the globe at large, also at individual level, there are suspicious messages that come through on mobile phones or phone calls to lure mobile money customers into sending money to unscrupulous people.

Mr. Brian Chungu hinted that it is without doubt that there is no institution that could be classified as 100% Cyber security ready, because vulnerability is still there in almost every organisation and that security improvement is a continuous process in that today you can work to reduce a particular vulnerability and tomorrow another one emerges.

EXHIBITIONS

This session was moderated by Mr. Alick Siankumo from ZCOM Systems, with the panel consisting of Dr. Greg Nsofu, the ICT Director at Bank of Zambia; Mr. Lukonga Lindunda from Bongohive; Mr. Andrew Ngulube from INFRATEL; Mr. Kelvin Haule from Fibrecom and Mr. Ali Kinstong Mwila, a Cybersecurity consultant.

KEYNOTE Indigenous talent has been able to handle ICT infrastructure to such a degree that there has been no serious technical decline in the six years, and some of the Infratel facilities have even been approved by global ICT authority. Furthermore, the corporations have made significant investments in digital solutions, and local expertise manages the digital infrastructure and provides world-class services. Zambia possesses the necessary expertise, and there is a need to prioritize homegrown solutions by identifying talent and providing them with opportunities to develop solutions to recognized challenges.

Mr. Andrew Ngulube explained that Infratel is part of Industrial Development Corporation (IDC), an investment arm of the government and is 100% owned by IDC. Infratel owns and operates ICT infrastructure with two data centres in Lusaka and one on the copperbelt. He added that Infratel is a premier and first cloud service provider and has installed about 1,252 communication towers across the country; and that for the six years that Infratel has run, all the data centres are operated and managed by indigenous homegrown talents. He added that there are times that they get external technical support, but largely the indigenous talent has been able to manage ICT infrastructure to an extent that in the six years they haven’t experienced major technical downturn and even global ICT authorities have certified some of the Infratel facilities. Additionally, Infratel has heavily invested in digital solutions and local talents operate the digital infrastructure and provide world class services.

Dr. Greg Nsofu added that we have not reached a level where we can comfortably state that we have the right numbers and skills set for the ICT sector and appealed to everyone to deliberately advocate for more financial support towards development of missing skills set in the industry.

Mr. Ali Kingston Mwila contributed that he believes that Zambia has the right skills and that there is need to give priority for home grown solutions through identification of talent and grant them an opportunity to develop solutions to identified problems.

Mr. Kelvin Haule explained that fibrecom had managed to build a 100G world class network across the whole country with