Business
ZRA Leads Digital Payment Transformation: 99% of Transactions Now Electronic
ZRA Revolutionizes Payment Systems: 99% Transactions Now Digital
The Zambia Revenue Authority (ZRA) has embraced digitalisation in its payment procedures, with 99% of transactions now conducted electronically.
According to a statement by ZRA’s corporate communications manager, Oliver Nzala, the shift towards digital payments serves multifaceted objectives. These include reducing collection expenses, improving the taxpayer experience, mitigating fraud risks, reducing queues, enhancing efficiency and accountability, and broadening payment alternatives.
Nzala explained that electronic payment methods were introduced between 2012 and 2013, following the replacement of the Real-Time Gross Settlement system for large payments. This initial step laid the foundation for integrating electronic systems into the payment infrastructure.
Despite an initial reliance on manual payment methods by 90% of taxpayers, the introduction of electronic payments saw a gradual increase in electronic transactions.
“The implementation of the Integrated Payment System (IPS) has significantly simplified customs payments, offering taxpayers greater accessibility and convenience through various mobile platforms,” Nzala stated.
He emphasized that the IPS aims to streamline tax payment processes, enhancing convenience for taxpayers. The Authority is committed to process enhancements that encourage compliance by leveraging appropriate technology to reduce the time and cost associated with business transactions.
Recognizing the mutual benefits of digitalized payment systems for both the Authority and taxpayers, Nzala assured that ZRA would continue to prioritize providing improved, secure, and efficient digital payment services.
As part of the digitalization initiative, many cash offices handling Domestic Taxes (DOMT) payments have been closed, with staff being redeployed to other areas.
ZRA aims to achieve 100% electronic payments for DOMT and 50% for Customs payments at all cash offices by June 2024.
The massage therapist accused of sexual assault by a client has refuted the allegations, asserting that the plaintiff had specifically requested a thorough massage treatment and had effectively communicated her preferences regarding pressure during the session.
Kenneth Musonda, employed as a masseur at Pamodzi Hotels Plc, has defended his actions in the High Court, stating that he conducted the deep tissue massage on Mwansa Njelesani professionally and without any objections from her.
According to court documents, Musonda contends that the plaintiff expressed satisfaction with the message and proceeded to settle the payment without issue. Additionally, he provided her with his contact information on a separate piece of paper following the session.
The recent discovery of the largest copper deposits ever found in Zambia’s mining history promises significant economic benefits for the nation and its people.
KoBold Metals, a California-based company backed by billionaires Bill Gates and Jeff Bezos, unveiled plans for a groundbreaking $2 billion mining project at the ongoing mining Indaba in Cape Town. This project aims to accelerate development and could begin operations as early as 2027. Unlike traditional mining ventures, KoBold Metals intends to pursue partnerships and eventually list its shares publicly within the next three to four years.
The decision to expedite the project reflects the growing demand for critical metals, signaling a shift in the mining landscape. Mfekyi Makayi, CEO of KoBold Metals Africa, expressed confidence in the project’s potential during the announcement.
Representing President Hakainde Hichilema at the mining Indaba, Minister of Finance and National Planning Situmbeko Musokotwane, along with Mines and Minerals Development Minister Paul Kabuswe, underscored the significance of this discovery for Zambia’s economic growth.
The timing of the discovery aligns with the global push for alternative sources of copper, cobalt, lithium, and nickel, driven by the transition to clean energy and electric batteries. These resources are abundant in Zambia, positioning the country as a key player in meeting international demand.
Josh Goldman emphasized the high quality of the ore body at the Mingomba site, boasting a copper content of approximately 5%, comparable to the Ivanhoe Mines’ Kakula deposit in the Democratic Republic of Congo.
President Hichilema had previously announced the discovery of substantial lithium deposits in Southern Province, emphasizing the importance of adding value within Zambia’s borders during his end-of-year press conference.
In 2023, the value of mobile money transactions in Zambia witnessed a significant upswing, marking a 52.8 percent growth to K452.0 billion compared to K295.8 billion in 2022. According to Besnat Mwanza, the Assistant Director of Communications at the Bank of Zambia (BoZ), the number of mobile money transactions also experienced a substantial increase, surging by 46.7 per cent to reach 2.2 billion transactions, up from 1.5 billion in the previous year.
Mwanza attributes this notable surge in both transaction value and volume to the ongoing acceptance of digital financial services by the general public. She highlighted the collaborative efforts of the BoZ and other stakeholders in raising awareness about the advantages and safeguards associated with utilizing digital financial services.
In response to a press query, Mwanza stated, “BoZ and other stakeholders continued to sensitize the public on the benefits and safeguards of using digital financial services.” These collective endeavours led to a noteworthy expansion in active mobile wallets, reaching 12,940,462 in 2023, compared to 11,246,686 in 2022.
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