The Disruptive Influence of Mobile Money on Zambia's Traditional Banking Landscape

Abstract

Mobile banking in Zambia has created a new form of electronic banking that is aggressively competing with traditional banking. This article explores the disruptive influence of mobile money on Zambia’s traditional banking landscape by reviewing literature by different authors on the same or similar subject. The research is a pure desktop design and makes use of reports, journal articles and online sources that are relevant to the research title. The findings have shown that mobile money has a huge influence on the traditional banking landscape especially that it has emerged has the most growing financial services sector in Zambia. The findings also show that there is disruptive influence of Mobile Money on traditional banking, and this forces a huge shift in the banking landscape in Zambia. While the retail banking numbers are decreasing as evidenced by the closeness of commercial bank branches across the country. Commercial banks are opting for digital banking services as opposed to brick-and-mortar operations. While digital platforms for banks seem to reduce cost and increase efficiency, mobile money services at the same time seem to experience exponential growth. This study brings out new knowledge in that it provides measures for the influence of mobile money on traditional banking and allows the innovation of banking strategies that integrates E-Banking services with workable traditional banking methods.