With phishing attacks on the increase and less security provided on mobile and online transactions, many people fear that they will lose their money to scammers.

"Airtel has not said the security system it has put in place will ensure safe and secure transactions," said Lillian Mwale an Airtel money customer.

The bank of Zambia, however, said the increase in mobile banking will help overcome the longstanding challenge of reaching out to the unbanked population.

"The use of electronic system will reduce the use of cash in the economy. We therefore encourage the usage of alternative means of payment," said Austin Mwape, Bank of Zambia deputy governor for operations.

Mwape said the Bank of Zambia expects a safe, efficient, secure and reliable transaction service.