Despite on-going concern of the financial crisis affecting various sectors like mining, manufacturing and trading, the mobile banking technology continued to advance in Zambia.

Xapit, the cell phone based banking facility was launched to the public after the initial introduction to existing account holders after the national Show.

Standard Chartered also launched another cell phone based banking facility in Zambia called M banking.

The Zanaco Bank's Xapit software can manage your finances through a mobile phone. You can make purchases, top up your airtime, pay your utility bills , transfer funds between accounts, make account balance and mini-statement enquiries, access your cash and get charge free deposits on your account.

The Standard Chartered Bank's M-banking which was introduced in March last year offers balance enquiry, mini statements, funds transfer, bills payment, airtime top-up and sms alerts on ATM withdrawal.

A request for forex rates, full statement and cheque book may be made as well.

As developing countries like Zambia take on advanced communications technology, the low-income enjoy keeping up with the growth of mobile technology.

Cheap phones and affordable denominations of talk time like K1.000 to K5,000 give them the opportunity to boast the benefits of modern technology.

Mobile phones now exist even in the poorest and remote areas of the country.

As a developing country, the poor people in Zambia will not have a bank account but even with a minimum salary they seem to possess a cell-phone.

Using the modern technology of mobile banking, an individual may pay bills and banking may be done from the comfort of your home without having to carry cash around.

Internet access on the phone is not necessary as this software is designed for the low-income market like those who are unbanked.

Mobile banking is accessible even from an early generation cell phone.

Without the internet access on your phone, the GSM service, USSD platform is used.

The USSD platform provides a WAP (Wireless Application Protocol) like service between the mobile user and mobile operator but the user will not require a WAP capable terminal.

USSD also provides quick messaging with the least delays in enquiries and response across the GSM Network.

The signaling channel is utilised; therefore voice traffic is not affected.

Most of the marketing companies do not want to release stock before payments are made.

Mobile phone banking is a solution for making a payment without having to come out of your location saving you time.

Immediate value for money is obtained unlike cheques which may bounce.

Mobile banking boasts a payroll feature.

The employees' salary would be credited to their account instead of receiving cash over the counter.

Farmers can benefit from using the mobile phone banking system.

With this software installed, it is an efficient way of receiving money after the maize is delivered.

This is a 'payment solution.'

Concerning personal use, you can send money to a friend and pay an account as long as you have their account details and bank branch number.

If they are the bank's account holders, all you need is their cell phone number.

"To existing Zanaco account holders, Xapit instant banking is an added feature to what they have. By introducing it to the rest of the public, congestion in banks and long queues at ATMs would reduce.

"Xapit transactions are instant and value is obtained instantly by the supplier. Xapit should be used because it is convenient, cost effective and easy to use.

"The signing up is straight forward as well. We want to be competitive on the market." says Chiyuka Maseka, a sales manager of Xapit.

According to Wikipedia, over the last few years, mobile and wireless markets are the fastest growing markets in the world and continue to grow at a rapid pace.'

The South African instant banking using a mobile phone is called Wizzit.

According to Ann Crotty's business report, Wizzit took three years of research and preparatory work before it was launched in November 2004 with the slogan 'My bank in my pocket.'

This technology includes no additional costs to the customer that may be accessible on any type of phone featuring pay-as-you-go.

"Leonard Waverman of the London Business School has estimated that an extra ten mobile phones per 100 people in a developing country leads to an extra half a percentage point of growth in GDP per person," says The Economist