Sunday, April 14, 2024

Government ponders access to financial services for all


Minister of Commerce, Trade and Industry, Christopher Yaluma
Minister of Commerce, Trade and Industry, Christopher Yaluma

Minister of Commerce Trade and Industry (1a) Christopher Yaluma says expanding access to financial services can unlock economic opportunities for many stakeholders, especially women and the youths.

Mr Yaluma states that it is for this reason that government intends to expand access to savings, credit, insurance, capital markets and payment systems to the poor and marginalized.

ZANIS reports that Mr. Yaluma was speaking in Lusaka today, during the launch of the National Association of Savings and Credit Unions (NASCU) financial inclusion
programme in Lusaka today.

Mr Yaluma also reiterated the important role that financial inclusion plays in boosting key economic sectors of the country.

The commerce Minister said if well harnessed the sector can contribute to the country’s economic growth.

Mr. Yaluma explained that financial industries help in diversifying vital economic industries like agriculture, tourism and manufacturing, adding that when people save and transact through formal financial institutions, the county will have more resources to invest.

He further hailed NASCU for partnering with MasterCard to provide trusted and secure financial products and services to the people especially those in rural areas.
And Deputy Chief of Mission at the United States Embassy in Zambia (1b) Christopher Krafft, commended government for allowing many United States of America (USA) companies to partner with Zambian firms like NASCU in improving the lives of the people.

Mr. Krafft added that such collaborations will go a long way in strengthening the mutual understanding between USA and Zambia.

Speaking earlier, MasterCard President for the Southern African division (1c) Mark Elliott disclosed that the continued unsafe ways of transaction by consumers contributed to high cases of fraud, money laundering and tax evasions.

Mr. Elliott noted that this was why there was need for governments and other players in the financial sector to encourage electronic or digital financial transactions in order to address the problem.

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