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Sunday, January 19, 2020

BOZ Chief calls for effective ways of linking informal and formal banking services

Economy BOZ Chief calls for effective ways of linking informal and formal banking...

Dr Denny Kalyalya

The Bank of Zambia (BOZ) has called for effective ways of linking informal and formal banking services to improve financial inclusion.

BOZ Governor Denny Kalyalya says new financial services such as village banking and savings groups have proved to be effective financial service provider agents in rural and urban areas.

Dr. Kalyalya notes that in recognition of the importance of formal financial inclusion the Central Bank is collaborating with SaveNet to develop channels which will link informal savings group to formal financial services.

He has observed that several regulated financial service providers and mobile money operators have already started designing products aimed at tapping into the market.

Dr. Kalyalya says the BOZ is adopting various initiatives such as facilitating the expansion of the general service access point network of health, education and agricultural organizations through government aimed at enhancing rural financial inclusion.

Dr. Kalyalya was speaking in Lusaka last night during the launch of the 2019 world savings day themed “Be Money Smart: Savings Give Life a Lift.”

And Bankers Association of Zambia Chairperson Kola Adeleke said financial literacy is key for developing countries like Zambia because it has a direct impact on economic growth, sound financial systems, and poverty reduction.

Meanwhile, NATSAVE Chief executive officer Mukwandi Chibesakunda said policymakers can provide tools that increase investments in financial inclusion strategies that address behavioral factors related to savings.

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  1. We do not need banks.With all the electronics and computers around.Banking is obsolete.Peter Carlos Hinds.

  2. When you say “informal banking” do you refer to the suitcases filled with forex leaving country on VIP flights?

  3. Banking is super expensive in zambia you better off keeping it under the mattress so that you’re not charged high fees. Banking is just for salaries, with technology no need for robbery banks

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