Bank of Zambia Governor Denny Kalyalya has called for a strong partnership between stakeholders in the banking sector so as to contribute to the financial inclusion agenda through the development of appropriate services.
Dr. Kalyalya said there is a need for players in the financial sector to collaborate and support the economic growth of the country while maintaining stability in the sector.
He observed that with the stable growth that the sector has registered so far with financial inclusion levels increasing from 59.3 per cent in 2015 to 69.4 per cent in 2020.
He attributed the increase to the use of technology and various innovations such as mobile channels in the sector as some of the measures that have led to the growth in the access to financial services by the general citizenry.
ZANIS reports that Dr Kalyalya was speaking in Lusaka today during the official launch of the 2022 Financial Literacy Week where he stated that the growth in digital platforms has further enhanced the country’s revenue collection and economic development.
“Technology and innovation in the financial sector has played a major role in raising the level of financial inclusion in the country over the last five years, According to the FinScope 2020 survey, while overall financial inclusion increased from 69.4 from 59.3,” he explained.
Dr. Kalyalya stated in the last 10 years, the central bank working with its stakeholders with the financial literacy week have been creating awareness among children on the need to acquire knowledge and skills about personal financial management.
Meanwhile Dr. Kalyalya regretted that while the impact of COVID-19 on global economic growth is subsiding, the pandemic is still a risk for future economic growth and consequently financial inclusion.
And the Bankers Association of Zambia has pledged to supplement government efforts in delivering the right financial literacy messages and ensure that the right products and services are provided to the children.
Association Chairperson Mizinga Melu observed that the provision of banking, insurance and investment has rapidly transformed and is following the changing needs and expectations of the present and future generations.
Ms. Melu said this is why in order to accelerate the financial inclusion levels the banking sector has over the years positively responded to calls for pure savings accounts for underserved and unserved populations.
“The key strategic objectives of the Bankers Association of Zambia are to increase financial literacy levels as well as to develop innovative and technologically driven payment channels to ensure a financially included population in the country,” she said.
She added that wealth creation is a lifetime process hence the need to make financial education activities and targets make them in such a way that will benefit youths.
She further expressed concern with the rise in cyber-attacks, where unsuspected customers are swindled using different electronic transactions such as mobile money or E- wallets.
Ms. Melu said this problem can only be resolved through collaborative efforts by all service providers to maintain the trust and confidence that customers have.