Friday, February 23, 2024

Bank of Zambia Launches ‘Go Cashless’ Campaign

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In promoting an oversight of Digital Financial Services – DFS and the associated safeguards, the Bank of Zambia – BOZ has launched ‘Go Cashless’ Campaign, a collaborative framework meant to promote a coordinated approach to scaling up the usage of Digital Financial Services in Zambia.

Speaking during the ‘Go Cashless’ Campaign launch, Bank of Zambia Governor Dr Denny Kalyalya noted that the ‘Go Cashless’ is a theme which was adopted last year, anchored on the need for consumers to adopt digital means of accessing and using financial services in a safe and secure manner.

Dr Kalyalya explained that the benefits of DFS include proper management of household income, ability to build assets, increased social security, reduced vulnerability, and creation of job opportunities, adding that by having access to appropriate financial services and products, individuals can achieve positive outcomes that improve their livelihoods.

Dr Kalyalya stated that on the journey towards a more financially included society, digital technology and Digital Financial Services have played a transformative role by enabling access and usage of financial services through digital means.

He cited that the FinScope Survey of 2020 revealed that Digital Financial Services, more specifically mobile money, was the major contributor to the increased financial inclusion in Zambia, the FinScope Survey of 2020 showed that overall financial inclusion of the adult population increased to 69.4% from 59.3% in 2015.

“As people migrate towards Digital Financial Services, it is important that they are aware of some key safeguards to enable them use the services in a safe and secure manner, thus calling on all relevant stakeholders to work in a collaborative manner to address emerging risks,” he said

The Governor mentioned that today, the mobile phone has become a tool that not only facilitates communication but is also a means of accessing financial services, this entails that anyone can now save, invest, and obtain credit/loan or insure their valuable assets and property from literally anywhere and at any time.

He disclosed that following the launch of the campaign, the Bank and its partners will embark on a number of activities such as radio and television programmes, which have been lined up for the promotion of Digital Financial Services and the associated safeguards.

“The campaign team will commence roadshows in selected locations across the country where it will have engagements with members of the public, this is in addition to other activities that will be done through digital media and social media channels,” he disclosed

Dr Kalyalya has since commended various stakeholders such as the Zambia Information and Communications Technology Authority – ZICTA, the United Nations Capital Development Fund – UNCDF, Financial Sector Deepening Zambia – FSDZ, the Bankers Association of Zambia – BAZ, and the Payment Association of Zambia – PAYZ for their collaborative effort and positive contributions and support they continue to render for the growth of growth of in Digital Financial Services.

“May I also recognise the role that the respective financial service providers continue to play in the industry, without whom delivery of services would not be possible. However, I hasten to challenge financial service providers and other stakeholders to take up the opportunity to join the ‘Go Cashless’ campaign in order to continue providing Digital Financial Services that are customer centric and meet the ever-changing needs of consumers,” he noted

Dr Kalyalya has urged members of the public to be more cautious as they use these digital means, stating that financial service providers must also ensure that their customers do not fall prey to fraudsters who target innocent consumers by using deceptive methods of obtaining sensitive data that allow them to access customer funds.

“This campaign is not only for stakeholders mentioned above, but for all of us who must also join this campaign by sharing vital information on how to avoid being defrauded, for together, we can achieve a lot more in securing the national payment system,” he mentioned

Dr Kalyalya has warned fraudsters that the long arm of the law will catch up with them, as evidenced by the recent arrests that have been made by the security wings in collaboration with the various regulators and financial service providers.

6 COMMENTS

  1. Prioritising rubbish when we have urgent economic matters that need dealing with. You wonder why we fired this man. Then hh goes to rehire him. It’s like eating vomit. Anyway we know he is t0nga just like Hitler hamin(hh)

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  2. Well done Denny and the Bank of Zambia. This is good and provides security guarranties in our financial system

    We are only worried about your economic statistics you are trying use as economical drivers. I am sure that deep down in your heart and that of your other collaguues you know that your inflation figures are fake. Your figures do not translate in what is happening in the shops. You and the rest of the Zambians we go to the same shops and the way prices are escalating is not a sign of your single digit inflation.
    It is very clear that your dollar is kwacha is being tempered with . The rate your are telling talking about is not real and is not supported by any tangible economic activities. It is not sustanaible. How long you keep this artificial rate? Time will teal

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  3. Very very very poor reporting indeed -yaya yaya yaya! The reporter here has said more 500 words in this whole hullabaloo article without describing what go Cashless means.Maybe my fellow readers can here can help me – what is “Go Cashless” bane? Is it a cow,pig a system or its a charity organisation?

  4. It’s probably time we had a proper conversation about tribalism in Zambia. ZICTA and the national security apparatus can help in this regard. Internet anonymity should not be allowed to sow seeds of possible conflict in this country. Countries do not suddenly descend into violent conflict and lawlessness. They slowly do that and whn they do the uninformed start wondering why wht was a peaceful country is experiencing senseless violence.

  5. There is that airline that requires one to bring cash all the time to buy a ticket and one wonders if they pay any tax on their sales despite charging tax on the ticket orice.

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