Wednesday, May 29, 2024

Digitalisation of financial services to help grow the economy – Mutati

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Minister of Technology and Science, Felix Mutati says Government is resolved to transforming the country into a digital nation especially in Financial inclusion in order to grow the economy.

Mr Mutati observes that the era of doing business has changed drastically from traditional into digital ways, disclosing that the country last year witnessed over K300 billion transacted through mobile platforms in 2022 representing 100 percent.

The Minister was speaking during the 22nd graduation ceremony of the Zambia Institute of Banking and financial services in Lusaka today stating technology is impacting every sphere of human life.

“Technology transformation brings massive opportunities for the Banking sector, there is need to keep moving in the path to acquire necessary knowledge in digital financial literacy and education,” he said.

Mr Mutati reiterated the need for every Zambian to embrace the digital revolution in a quest to improve the performance of the Banking sector and the economy as a whole.

The Minister added that Government and the Banking sector need to work together to increase productivity through product innovation and to address the skills challenges and security risks that digital transformation brings to the sector.

“The Government has continued to prioritise technological advancement in the economy and has partnered with learning Institutions such as ZIBFS to ensure that education and training in the country can be done without borders through the use of information communication Technology,” he said.

He disclosed that Government is aiming to attain a digitally transformed economy by 2030 in order to strengthen the quality of financial Education in the country.

Mr Mutati explained that Zambia has made significant strides in making digital financial literacy a success story in a bid to Foster economics development in the country through infrastructure development among others

He urged the graduates to always be thirsty for more information and knowledge in the digital financial services as the Banking sector has changed drastically from the traditional way of doing business.

And Zambia Institute of Banking and financial services President, Moses Shuko said Banking financial Professionals must be adequately equipped with the required knowledge and skills to continue being relevant in the sector.

“I am pleased to announce that at today’s graduation ceremony, we are witnessing a total of 220 of our members graduating at various levels of the institute’s programmes,” he said.

Mr Shuko explained that the Institute is committed to complementing Government efforts in driving the financial education agenda.

He further noted that the Institute is responsive to the training needs of the country by way of providing industry relevant education and training programmes.

Meanwhile, a graduating Student, Meya Mtonga pledged to apply the acquired knowledge by adding value to the country’s prosperity.

She urged her fellow graduates to uphold high ethical standards in their journey to transform the Banking industry and the country at large.

The theme for the graduation is achieving technological transformation through human capital development.

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