By Staff Reporter, Lusaka
The Bank of Zambia (BOZ) and Financial
sector deepening Zambia (FSDZ) signed a
Memorandum of Understanding (MoU) at
the Bank of Zambia.
The MoU will support the Bank of Zambia to
increase financial inclusion in fourteen
areas. Three key ones are:
• Implementation support for the National
Financial Inclusion Strategy;
• Support and development of a financial
market system that works better for poor
communities and households, particularly
women and youth, smallholder farmers, and
micro, small and medium-sized enterprises;
and
• Development of digital financial services
and financial technology, to help us shift
Zambians from cash payments to digital
transactions over time.
In his keynote address, Bank of Zambia
Governor Dr. Denny Kalyalya said financial
inclusion is one of the Central Bank’s
strategic focus areas.
“The Bank of Zambia sees this
Memorandum of Understanding as useful in
expanding formal financial inclusion by
sixteen percent over the course of this
cooperation. The environment is ripe for
innovative ideas including digital financial
services which have proved to be a platform
to drive financial inclusion.”
“Our previous MoU with FSDZ achieved
several milestones. This new MoU will
surpass it, especially with the former
Governor Dr. Caleb Fundanga at the helm of
FSDZ. He understands the challenges
Zambians face in accessing financial
services,” Dr. Kalyalya added.
Also speaking at the event, FSDZ Board
Chairman Dr. Caleb Fundanga said by
signing this Memorandum of Understanding
today, FSDZ hopes to support the Bank of
Zambia in meeting its multiple
commitments for full financial inclusion
under the Maya Declaration, in the Bank of
Zambia’s Strategic Plan 2016-2019, and in
the upcoming National Financial Inclusion
Strategy.”
He said the relationship between the Central
Bank and FSDZ is one that has been
cemented over time.
Dr Fundanga said a notable collaboration
was the 2015 Finscope Survey, which
measured financial inclusion.
“Financially included Zambians rose from
37.3% in 2009 to 59.3% in 2015. We made
very good progress, but we still have a way
to go,” he said.
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