BANKS, TELECOMS, CHALLENGED TO PROVIDE SOLUTIONS FOR INFORMAL SECTOR
Bank of Zambia BOZ has challenged payment service providers to design products aimed at attracting informal market players.
BOZ Deputy Governor – Administration Rekha Mhango says this can be done by addressing their needs and vulnerabilities to enhance their business activities.
She says this will improve the economic welfare of the country and reduce the proliferation of money circulation schemes.
Ms Mhango said this during the official opening of the finscope survey dissemination workshop in lusaka today .
She said through a broad range of afforable financial services, the country will be able to reduce poverty , increase investment and enhance job creation.
Ms Mhango said financial inclusion remains the second pillar of the banks strategic plan and is aimed at increasing the number of people who have access to banking facilities.
And FSD CEO Betty Wilkson said Zambia’s finscope studies have been used to develop financial sector development strategies, and also to measure their progress and gaps.
She however said financial education uptake is slow, despite growing investment.
