Bank of Zambia says more needs to be done to reach unbanked population


The Central Bank of Zambia has disclosed that much work needs to be done to drive financial inclusion and reach the unbanked population.

Bank of Zambia Director-Prudential Supervision, Gladys Mposha Chiwele, said this during the launch of Standard Bank Zambia Priority Banking Suit in Lusaka on Monday.

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Chiwele pointed out that there was still a gap in terms of how many people have formal banking accounts and how many citizens were financially included when comparing between urban and rural population.

She stated that statistical evidence of the National Strategy on Financial Education for Zambia, 2019-2024 suggested that despite efforts in driving financial inclusion programmes there was still additional work to be done.

Chiwele said this was because only 40 percent of the adults have an account with formal financial institution.

“While 37 percent of women are financially included compared to 43 percent of men and 36 of rural population are financially included compared 46 percent of urban population,” she said.

Chiwele commended Standard Chartered Bank for investing in technology and digital banking platforms which have allowed clients to self-on-board.

“As we celebrate the opening of the priority centre, I would like to urge the bank to increase its efforts in providing cost effective services and awareness to client in the safe use of digital platforms to safeguard their accounts in view of the potential cyber risks that come with it,” Chiwele stated.

Speaking earlier, Chief Executive Officer, Sonny Zulu, said the bank was committed to continue investing in Zambia’s economy.

Zulu claimed that the launch of the center represented a paradigm shift in the realm of affluent banking, setting a new precedent for client centric services in Zambia.

He said: “We do not just want people to bank, we want to offer solutions that enable our clients to grow their wealth and conduct their banking in an environment such as this this centre.”

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