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BoZ quickens financial education countrywide

THE Bank of Zambia (BoZ) has accelerated financial education across the country to increase the number of people accessing formal banking services and products.
BoZ head of the financial sector development unit Musapenda Phiri said the public’s knowledge on the importance of formal banking sector will enable them use the services effectively.
Mr Phiri said in an interview recently that the central bank has already sent its stafft o 10 provinces to sensitise the public on the importance of banking in the formal sector.
“We have accelerated financial education across the country, which is critical, because if people have the understanding and knowledge on how the financial sector works, they will be able to put things in to perspective and participate effectively.
“We are currently carrying out sensitisation programmes across the country in all the 10 provinces and we intend to reach as many districts as possible to ensure that people know about the value of putting finances in a formal institution, rather than keeping their money in their homes,” he said.
Mr Phiri said BoZ also intends to increase the financial inclusion levels in the country by a further 15 to 16 percent.
According to findings of the 2015 Finscope Survey presented yesterday, Zambian adults accessing financial services have increased from 37.3 percent in 2009 to 59.3 percent in 2015.
He said to increase financial inclusion levels, the central bank is working with banks and non-bank institutions.
He said the financial sector has performed relatively well over the years which has been reflected in last year’s Finscope survey.
“We are working to increase these numbers through provision of products at least by about 15 to 16 percent over the next three years. Generally, we are satisfied that we are on the right track in the provision of financial services ,” he said.