State commits to creating enabling environment

GOVERNMENT is committed to providing and maintaining an enabling environment in which players in the financial sector can carry out businesses competitively and responsibly.
Muchinga Province permanent secretary Bright Nundwe said Government is working on a financial inclusion strategy that seeks to ensure all Zambians are financially included.
He urged financial service providers to make their services available in rural areas to benefit all.
“These products and services should also respond to the needs of communities. Cost is another factor that prevents some citizens from fully participating in the financial sector,” Mr Nundwe said.
He urged financial institutions to make their products and services available to the public.
Mr Nundwe said in Chinsali recently products and services should also be made affordable to encourage more people to utilise the formal financial services.
He said Government desired an upward growth of financial inclusion levels in rural areas where they were still significantly low.
“We are looking forward to growing by 22 percent from 59.3 percent in the year 2015. This is to target over 80 percent Zambians who are financially included by 2022,” Mr Nundwe said.
He urged the financial sector players to educate citizens on finance.
And Bank of Zambia senior economist at Muchinga regional office Abel Shimba said the country’s economy was not only driven by activities of large corporates and organisations but also decisions made by individuals.
Dr Shimba said simple personal financial management decisions such as savings, investment and insurance had a large impact on the economy.
“Today, we have at our disposal the technological advantage and opportunity to spread various financial services through the usage of Digital Financial Services (DFS). Through this, it can be done safely, efficiently and effectively,” he said.
The economist called for positive behavioural changes in the way people manage their financial affairs for the well-being of themselves and their families.


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