Make financial services affordable – Kalyalya


GOVERNMENT has called on regulatory authorities in the financial sector to ensure products developed by financial providers are of quality and acceptable standards to safeguard consumers’ interests.

Minister of Transport and Communications Brian Mushimba said there is a risk of some institutions taking advantage of consumers by providing low-level services, thereby frustrating their needs.

Mr Mushimba said the liberation of the digital financial sector has brought about increased number of players that are providing a myriad of products and services.
He said mobile providers should ensure mobile money platforms undergo vigorous tests with the regulatory authorities before being offloaded on the market to ensure they offer unparalleled services to consumers.
Mr Mushimba was speaking during the launch of Zamtel Kwacha, a mobile money payment platform in Lusaka yesterday.
“I, therefore, wish to take this opportunity to implore the Bank of Zambia (BoZ), and the Zambia Information and Communications Technology Authority, who are the regulators of the this sector, to ensure that quality of products and services that are delivered to the final consumer, is of acceptable standards.
“The regulators also need to ensure financial services are affordable and are made accessible to the marginalised in society,” he said.
BoZ governor Denny Kalyalya called on financial institutions to review their transaction fees to make financial services affordable for ordinary Zambians.
Dr Kalyalya said financial players should ensure that products developed promote fair access to banking services to promote financial inclusion in the country.
And Zamtel acting chief executive officer Sydney Mupeta said the launch of Zamtel Kwacha is aimed at promoting financial inclusion in the country.
Mr Mupeta said currently, only 24.8 percent of Zambians are formally banked, and that there is need to expand financial services to the unbanked population.
Zamtel has launched a new product on the market dubbed ‘Zamtel Kwacha’ aimed at bridging the financial gap among Zambians, especially those in rural areas.

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