What’s next for banking sector?


THE past few years have recorded significant commendable developments in the banking sector with innovations such as ATM deposits, cardless transactions, and online payment of bills, among other developments increasing customer satisfaction and contributing to financial inclusion.
However, these innovations have not come without a cost as jobs in the sector are being replaced by technology, and the increase in non-bank financial institutions and village banking which are using innovation and technology to create customer-orientated solutions could possibly cause a threat on the banking sector, but the questions is, will the banking sector remain resilient amid these developments?
Zambia has in place the 2017-2022 National Financial Inclusion Strategy (NFIS) which is envisaged to increase universal access and usage of quality and affordable financial products and services.
The contribution of the banking sector towards financial inclusion in Zambia has been significant as can be noted from the 2015 Finscope report, whose findings showed that the uptake of commercial banks by adults increased from 13.9 percent in 2009 to 24.8 percent in 2015.

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