Access at least basic financial services, urges BOZ governor

Dr. Denny Kalyalya – BoZ Governor Picture by Albert Mpezeni

Bank of Zambia Governor Dr. Denny Kalyalya says it is important that every segment of the Zambian society has access to basic financial service including an affordable savings account.

Speaking during the commemoration of the world savings day in Lusaka, Dr Kalyalya says this day should not just be an event, but a way of life which should be done on a day today basis.

He notes that the collective efforts of holding the Financial Sensitisation Campaign is gaining traction, with the insurance sector scaling up financial education through the insurance week.

Dr. Kalyalya says irrespective of social economic status, gender or level of education, there is need to ensure that every segment of the Zambian society has access to basic financial service.

The Central Bank Governor has also encouraged students to develop a culture of saving to help secure their future financially.

Speaking at the same event, Bankers Association of Zambia (BAZ) chairperson, Kola Adeleke says poor financial choices are sometimes based on lack of understanding of financial matters and can result in a number of negatives outcomes.

Mr Adeleke says financial literacy has a positive direct impact on improved livelihoods, economic growth, sound financial systems and poverty reduction.

He adds that the banking sector in Zambia stands ready to work with the Zambian government through the ministry of finance and the central bank in providing financial services and products, with the view of scaling up financial inclusion.

And National Savings and Credit Bank Chief Executive Officer, Mukwandi Chibesakunda says savings is fundamental to the nation.