Invest in consumer awareness, DFS told

 Invest in consumer awareness, DFS told

The Bank of Zambia (BoZ) has called on Digital Finance Services (DFS) providers invest in secure applications, consumer awareness and knowledge sharing to protect customers.

BOZ Governor Denny Kalyalya says customers especially new ones need to be shielded from cyber-crimes.

Speaking in a speech read for him by Deputy Operations Francis Chipimo at the opening of the Comesa Business Council (CBC) 4th Digital Financial Inclusion Public Private Dialogue, Dr Kalyalya said the Central Bank looks forward to fruitful engagements that will build synergies for best outcomes.

He said that includes the successful implementation of a Regional Digital Retail Payment System that is responsive to market transactional needs for Micro, Small and Medium Enterprises in the COMESA region.

And Assistant COMESA Secretary General Programs Kipyego Cheluget said Sub Saharan Africa has experienced commendable progress in financial inclusion especially in mobile accounts hence playing a key role in expanding financial inclusion.

“FinTechs and Telcos are allowing more people who were initially excluded from the traditional banking system to access financial services,” he said.

And, CBC Board President Marday Venkatasamy said that Micro, Small and Medium Enterprises contribute between 50 to 70 percent of the GDP in COMESA and account for 50 to 60 percent of employment opportunities in the region.