By MAIMBO MWEEMBA
Bank of Zambia (BOZ) Governor Denny Kalyalya says cyber security and awareness about fraud should be enhanced to protect consumers of digital financial services.
Dr Kalyalya says the use of digital platforms has potential to enhance revenue collection and contribute positively to the national Treasury.
Dr Kalyalya said the country’s overall financial inclusion increased from 37 point 3 percent in 2009 to 69 point 4 in 2020.
Dr Kalyalya said collaboration between Government, financial sector regulators, service providers and the general public has resulted in increased public awareness of the availability of financial services across the country.
Speaking during the launch of the public awareness week of the financial literacy week, Dr Kalyalya said technology and innovation in the financial sector has also contributed to raising the level of financial inclusion.
He said formal financial inclusion also rose significantly from 38 point 2 percent to 61 point 3 and has attributed this to the increase in the uptake of mobile money.
Dr Kalyalya said with acquired knowledge on financial literacy, targeted groups can have the confidence and motivation to make sound financial decisions and use appropriate financial services.