By BUUMBA CHIMBULU
LOCAL investment portfolio in bonds and treasury bills is expected to spread across Zambia and to neighbouring countries following Government intention to introduce an innovation which allows citizen participate using mobile services, says the Private Sector Development Association (PSDA).
PSDA chairperson, Yusuf Dodia, observed that the new innovation would boost local participation in Government securities.
In an interview with Daily Nation, Mr. Dodia explained that the innovation would also encourage citizens living in neighbouring countries to participate in the securities as well.
“This will boost citizen participation in Government securities, an innovation such as this one opens wide doors to rural areas and other countries,” he said.
Mr. Dodia said that the positive innovation was not time bound, thereby allowing citizens to invest in the securities any time.
Government recently announced that it would soon roll out a new innovation meant to promote citizen participation in government securities such as bonds and treasury bills using mobile services.
Ministry of Finance permanent secretary, Mukuli Chikuba, said the new innovation would boost local participation in Government securities which was low.
Mr. Chikuba said Government had observed that citizen participation in its securities had been limited, hence the introduction of a new strategy.
“The participation by citizens in buying of Government bonds and securities has been very limited because the only channel which is being used now is the banking sector,
“So for those who are out in the streets, to go to the banks to buy these bonds is quite difficult. The level of savings of course amongst our people are low and some feel banks are not meant for them,” he said.