SAFEGUARD DIGITAL FINANCIAL SERVICES – KALYALYA

By Brian Mwale

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.

He said this in a speech read for him by his Deputy Operations FRANCIS CHIPIMO at the opening of the COMESA Business Council -CBC- 4th Digital Financial Inclusion Public Private Dialogue in Lusaka today.

Dr. KALYALYA said the Central Bank looks forward to fruitful engagements that will build synergies for best outcomes in the successful implementation of a Regional Digital Retail Payment System that is responsive to market transactional needs for Micro, Sma
l 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.

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

Meanwhile, CBC Board President MARDAY VENKATASAMY revealed 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.

Bankers Association of Zambia -BAZ- Chairperson MIZINGA MELU said her association attaches great value to the objectives of the meeting themed “Towards a Regional Digital Payment Platform for Micro, Small and Medium Enterprises in COMESA,” as the banking se
tor is a financial intermediary for the smooth flow of funds among the various users.

And COMESA Business Council Chief Executive Officer SANDRA UWERA said providing Micro, Small and Medium Enterprises participation in Digital Finance will lead to economic growth and job creation.

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