Africa-Press – Zambia. In promoting an oversight of Digital Financial Services – DFS and the associated safeguards, the Bank of Zambia – BOZ has launched ‘Go Cashless’ Campaign, a collaborative framework meant to promote a coordinated approach to scaling up the usage of Digital Financial Services in Zambia.
Speaking during the ‘Go Cashless’ Campaign launch, Bank of Zambia Governor Dr Denny Kalyalya noted that the ‘Go Cashless’ is a theme which was adopted last year, anchored on the need for consumers to adopt digital means of accessing and using financial services in a safe and secure manner.
Dr Kalyalya explained that the benefits of DFS include proper management of household income, ability to build assets, increased social security, reduced vulnerability, and creation of job opportunities, adding that by having access to appropriate financial services and products, individuals can achieve positive outcomes that improve their livelihoods.
Dr Kalyalya stated that on the journey towards a more financially included society, digital technology and Digital Financial Services have played a transformative role by enabling access and usage of financial services through digital means.
He cited that the FinScope Survey of 2020 revealed that Digital Financial Services, more specifically mobile money, was the major contributor to the increased financial inclusion in Zambia, the FinScope Survey of 2020 showed that overall financial inclusion of the adult population increased to 69.4% from 59.3% in 2015.
“As people migrate towards Digital Financial Services, it is important that they are aware of some key safeguards to enable them use the services in a safe and secure manner, thus calling on all relevant stakeholders to work in a collaborative manner to address emerging risks,” he said
The Governor mentioned that today, the mobile phone has become a tool that not only facilitates communication but is also a means of accessing financial services, this entails that anyone can now save, invest, and obtain credit/loan or insure their valuable assets and property from literally anywhere and at any time.
He disclosed that following the launch of the campaign, the Bank and its partners will embark on a number of activities such as radio and television programmes, which have been lined up for the promotion of Digital Financial Services and the associated safeguards.
“The campaign team will commence roadshows in selected locations across the country where it will have engagements with members of the public, this is in addition to other activities that will be done through digital media and social media channels,” he disclosed
Dr Kalyalya has since commended various stakeholders such as the Zambia Information and Communications Technology Authority – ZICTA, the United Nations Capital Development Fund – UNCDF, Financial Sector Deepening Zambia – FSDZ, the Bankers Association of Zambia – BAZ, and the Payment Association of Zambia – PAYZ for their collaborative effort and positive contributions and support they continue to render for the growth of growth of in Digital Financial Services.
“May I also recognise the role that the respective financial service providers continue to play in the industry, without whom delivery of services would not be possible. However, I hasten to challenge financial service providers and other stakeholders to take up the opportunity to join the ‘Go Cashless’ campaign in order to continue providing Digital Financial Services that are customer centric and meet the ever-changing needs of consumers,” he noted
Dr Kalyalya has urged members of the public to be more cautious as they use these digital means, stating that financial service providers must also ensure that their customers do not fall prey to fraudsters who target innocent consumers by using deceptive methods of obtaining sensitive data that allow them to access customer funds.
“This campaign is not only for stakeholders mentioned above, but for all of us who must also join this campaign by sharing vital information on how to avoid being defrauded, for together, we can achieve a lot more in securing the national payment system,” he mentioned
Dr Kalyalya has warned fraudsters that the long arm of the law will catch up with them, as evidenced by the recent arrests that have been made by the security wings in collaboration with the various regulators and financial service providers.
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