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.
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.
The Governor mentioned 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.
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.
Dr Kalyalya 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.
Dr Kalyalya also 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.