Open financial services to more people says

Fri, 23 Feb 2018 08:58:17 +0000

By MAILESI BANDA

THE financial sector still faces a challenge of greater populating accessing affordable fiscal services, says, Transport and Communications permanent secretary Misheck Lungu.

Mr Lungu said that was despite the financial sector having been consistent in tapping into Zambia’s recent economic growth.

He said the need for financial services in areas that were enjoying investment and population growth created an opportunity for financial institutions to thrive.

Mr Lungu noted that despite the positive strides Zambia was making to achieve financial inclusion there were still some challenges in the sector.

He was speaking during the commemoration of MTN Zambia mobile money 1 million mark of active customers in Lusaka yesterday

He said this in a speech read for him by the ministry’s assistant director technical services and communications Austin Sichinga.

Mr Lungu said the ability to identify and deliver financial services required in an environment of economic growth and investment could not be overemphasized.

“The country’s economy continues to invest in different sectors such as mining, agriculture, manufacturing and tourism is creating an opportunity for the financial sector to reach new communities where jobs are being created for Zambians who will need access to financial services once they begin to earn an income,” he said.

Mr. Lungu said the increased use of financial services such as mobile money encouraged enterprise in the informal sector as medium to small scale enterprises would begin to thrive once they were able to tap into the various products and services on offer from the financial services industry.

MTN Zambia head of mobile money Ruth Chuunka said the company has reached a 1 million mark of active subscribers on the mobile money platform.

Ms Chuunka said this had resulted into increased investment into a robust distribution network, building on the financial services provider’s more than 3000 booths and 12000 active agents countrywide.

Ms Chuunka said digital financial services especially through MTN Mobile Money had unlocked financial inclusion for the unbanked population, resulting in the empowerment of Zambians and creation of jobs.