By BUUMBA CHIMBULU
GUIDELINES to enhance mitigation of risks that come with innovation while protecting the financial sector from fraudsters have been issued by the Bank of Zambia (BoZ).
The cyber and information risk management guidelines provide minimum requirements to help enhance the management of risks that come with innovation such as cyber risk.
This is according to the BoZ acting Assistant Director-Examinations and Surveillance Bank Supervision Department, Beatrice Kalale.
Ms Kalale speaking in Lusaka yesterday at the launch of the United Bank for Africa (UBA) Zambia’s Industrial branch stressed the importance of collective efforts to guard the financial sector from fraudsters.
She said doing so would promote public confidence in the sector that would in turn stir increased participation.
She noted that the opening of the UBA Zambia branch provided an opportunity to the institution to engage customers and raise awareness on the safe use of technology, especially as it related to banking services.
“The evolution of the financial sector provides both opportunities and challenges. As we strive for efficiency through the increased use of technology in providing financial services and products, it is important that banks remain vigilant in mitigating the risks that come with innovation such as cyber risk,” Ms Kalale said.
She was optimistic that UBA Zambia would continue to positively contribute to economic growth through various innovative products.
Speaking earlier, UBA Zambia Chief Executive Officer, Chinedu Obeta, announced that the institution now had eight branches in the country.
Mr Obeta also announced that the Central Bank yesterday approved the establishment of the ninth branch in Chipata which would be opened in the next two weeks.
He stressed the bank’s utilisation of the digital platforms to provide convenient banking for customers.
And UBA Zambia Board Chairperson, Tukiya Kankasa Mabula, urged businesses to capitalise and leverage on the bank’s extensive touch points to conduct their businesses.
Dr Mabula said pointed out the branch’s latest technology that would benefit customers.