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BoZ targets financial stability and financial inclusion in its 2020-23 Strategic Plan

THE Bank of Zambia says it is aware of the huge challenges that still need to be addressed to bring more Zambians into the banked population.

BoZ has officially launched its new strategic plan, covering the period 2020 to 2023, under the theme ‘Building an Inclusive and Resilient Financial Sector’.

BoZ governor Dr Denny Kalyalya, who launched the plan yesterday, said the 2020 to 2023 Strategic Plan represents the priority areas the central bank wants to concentrate on during the four-year period.

“In this vein, the bank has picked on financial stability and financial inclusion as the two focus areas for the plan,” Dr Kalyalya said.

In the area of financial stability, the bank will pursue the following strategic initiatives: strengthen microprudential and macroprudential regulation and supervision; develop and strengthen financial market infrastructures oversight; and enhance data collection, management and application.

With regard to financial inclusion, the bank will focus on: promoting digital financial services; pushing the rural finance frontier forward; increasing availability of children and youth friendly financial products; disseminating Zambia’s financial inclusion information; and mainstreaming gender in the financial sector.

“In the financial inclusion space, we are aware of the huge challenges that still need to be addressed to bring more Zambians into the banked population. Therefore, by adopting financial inclusion as a focus area, we want, among other things, to contribute to the attainment of the National Financial Inclusion Strategy formal financial inclusion target of 70 per cent by 2022 and to reduce the gender gap to 5 per cent by 2023,” said Dr Kalyalya.

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