BAZ targets 80% financial inclusion by 2020

Bankers Association of Zambia Chairperson Charles Mudiwa says his organization is looking to achieve 80 per cent financial inclusion by the year 2020, from the current 59 per cent.

And 18 heads of commercial banks have pledged K100,000 towards supporting Lusaka City Market inferno victims.

Speaking during a meeting which was held at State House between President Edgar Lungu and 18 Managing Directors from different Commercial Banks yesterday, Mudiwa said the association remained committed to continue supporting the growth of key economic sectors in the country.

“We will continue to nature our collaboration with the government. The Bankers Association of Zambia is further looking at creating a cashless society through the promotion of digital payment platforms such as e-tax, e-commerce, e-NAPSA, and FISP e-Voucher. As part of the discussion, BAZ is committed to continue supporting the growth of key economic sectors through extension of credit to both the private and public sectors as outlined in the 7th National Development Plan,” Mudiwa said.

He said through increased savings, commercial banks would have adequate deposits to extend to the developmental sectors of the economy.

“As Bankers Association of Zambia, we will continue to focus on financial inclusion through increased advocacy and financial education initiatives. Currently financial inclusion sits at 59% and we are looking to achieve 80% by 2020. With increased savings, commercial banks will have adequate deposits to extend to the developmental sectors of the economy,” said Mudiwa.

“The Bankers Association of Zambia is optimistic that interest rates will continue to come down in line with the Monitory Policy Rate reductions. BAZ remains committed to supporting the government of Zambia and also thanked the President for meeting with the Association.”

         

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