By BUUMBA CHIMBULUTHE Bank of Zambia (BoZ) will increase usage of formal financial services to 70 percent by next year through implementation of various strategies in an effort to secure funds.The Central Bank is working on more strategies which will assist to migrate users of formal financial services to 70 percent by 2022 from the current 38 percent due to risks associated with the informal setup.This is according to the BoZ Financial Sector Development Manager, Kabinda Kawesha.Ms Kawesha explained that the target of the National Financial Inclusion Strategy 2019-2022 was to lower the usage of informal financial services as they were not safe.“Under the Financial Inclusion Strategy, we are trying to see how we can migrate people who are only relying on the informal finance to bring them into the financial sector and ensure that they are not only using their savings groups or village banking but they are also using more diverse financial services.“This […]
BOZ ACTS TO BOOST FORMAL FINANCIAL SERVICES
