Zambia’s central bank on Tuesday launched a “Go Cashless” campaign aimed at encouraging people to adopt digital means of accessing and using financial services in a safe and secure manner.
Denny Kalyalya, the Governor of the Bank of Zambia (BoZ), said during the launch that the use of digital financial services will translate into tangible improvements in the welfare of consumers and contribution to economic growth.
“Over the last two decades, financial inclusion has been a central theme for many financial sector regulators the world over, due to the benefits of a financially included society,” he said.
The central bank chief said the mobile phone has become a tool that not only facilitates communication but was also a means of accessing financial services.
The central bank, he said, working in collaboration with its partners, will embark on a number of activities aimed at promoting digital financial services such as roadshows as well radio and television programs, among others.
“As people migrate towards digital financial services, it is important that they are aware of some key safeguards to enable them to use the services in a safe and secure manner,” he added.
According to a central bank survey of 2020, digital financial services, especially mobile money, was a major contributor to financial inclusion in the country resulting in overall financial inclusion of the adult population increasing to 69.4 percent from 59.3 percent in 2015.