By Business Reporter –
THE Bank of Zambia (BoZ) has challenged the Financial Service Providers (FSPs) to develop innovative products for the market by leveraging on advanced technology.
BoZ assistant director inspections in the non-bank financial institutions supervision department Joseph Mphande said FSPs needed to develop innovative products for the market by leveraging on advanced technology.
Speaking at the launch of the Entrepreneurs Financial Centre (EFC) Kalingalinga branch, Mr Mphande said FSPs had to lower costs of their products to ensure uptake and volume.
He said the move would lower unit costs to the benefit of customers.
He said while it was appreciated that the cost of providing facilities and infrastructure in Zambia could be significant, it was important that the level of charges should be commensurate with the quality of service.
Mr Mphande disclosed that BoZ had developed Agency Banking Regulations whose rationale was to provide the legal framework for licensed FSPs to engage agents such as supermarkets and businesses to provide cash-in and cash -out services in remote areas in which they had no physical presence.
