Private public partnerships crucial to wealth creation-BoZ

GOVERNMENT through the Bank of Zambia (BoZ)) will continue to value private public partnerships as a vehicle for wealth creation efforts and reducing poverty.
BoZ director (non-bank financial institutions supervision) Visscher Bbuku said financial strategy was one of the strategic objectives of the central bank in financial services.
Speaking recently at the consultative meeting of findings of the Zambia financial diaries and 2015 Finscope survey, Mr Bbuku said BoZ took interest in the diaries as they will greatly assist in increasing inclusion levels for the low income groups.
He said the result of the ongoing findings would assist policy-makers to ensure enabling environment within which these financial services could be delivered.
“The financial diaries will be a useful tool for increasing financial inclusion in a bid to reduce poverty, and we are looking forward to seeing the conclusion of the diaries over the next six months and that the result will contribute to improving financial access policies for the low income groups and assist in growing the country’s economy,” he said.
He said the British Department for International Development (DFID)’s established Financial Sector Deepening Zambia (FSDZ) with a mandate to increase financial inclusion.
FSDZ director Joanna Ledgerwood said financial services in Zambia operated in an information-poor environment, and the depth and pervasiveness of information constraints affect every aspect and player in the market.
She said financial diaries facilitated the generation of a multi-dimensional comprehensive set of data on household financial management.
Ms Ledgerwood said FSDZ was currently conducting financial diaries collecting data on a weekly basis over a period of 12 months for 380 households.
She said the objective of the exercise was to better understand the financial behaviours and attitudes of lower income families with regard to cash flow management, risk management and productive investment.
“The findings of the diaries, coupled with the 2015 Finscope data which was recently completed will be useful to FSDZ and other stakeholders to support the development and delivery of financial services for lower income households and small businesses. It will also assist policy-makers in ensuring an enabling environment within which these services can be delivered,” she explained.

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