By Nation Reporter
ZAMBIA has a positive economic outlook in the long-term, hence commitment to invest further in the banking market, says Standard Chartered Bank Zambia chief executive officer Andrew Okai has said.
Mr Okai re-affirmed the banks continued commitment to Zambia as it had positive outlook in the long-term.
He was speaking at the Zambia Institute of Business and Financial Services (ZIBFS) conference in Lusaka, dubbed “The Transformative Role of Technology in Financial Inclusion”.
“This year Standard Chartered Bank celebrates 110 years of operating in Zambia. I would like to use this opportunity to re-affirm our continued commitment to Zambia. We have a positive outlook for Zambia in the long-term and have committed to invest further in this market,” he said.
Mr Okai also said technological advancement had the impetus to drive financial inclusion in today’s world.
He explained that the power of technology to influence the path and outcomes of financial inclusion come from the derived benefits such as facilitating easy access to banking.
“Ultimately, the power of technology to influence the path and outcomes of financial inclusion come from the derived benefits, technology facilitates easy access to banking and this goes beyond geographies – there is now literally no need to travel in order to do your banking. In the case of small businesses, this means more time to focus.
“In the case of small businesses, this means more time to focus on the core aspects of growing their business and innovating. I am particularly enamoured by the progress in business banking and believe we are about to see a real boom in this space not only in Zambia, but globally too – a key enabler again in financial inclusion,” he said.
Mr Okai explained that additional technological developments which presented opportunities in the banking sector included touch-less banking and internet of things (IOT).
He further said other technological advancement opportunities were near field communications (NFC) non-present client on boarding.
Mr Okai also said financial technology impacted on financial inclusion with services such as development of electronic loan applications.