THE IMPACT OF COVID-19 ON PRODUCTIVITY

Why we should all follow the five golden rules

IN the last few months, corporates, SMEs, and public institutions have had to deal with the unfortunate incidents where staff members test positive for Covid-19. The national protocols are to ensure buildings and offices are shut down for some days to facilitate thorough cleaning and disinfection in the affected buildings. This is the right and responsible thing to do in order to prevent further spread of this pandemic and protect lives.

Closure of a business – even for just 1 day - does have an impact on productivity, especially on business operations, staff productivity and clients’ ability to do their daily business. In the banking sector where I work, we have experienced what it means when a branch has to shut down to facilitate deep-cleaning due to Covid-19 exposure. In these instances, we have had to request our valued clients to bank alternatively through digital, online, and mobile banking platforms; or advise them of alternative locations to conduct their business. Thankfully, the rise and sophistication of online and digital banking has greatly helped clients transact virtually on secure banking platforms.

Furthermore, these measures do impact staff and productivity - some must go into self-quarantine, with

ANKING plays an integral role in the deand Exchange Commission. The Association also works to ensure that the bank

velopment of commerce and industry in BAZ is a mouthpiece of the banking sector and is ing industry views are put forward when government

any economic dispensation. In this regard, mandated to address various matters of common indetermines policy or legislation. Many areas of law and

banks play an important role in the creation of new dustry interest through lobbying, advocacy and poliincluding international law impact upon the interests

capital (or capital formation) in a country and thus cy influence. The Association aims at facilitating the of commercial banks in Zambia.

help the economic growth process. The banking sysindustrial and innovation growth of the sector, as well For example, issues of micro and fiscal policies and

tem facilitates the intermediation of internal and as building and sustaining good-will and public confinancial sector reform affect the trading environment

international trade. fidence in the commercial banking sector. One of the for banks in Zambia and the Association consults its

The history of the banking sector in Zambia ways this mandate is realised is through engagement members to form industry position on many such isdates raised as far levels back as of 1906, anxiety when the and first commercial We must with commend critical Government the agencies omy, and ministries our communities. as sues. With the The active victim participation then of unwittingthe member bank-Standard Chartered Bank was established, with well as other critical stakeholders in the Zambian econbanks, the Bankers Association of Zambia works to fos

worry across the business, health professionals for their ly installs malware, which

it first branch opened in Kalomo District of Southern omy. ter an environment in which financial services are val

their individual families, relentless efforts in educatFRAUD PREVENTION TIPS sends their personal or con

Province. In the last 114 years of the existence and operued and can prosper. In communicating the industry’s

and friends. ing us on the pandemic and SOCIAL ENGINEERING fidential information back ation of the commercial banking sector in Zambia, the HOW WE WORK views, the Association works with Government, the

And that is why it is key for the hard work they conMODUS OPERANDI to the criminal.

country currently has 18 registered commercial banks. The Bankers Association of Zambia works with its regulators, other industry associations, the community,

for all of us to follow the natinue to do in our hospitals Social engineering exploits

Taking into account the critical role played by the members to provide analysis, advice and advocacy and community groups and the media.

tional guidelines to prevent and communities, under human psychology and is a

sector in the provision of banking services to all seccontributes to the development of public policy on Some of the initiatives that the Bankers Association

further spread of Covid-19. tors of the economy the existing banks in the very country trying banking circumstances. and other financial services. form of manipulation of Zambia used is working on in collaboration with the Bank realised Those the five importance golden of rules establishing adan umbrella However, The the Bankers onus Association comes of by Zambia criminals works to to ensure gain of personZambia and other key stakeholders include the folbody vocated that would each effectively and every represent day the interests down of to each that the and banking every system one can al continue or confidential to deliver the informalowing: - the by sector. Government, and in parof us! All of benefits us must of competition support to Zambian tion from banking an customunsuspecting

ticular It was against by the this background Honourable that in the 2008, national the ers. fight against victim. Criminals know -Promoting that shared digital payments channels through Bankers Minister Association of Health, of Zambia must (BAZ) be was Covid-19 formal– we must play our the weakest link in the seEnsure that you have the ly adhered registered. to: Prior to the establishment of part BAZ, individually the and have a curity chain is a human and latest anti-virus software Association 1. Mask operated up informally with the sense chairing of collective responsiwill pose as technical supapplications installed on bank 2. in Maintain a particular physical year, offering / all related bility secreto implement the five port engineer, or bank staff, your computer. tarial services, social as distance well as coordinating all activities golden of rules. With the furand will exploit the victim’s

the membership. The Association’s role has overtime

3. Wash your hands ther opening of our econoinclination to trust. The vic

evolved to include the promotion of efficiencies, in

frequently with soap my, including schools and tim then willingly divulges

novations and industry growth and positioning mem

and water, or use hand businesses in the hospitalany information requested

ber-banks to continue supporting both private sector

sanitizer ity sector, these five golden by the criminal. In other

and Government economic agendas enshrined in the

4. Avoid crowded places rules are more important cases, victims are guided by

country’s National Development Policies.

and stay at home if you now than ever before. the criminal, purporting to

BAZ aims at participating at the highest level of

do not have to go out decision making in the country through the The continsooner we adhere and be a technical support enued 5. engagement Seek medical with the attention three primary regulators overcome of Covid-19, the betgineer requested to follow the financial immediately services sector-the if you Bank of Zambia, ter for the all of us, for our proseveral steps to “fix” some

Pensions develop and Insurance any symptoms Authority and the ductivity, Securities our national econ- thing on their computer.

TIPS Keep your software up to date, using the latest security patches available. Do not give control of your computer to a third party who call you unexpectedly.

Do not rely on call line identification (CID) alone to authenticate a caller. Criminals spoof CID numbers. They may appear to be calling from

a legitimate company or a local number, even when they are not in the same country as you.

the National Financial Switch

-Developing accessible and affordable financial

and services to support the National Inclusion Strategy

Never provide your password, credit card or other financial information to someone who calls and claims to be from tech support.

-Promotion of Financial Literacy programs groups

-Fraud Prevention and Security awareness

-Leadership in the development of policy

• If you are concerned about your computer,

HOW call WE ARE a reputed GOVERNED security

The software Bankers Association company of Zambia dithrough rectly a committee and ask of for Chief help. Executive commercial banks which meets monthly matters Never affecting respond the banking to sector. emails The Association appearing are coordinated to be through from the who report your to bank the Executive that committee. request The Committee your is personal elected every details. year at the No Annual Meeting bank and is will made ever up of: ask you to

The confirm Chairperson, or Deputy update Chairperson, your Executive account member details and the via BAZ email CEO who

The Bankers Association of Zambia Secretariat currently Do led not by Chief click Executive on Officer links who

by or the icons Public Relations on unsolicited & Administrative and a email. Research and Communications Officer.

The Chief Executive Officer with support management Never team, provide play a crucial your role onin BAZ’s line responsibility ID, password, to improve or public PIN awareness understanding to anyone. of the industry’s contribution country’s economy and communities, with

• Change your PIN and emphasis on consultation with stakeholders.

Having passwords discussed frequently. in brief the background please look out for a two series column on

Place sensible transacto individual financial awareness as tion limits on your acjoins the rest of the world in commemorating

counts.

Financial Literacy Week.

Contact address

Bankers Association of Zambia

As always, be sure to join

3rd Floor, Citibank House us next week as we bring to

Stand 4646, Elunda 3 you another exciting topic

Addis Ababa Roundabout regarding banking matters.

P.O. Box 34180

Please share your com

Lusaka, Zambia ments Tel: and +260 thoughts 211 234208/55 with us via Email: Fax: +206 Mirriam.Zimba@ 211 233046 baz.co.zm E-mail: bazsecretariat@baz.co.zm