BANKING TRANSFORMING INDUSTRY, DEVELOPING ZAMBIA

THE BANKERS ASSOCIATION OF ZAMBIA ( BAZ) CONGRATULATES MR. CHRISTOPHER MPHANZA MVUNGA ON HIS APPOINTMENT AS BANK OF ZAMBIA GOVERNOR On

THEmonth of October is usually reserved for the commemoration of the World Savings Day, an annual event that Zambia joins the rest of the world in observing.

This week, we begin a series of articles throughout the month of October, with a special focus on the up-coming World Savings Day commemoration.

This article will introduce to you this global and historic perspective of the World Savings Day and its significance.

The World Savings Day is an event to increase the public’s awareness of the importance of savings for both modern economies and for individual alike. Savings is important in the global economy and every depositor contributes to its development.

About World Savings Day For more than 90 years, the World Savings and Retail-Banking Institute ( WSBI) and its members have spearheaded annually a day dedicated to promoting the virtue of people saving money. This day is called the World Savings Day. It was first the initiative of the WSBI, the voice of savings and retail banks in close to 80 countries, the day remain relevant for members who engage actively in celebrating their local areas.

Why it is Important

For Brussels-based WSBI and its members, World Savings Day places added focus on the stabilising role played by savings and retail banking in the overall financial system. It evokes some of the ethos of

plays an integral role in the de- and 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 in- determines policy or legislation. Many areas of law and banks local play banks, an important households, role in small the creation and of new to secure dustry interest the economy. through lobbying, advocacy and poli- including international cation purposes: law impact upon the interests capital and medium (or capital sized formation) firms (SMEs) in a country For and example, thus cy influence. the first The NationAssociation aims at facilitating the of commercial banks • Do in not Zambia. use any information help and the economic local authorities. growth process. WSBI The banking al Thrift sys- Day industrial was celebrated and innovation in growth • of Personal the sector, information as well For inexample, that issues may of micro have and been fiscal compropolicies and tem member facilitates banks the intermediation demonstrate of internal 1921. and as building and sustaining good-will cludes and identity public con- documents, financial sector mised. reform Rather affect the use trading other environment personinternational their locally trade. focused approach In other fidence countries, in the commercial such as banking driver’s sector. licenses, One of the passports, for banks in Zambia al information and the Association that you have consults not its

to The banking history through of the banking World Savsector in Germany, Zambia ways peoples’ this mandate confidence is realised addresses is through and engagement contact members details, to form used industry previously position to confirm on many your such is- dates ings as Day far back activities as 1906, in when the the comfirst commercial in savings with had critical to be Government restored agencies among and others. ministries as sues. With the identity active in participation future. of the member bank-Standard munities they Chartered serve. Bank was established, because with many well as people other critical did stakeholders not • in Confidential the Zambian econ- information banks, the Bankers • Register Association a of new Zambia email works acto fos- it first History branch opened of The in World Kalomo Savings District of even Southern think omy. of saving since they includes usernames, ter passan environment count. in which financial services are val- Province. Day In the last 114 years of the existence had and oper- lost close to everything in words, and PIN numbers. ued and can prosper. • Implement In communicating dual authenticathe industry’s ation The of the World commercial Savings banking day sector was in Zambia, the German the HOW Monetary WE WORK Reform views, the Association tion for all works accounts with Government, and prodthe country established currently on has October 18 registered 31, 1924, commercial of 1923. banks. The Bankers Association of Zambia works with its regulators, other ucts, industry especially associations, for financial the community, ser

during Taking into the account first the International critical role played After by the the members second to World provide War, analysis, advice Your and personal advocacy and information community groups vices and products. the media. sector Savings in the Bank provision Congress of banking ( World services World to all sec- Thrift contributes Day continued to the development and can be of public used by policy criminals on Some to asof the initiatives • Register that for the Bankers SMS notificaAssociation

Society of Savings Banks) in Mireached the peak of its popusume your identity and acquire tions to alert you when products

tors of the economy the existing banks in the country banking and other financial services. of Zambia is working on in collaboration with the Bank

lano, Italy. The Italian professor larity in the years between 1955 retail or bank accounts, or even and accounts are accessed.

realised the importance of establishing an umbrella The Bankers Association of Zambia works to ensure of Zambia and other key stakeholders include the fol-

Filippo Ravizza declared this and 1970. It became a veritable defraud your insurance, medi• Conduct regular credit

body that would effectively represent the interests of that the banking system can continue to deliver the lowing: -

day the ‘International Savings tradition in certain countries. In cal aid, among others. In some checks to verify whether some

the sector. benefits of competition to Zambian banking custom-

Days’ on the last day of this Austria, for instance, the official instances, they impersonate one has applied for credit using Congress. It was against this background that in mascot 2008, the of ers. saving, the so-called you, and using social engineer-Promoting shared your digital personal payments information channels through and Bankers World Association Savings of Day Zambia of (BAZ) the was ‘Sparefroh’ formal- (literally: ‘Happy ing, access your bank accounts if so, advise the credit grantor ly World registered. Thrift Prior Day to the was establishment estabof Saver’) BAZ, the reached a higher degree and carry out transactions. immediately.

Association lished to operated inform informally people with all the of chairing brand awareness than the As some personal informa• Investigate and register for bank around in a particular the world year, about offering the all related republic’s secre- President and even a tion such as your identity numcredit related alerts offered by tarial idea services, of savings as well their as coordinating money in a all activities street was of named after him. In ber cannot be changed readily, credit bureaus. the bank membership. rather than The Association’s the use of unrole has the overtime 1970s, the ‘Sparefroh-Jourand other personal information • Check your bank statements evolved conventional to include means the promotion of savings, of efficiencies, nal’, an in- educational magazine such as your home and work regularly. novations such as and keeping industry their growth money and positioning at for mem- younger people, reached a addresses are impractical to ber-banks home. to continue supporting both private circulation sector of 400,000 copies. change, we recommend that and Government There had economic been some agendas examenshrined in the you consider the following precountry’s ples of National days that Development were commitPolicies. cautionary measures when you

ted BAZ to aims the at idea participating of saving at money the highest level of are required to provide personal decision to gain making a higher in the standard country of through life the WHAT contin- IS PERSONAL information for security verifi

ued engagement with the three primary regulators of

FRAUD PREVENTION TIPS IDENTITY THEFT

INFOR

MATION AND WHAT IS CONFIDENTIAL INFORMATION? MODUS OPERANDI TIPS

• Do not carry unnecessary personal information in your wallet or purse.

• Do not disclose personal inthe formation National Financial such as Switch passwords

and PINs when asked to do so

-Developing by anyone accessible via telephone, and affordable fax financial ucts or and even services email. to support the National Inclusion • Do Strategy not write down PINs and passwords and avoid obvious choices like birth dates

-Promotion of Financial Literacy programs

and first names.

groups

• Do not use any Personal

Identifiable Information (PII)

-Fraud Prevention and Security awareness

as a password, user ID or personal identification number

-Leadership (PIN). in the development of policy tion. • Do not use Internet Cafes or unsecure terminals (hotels, conference centers etc.) to do your Bankers banking. Association of Zambia through • a committee Use strong of Chief passExecutive commercial words for banks all your which accounts. meets monthly matters • affecting Change the banking your sector. passThe Association words regularly are coordinated and through never the who share report them to the with Executive anyone committee. else. The Committee • is elected Store every personal year at and the Annual Meeting financial and is made documentation up of:

The safely. Chairperson, Always lock Deputy it away. Chairperson, Executive • Keep member PIN and numbers the BAZ CEO and who

The passwords Bankers confidential. Association of Zambia Secretariat

• Verify all requests for per

currently led by Chief Executive Officer who

sonal information and only

ed by the Public Relations & Administrative

provide these when there is a

and a Research and Communications Officer.

legitimate reason to do so.

The Chief Executive Officer with support

• Ensure that you have a

management team, play a crucial role in

robust firewall and install an

BAZ’s tivirus responsibility software to to improve prevent public a awareness understanding computer virus of the sending industry’s out contribution country’s personal economy information and communities, from with emphasis your computer. on consultation with stakeholders.

Having • When discussed destroying in brief personthe background please al information, look out for a two either series shred column on lating or burn to individual it (do not financial tear or awareness put it as joins in the a garbage rest of the or world recycling in commemorating bag).

Financial Literacy Week.

As always, be sure to join us next week as we bring to you another exciting topic regarding savings. Please share your comments and thoughts with us via Email: Mirriam. Zimba@baz.co.zm

HOW WE ARE GOVERNED The

behalf of the Member Commercial Banks, and the Secretariat of the Bankers Association of Zambia, we wish to extend our profound congratulations to the newly appointed Bank of Zambia Governor - Mr. Christopher Mvunga.

The Association will continue to work the leadership at the Central Bank in financial stability.

closely with maintaining

We wish you well as you take on the leadership of the Central Bank.

At the same time, we would like to extend our gratitude to the out-going Central Bank Governor-Dr. Denny Kalyalya for his stewardship of the Central Bank during his tenure, and we wish him well in his future endeavours.