BoZ CHALLENGES FINANCIAL SERVICE PROVIDERS TO PROTECT CONSUMERS
FINANCIAL service providers have been challenged by the Bank of Zambia (BoZ) to protect consumers and ensure that they do not fall prey to fraudsters as people use digital channels.
The central bank has therefore warned fraudsters that the long arm of the law will catch up with them, as evidenced by the recent arrests that have been made by security wings working with the various regulators and financial service providers.
This is according to the BoZ Governor, Dr Denny Kalyalya during the launch of the “Go Cashless’ campaign in Lusaka aimed at encouraging consumers to adopt digital platforms.
“As people use these digital means, we must ensure that they do not fall prey to fraudsters who target innocent consumers by using deceptive methods of obtaining sensitive data that allow them to access customer funds,” Dr Kalyalya said.
He also challenged financial service providers and other stakeholders to take up the opportunity to join the campaign to continue providing Digital
Financial Services that were customer centric and meet the ever-changing needs of consumers.
Dr Kalyalya explained that this year’s campaign would continue to be under the theme “Go Cashless,” which was adopted last year.
The Governor explained that the theme was anchored on the need for consumers to adopt digital means of accessing and using financial services in a safe and secure manner.
“Today, the mobile phone has become a tool that not only facilitates communication but is also a means of accessing financial services. This entails that anyone can now save, invest, and obtain credit/ loan or insure their valuable assets and property from literally anywhere and at any time,” Dr Kalyalya said.
Following the launch of the campaign, he said, the Bank and its partners would embark on a number of activities, which had been lined up for the promotion of Digital Financial Services and the associated safeguards.
The activities include radio programmes, on both mainstream and community radio stations, as well as television programmes.