KEYNOTE SPEECH
LAUNCH OF THE 2019 WORLD SAVINGS DAY
BY
DR DENNY H. KALYALYA,
GOVERNOR, BANK OF ZAMBIA
InterContinental Hotel, Lusaka
31st October 2019, Lusaka, Zambia

The Chief Executive - Securities and Exchange Commission
 The Registrar and CEO - Pensions and Insurance Authority
 The Chairperson - Bankers Association of Zambia

Senior Government Officials here present
 Members of the Diplomatic Corps

Chief Executive Officers and Senior Private Sector Representatives
 Representatives from education institutions
 Members of the Media here present

Pupils and students here present, and
 May I just say, Distinguished Ladies and Gentlemen
I am delighted to officiate at this official launch of the 2019 World Savings Day under
the theme: 'Be Money Smart: Savings Give Life a Lift!'. As you may be aware, the
World Savings Day is a global event celebrated to promote awareness on the
importance of savings. In line with the National Strategy on Financial Education of
2012, Zambia has observed the World Savings Day since 2014.
Distinguished Ladies and Gentlemen, this year's World Savings Day commemoration
presents yet another opportunity for consumers to learn about financial products as
well as how to select and assess appropriate financial products to maximise their
usage for key life events.
Following the launch of the National Financial Inclusion Strategy in 2017, new
informal financial service providers have emerged, such as, village banks and savings
groups in both the rural and urban areas. As both formal and informal financial
service providers are agents of financial inclusion it is important for us, the
regulators, to seek effective ways of linking the two types of players with a view to
reducing informality as we expand financial inclusion.
Distinguished Guests, in recognition of the importance of formal financial inclusion
in supporting economic growth, the Bank of Zambia is collaborating with SaveNet, to
develop channels to link informal savings groups to formal financial services
providers. According to SaveNet data, at the end of 2018 there were 15,700 savings
groups in Zambia, with cumulative savings amounting to K53.1 million. This points
to a good opportunity for the formal financial service providers to mobilise deposits.
In this regard, it has been observed that a number of regulated financial service
providers and mobile money operators have already started designing products
aimed at tapping into this market. It is hoped that this move will expedite the
transition of informal groupings into the formal financial sector and enable more
people gain access to a wider range of quality and affordable financial services. I
want to stress here, as one of our colleagues noted last year's commemoration that
financial service providers have to provide the products and services that the people
want and not what providers think they want.
Distinguished Guests, recognising that financial exclusion is more prevalent in rural
areas, the Bank of Zambia has adopted various initiatives to improve rural financial
inclusion in line with the national Rural Finance Policy and Strategy of 2012. These
initiatives include:
1. leveraging digital financial services for general financial transactions; and
2. facilitating expansion of general services access points network of health,
education, and agricultural organisations into financial access points through
partnership and Government support.
In line with this year's World Savings Day theme: 'Be Money Smart: Savings Give Life
a Lift!', I urge members of the public to select and demand appropriate formal
financial products for their key life events, such as, births, education and health, and
to be aware of the obligations and responsibilities associated with the products. I
encourage financial service providers to take time to explain clearly and simply the
terms and conditions of financial products so that consumers can understand their
rights and obligations.
Distinguished Ladies and Gentlemen, may I take this opportunity to congratulate all
the individuals and institutions that will receive Financial Literacy Awards for making
a difference in the Financial Literacy Campaigns nation-wide.
Distinguished Ladies and Gentlemen, let me end by acknowledging all the
institutions and individuals that have joined in the commemoration of this year's
World Savings Day. In particular, I wish to thank the Pensions and Insurance
Authority; Securities and Exchange Commission; Bankers Association of Zambia; the
Ministry of Finance; Rural Finance Expansion Programme; the German Savings Banks
Foundation for International Cooperation; Financial Sector Deepening Zambia; NGOs
and all the public as well as private sector organisations that have continued to
support the stepped up national financial literacy campaigns since 2012.
I THANK YOU AND GOD BLESS US ALL!