These booklets can be obtained from the principal offices and branches of insurance companies and takaful operators, as well as from selected branches of banks that have bancassurance arrangements with insurers. Ladies and Gentlemen, In addressing the challenges of financial education, collaborative partnerships are important. No single organisation can be expected to meet all the demands for consumer education. While Bank Negara will continue to actively engage the insurance industry in the development, production and dissemination of educational materials and initiatives, the process needs to be driven by the industry. Insurance intermediaries provide the direct link to the insuring public and therefore is an essential part of the efforts to increase familiarity on insurance by the community. With approximately 147,000 agents currently in the market, the agency force can contribute significantly towards raising the level of financial literacy among Malaysians through InsuranceInfo. Similarly, the various consumer associations, through their direct contact with consumers, have an important role to play in promoting an active consumer movement by providing useful guidance to consumers in dealing with issues relating to insurance and takaful matters. Their wide network, close proximity, and good relationship with consumers can contribute towards the successful implementation of the Consumer Education Programme. Just as the rapid deployment of new information technology has expanded the scope of financial services, so too, has it increased our options for meeting the challenges of financial education.

It is also true that such developments will not only bring banking services closer to those who need them, but also improve competition among banks in Zambia while creating jobs for our people. However, there is need to complement physical branch expansion with product innovation programmes that will capture a lot more people in the remote areas of our country. In addition, the crucial role that banks play in financial intermediation cannot be overemphasised. The real challenge is for all financial sector players to play their honest part in enhancing savings mobilization and to effectively channel the public’s savings to support financing of economic activities in all parts of the country. Chairperson, it is pleasing to note that despite the recent challenges facing the global economies, Access Bank Zambia Limited remains committed to growth through its efforts to expand its branch network and through product innovation. Although the bank has been in existence for just under two years, it now has three branches which is a very welcome development. I am certain that this development will go a long way in enhancing access to finance. Furthermore, I am reliably informed that the bank is earmarked not only to expand its branch network to five this year but also bring to the financial sector some exciting and innovative products. An example of this is the Visa Debit-card which was launched today. It is the Bank of Zambia’s expectation that these efforts, accompanied by prudence in risk management, will contribute to the further deepening of our financial markets.