Ladies and Gentlemen, Another key aspect that drives higher standards of performance and competitiveness is the capabilities to deliver products and services in the most efficient and effective manner. To facilitate this, banking institutions should adopt the relevant technology to enhance their delivery capability to ensure speedy and seamless customers access to banking services through a wider range of delivery channels, aimed at reducing operating costs and providing greater convenience to customers. Information technology still has immense untapped potential in banking. For instance, technology could be harnessed as an enabler in building higher quality research, strengthen risk management capabilities, enhance market information gathering and analysis capacity to keep pace with the changing trends and demand patterns. While leveraging on technology may achieve improved efficiency, banking institutions should also ensure that the new banking technology does not lead to the emergence of a digital divide in the access to banking services. In this regard, banking institutions are expected to continue providing high standard of banking services to all consumers, regardless of their income and where they live, whether urban or rural. With the growth in the diversity and complexity of products and services, risk profiles of banking institutions will change. Consequently, banking institutions should continuously upgrade their risk management framework by improving their governance standards, adopting global best practices and enhancing information management systems. Enhancing risk measurement and management systems would better prepare banking institutions in complying with the criteria required under the Basel II Capital Accord.

Denny H Kalyalya: Build your future - be money smart Speech (virtual) by Dr Denny H Kalyalya, Governor of the Bank of Zambia, at the Launch of the 2022 Financial Literacy Week, 21 March 2022. *** SALUTATIONS All Senior Governmental officials Chief Executive Officers of Financial Sector Regulators – PIA and SEC All Chief Executive Officers of Financial Services Providers All Cooperating partners Invited Guests Ladies and Gentlemen Good morning I am delighted to welcome you all to this years' launch of the public awareness campaign for the Financial Literacy Week activities, which will run from 21-27 March 2022. The commemoration of the Financial Literacy Week commenced yesterday with a live nationwide television broadcast by the Honourable Minister of Finance and National Planning, Dr. Situmbeko Musokotwane. The commemoration will continue with a number of activities in all the 10 provinces of our country, including public exhibitions, debates, media programmes, an innovation challenge and visits to financial institutions and selected government agencies. This year's theme "Build your Future: Be Money Smart" is anchored on the importance of planning for one's future through making prudent and well-informed financial decisions now. The theme prompts all Zambian citizens, particularly young people, to own the responsibility of securing their financial future. The Financial Literacy Week activities continue to focus on young people in primary, secondary and tertiary institutions to help future adult generations are appropriately equipped to make sound financial decisions for their financial well-being.