The Bank has also licensed a  BIS central bankers’ speeches  3  credit reference bureau to help create credit histories for financial market participants that may serve as alternative to collateral. In addition, it has now become easier to access banking services through lower bank account opening balance, improved payments systems through mobile banking, e-money and increased numbers of Automated Teller Machines and Point of Sale terminals. Ladies and Gentlemen, the Bank of Zambia has also partnered with the International Labour Organization (ILO) to promote the use of the FAMOS Check Tool by financial service providers in order to enhance access to finance by women entrepreneurs. The tool is intended to enable financial service providers undertake a systematic assessment of the extent to which these institutions target women entrepreneurs, their needs and potentialities. The tool also assists financial service providers to develop appropriate strategies to extend their outreach to women entrepreneurs as well as develop products to meet the needs of women entrepreneurs. In this collaborative exercise, ILO has since facilitated capacity building within the Bank of Zambia and certified some members of staff to undertake the FAMOS training within the entire financial sector. Commercial Banks have been expected to utilize the tool and use the results to tailor services and products that reach out to women. However progress made in this area could be improved. There is an urgent need therefore to reinvigorate the FAMOS check tool.

The development of the FSDP and its implementation, therefore, reflects the priority attached by the Government to this important endevour. It’s also worth noting that the Bank of Zambia has incorporated Financial Inclusion as one of the key objectives under its Strategic Plan for the period 2012 – 2015, namely, to increase financial inclusion to 50 percent of the population by 2015. Ladies and Gentlemen, the strategies under this objective include the following: 1. Developing an index to measure the depth and breadth of financial services in Zambia;  2. Promoting agency banking and mobile banking;  3. Developing a framework for branchless banking. 4. Establishing a unified collateral registry framework;  5. Undertaking financial education interventions;  6. Revising legal and regulatory framework to promote financial inclusion; and  7. Developing incentive mechanisms to encourage outreach of financial services to rural areas and other financially excluded citizens. The Financial Education Coordinating Unit (FECU) has been established at the Bank to spearhead the financial literacy campaign across the country. The Bank of Zambia has also facilitated for persons who are excluded, both in urban and rural areas not to encounter difficulties in the opening of bank accounts by simplifying the know your customer (KYC) procedures for opening and operating bank accounts. The simplified procedures or relaxed “KYC” note allows banks to use various forms of reference documentation such as community leaders other than the traditional approach that required lawyers, commissioner of oaths, government officials and other officials or institutions.