In the United Kingdom for instance, there is a Financial Inclusion Taskforce which is an independent body appointed to advise Her Majesty’s Treasury and to monitor and evaluate progress on its financial inclusion as well as oversee a 120 Million Pounds Financial inclusion Fund. A platform for collaboration between local governments and the financial institutions in the UK has been established in order to ensure that everyone has access to financial services and that such inclusion corresponds with the needs of local economic development. In other parts of Europe, the offer of basic banking accounts typically lies at the heart of many countries' efforts to increase financial inclusion and they are a common feature of economic policy in Europe. In Asia, this matter has also been dealt with in various ways. In India, the Reserve Bank of India issued guidelines (in 2006) by which banks are encouraged to enhance the level of financial inclusion in their areas of operation in a time-bound manner. In Malaysia, a Financial Sector Blueprint (2001-2010) has been used to guide interventions in the financial sector. However, financial inclusion is not an end in itself. Having a bank account, or an insurance coverage, does not mean an enhancement in the economic position or well being of a person. But it acts as a facilitator. In Zambia, following the launch in 2004 of the Financial Sector Development Plan (FSDP), a lot of work has been undertaken in addressing the weaknesses in the Zambian financial sector, including the level of financial access.

Caleb M Fundanga: Zambia’s Financial Sector Development Plan Welcome remarks by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the Financial Sector Development Plan (FSDP) Phase II Consultative Meeting, Lusaka, 20 October 2009. * • • • • • •  *  *  The Honourable Minister of Finance and National Planning; The FSDP Steering Committee Chairman & Secretary to the Treasury; Co-operating partners; Chief Executive Officers and Representatives from Banks and Non Bank Financial Institutions; Distinguished Invited Guests; Ladies and Gentlemen. It gives me great pleasure, on behalf of the Bank of Zambia, to welcome you all to the Financial Sector Development Plan (FSDP) Phase II Stakeholders’ Consultative Meeting. Honourable Minister, this very important forum is a demonstration of the recognition, by Government and various stakeholders, of the strategic importance of the financial sector to the country’s development and poverty reduction efforts. Distinguished invited guests, there are a number of strategies currently being implemented by both the private and public sectors to make the financial sector more inclusive, thereby increasing the benefits for the average citizen to participate in the formal economy. The Financial Sector Development Plan is one such Government initiative. The FSDP was aimed at realising the vision of a financial system that is sound, stable and market-based and one that supports efficient resource mobilisation necessary for economic diversification and sustainable growth. Ladies and Gentlemen, various countries have established specific programmes to strengthen their financial sectors.