concentrated on primary commodities that are characterized by relatively slow growth, price instability and long ‐ term deterioration of terms of trade. the need for african countries and zambia in particular to participate in the dynamic sectors of global trade such as manufactures and services cannot be over - emphasised. some analysts have attributed this lack of bis central bankers ’ speeches trade in service and manufacturing sectors to lack of competitiveness and products that insurer the exporter against any unforeseen losses. the demonstration by ati of their credit risk insurance products in this workshop will therefore, play a very important role in promoting trade and exports of non - traditional exports which lead to a diversified economy, job creation and sustainable economic growth. the credit risk insurance products also spur trade within africa by helping our local companies to become more competitive through increased access to credit facilities. ati has therefore, truly had a significant impact in africa, which is reflected in the over $ 10 billion worth of trade and investments it has attracted into the continent over the past decade. distinguished guests, ladies and gentlemen, as you are aware, staying competitive is what all companies strive to do. innovation plays a key role in this equation. i am therefore elated that this morning ati will speak about how it is providing innovative products and services to better suit the needs of banks and financial institutions. i am confident that the strategic partnerships of local banks and ati will provide an opportunity for growth in credit particularly to the small and medium enterprises which face major challenges in the trade sector. the bank of zambia therefore welcomes this workshop as it bodes well with our strategic objective of increasing access to financial services to 50 % of the population by 2015 from the current level of 37. 3 %. as i conclude, i want to assure ati that the proposal for the bank of zambia and all central banks in the comesa region to relax the capital reserve rules, by considering applying a lower risk weight on transactions that banks and financial institutions have insured with ati is receiving active consideration within the organs of the comesa central bank governors. let me commend ati for coming up with this innovative initiative which seeks to deepen our financial markets. finally, i challenge all of you this morning, especially participants from commercial banks to explore ways on how you can improve your products and services to better serve the entire zambian population with the products that ati will present to you this morning. distinguished guests, ladies and gentlemen, it is now my pleasure to declare the

. despite the high economic and business potential in these areas, financial services are non - existant. this means that income earning citizens in the informal sector such as fishermen, bee - keepers, handcraft makers and farmers cannot deposit their earnings in a safe savings account due to the absence of bank branches. in addition, those with good business ideas cannot access loans to actualize their projects and create wealth. these people have to devise unconventional means of keeping their money such as hiding it in their homes, burying or indeed moving with the money where ever they go. furthermore, civil servants and other citizens in formal employment have to travel long distances and in some instances for a number of days before they can access their salaries. a number of them end up losing their hard earned income in thefts and other calamities. this has to change, and banks working in partnership with the government can make this happen. i therefore, wish to challenge commercial banks including first commercial bank ( z ) ltd to consider opening branches, in the unbanked districts. banks should take advantage of the attractive economic opportunities obtaining in zambia to improve financial inclusion and thereby attract new customers and a higher deposit base. i am certain that over time these places will be their most profitable centers as places like lusaka will only yield narrow margins due to stiff competition. bis central bankers ’ speeches ladies and gentlemen allow me to again extend my gratitude to the chief executive officer of the first capital bank for inviting me to this auspicious occasion. it is now my honour and privilege to officially declare the first capital bank zambia limited and its head office officially opened. i thank you for your attention. bis central bankers ’ speeches