quality of service delivery of financial services, increase access to financial services by developing a rural finance policy and strategy and lastly delivering effective financial education. notwithstanding the work done through the fsdp, the financial sector in zambia still faces a number of major challenges. access to financial services among the adult population is at 37. 3 %, the cost of accessing financial services is still high, the quality of financial service bis central bankers ’ speeches delivery can do with some improvement and financial literacy remains low and presents an important factor in explaining the low level of financial inclusion that we see in the country today. the fsdp, honourable ministers, therefore, remains work in progress. i would like, however, to mention some milestones which have been achieved under this programme in order to underscore its potential as a tool for transforming for the better, zambia ’ s financial sector landscape. under the fsdp, we have witnessed the establishment of the credit reference bureau which is beginning to play an increasingly important role in helping financial institutions better manage credit risk, which in turn, should feed into less expensive credit. a draft rural finance policy and strategy aimed at improving finance to rural areas has also been completed and awaits implementation. another important exercise accomplished has been the law review exercise which has reviewed all existing legislation in the financial sector with the view to modernise, harmonise them and ensure that the different legislations speak to each other rather conflict each other. consequently, we will be submitting to government amendments to various laws, including those in banking, insurance and the capital market. another significant accomplishment under the fsdp has been work done so far in formulating a national strategy for financial education. this initiative grew out of the recognition of the fact that financial institutions and certain ngos that were engaged in promoting various financial education activities and programme were operating in isolation. what was clearly missing was a coherent and well - co - ordinated strategy among these organisations for delivering an effective education to enhance financial literacy and inclusion. consequently the fsdp identified the need to develop a coordinated approach to financial education as a meaningful way of bringing progress to this process. it therefore, started its intervention by commissioning a stock taking study of financial education efforts taking place in zambia in order to establish its true status. dfid provided financial support in the form of technical assistance which enabled the fsdp to recruit finmark trust to carry out the study. subsequently, a report was produced and presented to various stakeholders in november last

year. the recommendations from the stakeholders meeting were then sent to the fsdp steering committee in april this year. this committee endorsed the report and it is this report which is being launched today as the national strategy on financial education for zambia. once launched, it will be implemented in earnest. honourable ministers, the activities that have been carried out under this programme have been made possible by the very generous financial support extended throughout the different phases of the programme by the imf, world bank, dfid, sida and the government of the republic of zambia. of course the three regulators, boz, pia, and sec have also done their bit by seconding personnel to the fsdp secretariat and taking responsibility for the financial obligations entailed. i want to thank all of them for their commitment and dedication. it is now my singular honour and privilege to call upon the deputy minister of finance, honourable miles sampa, mp to formally launch the national strategy on financial education for zambia. thank you. bis central bankers ’ speeches