project is set to be rolled out in three phases. since the beginning of december, the phase 1 of the platform is ready to be provided to the interested banks by the successful tenderer. phase 1 involves the remote on - boarding platform for new customers and remote updating of existing customer records via a digitalised process. individuals, by using the respective bank mobile or web applications, can submit the necessary information when applying to a bank to become their customer or to update their bank account data, without the need to go to the bank and with significantly less time involved. the verification process of the submitted documents is primarily automated, saving a lot of time in the process. the project is being executed according to the timetable, and earlier this week a meeting was held at the central bank of cyprus with the six banks that initially committed to participate in our project, having a market share of more than 90 %. at the meeting the next steps were agreed between the banks, the successful tenderer and the central bank of cyprus, to initiate the implementation phase. the successful tenderer confirmed to all present that the solution is ready to be provided to the interested banks, in order to implement the platform for each bank in the coming months. furthermore, meetings with the rest of the banks will be held this month, in order to offer them the possibility to also participate. phase 2 will include connectivity and interoperability with utility service providers and governmental services, facilitating the automated and rapid acquisition and verification of specific customer data, such as proof of residential address, thus expediting further the onboarding process and reducing the effort for bank customers to provide to banks themselves the relevant kyc information that banks require in order to open an account or in order to update an existing client's information. phase 3 will comprise digital information sharing between participating banks, for new bank account opening or bank account switching, which in turn will reduce the need for further engaging the customer in the process of account opening in other banks in cyprus. the aim is to reduce or even potentially eliminate duplications of submissions of data by bank customers and thus make it easier for customers to apply to other banks for accounts or products. i would like to note that phase 2 does not constitute a prerequisite for advancing to phase 3. in other words, we will proceed with the phase that is ready to implement the earliest possible. secondly, the continued operation of our innovation hub, which this year has so far interacted with 10 fintech entities, serves

of existing financial sector laws, such as the banking, insurance, securities, microfinance, pension, financial cooperatives, agent banking, credit reference bureau, payment systems, introduction of the national switch which has promoted mobile money banking, which have all improved the architecture of our financial systems and advanced the financial inclusion agenda. the reserve bank continues to play this pivotal role and is currently championing the microfinance processing hub, the automated trading system for the malawi stock exchange, the central securities depository system for securities and equities. these initiatives will benefit the public through increased access to finance and, most importantly, at affordable cost. the bank is also active in consumer protection and financial literacy. the importance of the consumer protection and financial awareness needs no emphasis here. it aims to empower the consumer so that they transact in the financial sector with confidence. in keeping with this, the reserve bank created a unit to be responsible for financial consumer complaints and literacy matters. the reserve bank, in collaboration with its stakeholders, has implemented financial awareness campaigns in order to empower financial services consumers. but, i must mention that the implementation of the financial awareness program requires a lot of financial resources. the reserve bank will therefore put in place a sustainable way of implementing the program. distinguished guests, ladies and gentlemen, let me conclude my remarks by congratulating and commending the ministry of finance, economic planning and development for coming up with the 2016 – 2020 strategy for financial inclusion. this strategy will surely provide a guided direction to achieving and promoting inclusive finance in this country. this being the second strategy, we trust that it has built on the shortfalls of the initial strategy. i thank you all for your kind attention and may god bless our country.