that private investors are now provided with incentives to invest in the area of education. this policy is expected to provide the much needed investments in institutions such as the zambia institute of banking and financial services. looking around in this gathering, i see people who are very well connected to private investors. therefore wooing investment into this institution should not be difficult task. such investment will go a long way in enhancing the quality of graduates this institution will produce. mr president, it is during times of crisis such as the one we are undergoing that graduates should assist the industry in coming up with well researched constructive proposals and solutions on how challenges may be addressed within the context of our local environment. the prevailing global financial meltdown is in fact an opportunity for the institute to critically review its core operations and determine if its flagship education and training programmes as well as other learning environment initiatives such as research, consultancy, counselling and continuous professional development activities are robust enough to adequately serve our financial services sector, both in times of buoyancy and during periods of turbulence. ladies and gentlemen, i am reliably informed that the institute is negotiating strategic alliances that will ensure high quality international standard flagship education and training programmes for professionals in zambia ’ s financial services industry. i am equally pleased to note that that the institute has direct representatio n on two working groups of the financial sector development plan ( fsdp ) – the banking working group and the human resource working group. i have no doubt the fsdp stands to benefit from more representation from the institute. i urge you mr president and council members, to engage all the stakeholders in the financial sector including, non - bank financial institutions, insurance companies, stock brokers and pension funds. i have no doubt that with increased support from other financial service providers and regulators, the institute will increase in stature in human resource capacity - building aimed at developing a critical mass of professionally qualified and competent bankers. to the graduates, the qualifications in banking and finance you are obtaining today will certainly not make you an instant expert to tackle challenges in the financial services sector. it will take hard work, determination, and a variety of continuing professional development programmes for you to be able to begin to understand in a comprehensive manner, the banking industry in its entirety. however as graduates from this special institution, each of you will be given a unique opportunity to prove yourself. i therefore, urge you to work hard and learn from others around you including those with different views from yours. let me also mention that

tukiya kankasa - mabula : modernising zambia ’ s payment system remarks by dr tukiya kankasa - mabula, deputy governor administration of the bank of zambia, at the ecobank launch of financial products, lusaka, 16 december 2009. * * * • members of the ecobank zambia limited board of directors present ; • the managing director of ecobank zambia limited, mrs charity lumpa ; • members of the diplomatic corps ; • ecobank zambia limited customers ; • management and staff of ecobank zambia limited ; • members of the press ; • distinguished invited guests ; • ladies and gentlemen. it is with great joy and gratitude that i stand to address you at this important launch of the “ ecobank rapid transfer ” and the “ non - resident african account ”. i am informed that the two products are designed to transfer money faster and in real time while meeting the needs of customers resident in countries other than those where their accounts are domiciled. i am also pleased that these two products are aimed at promoting the efficient transmission of remittances at an affordable cost. distinguished ladies and gentlemen, allow me to briefly highlight the importance of remittances to our economy. remittances are increasingly growing to be one of the most important sources of finance in zambia. such funds are not simply an expression of fondness by people in the diaspora to assist their families in adverse situations. they also represent an important source of finance that augments capital inflows and investments in the economy. formal remittance inflows into the country for the three quarters to september 2009 were estimated at k221 billion. this emphasizes the growing significance of globalisation and thus the need to intensify efforts to improve and establish, an environment that could enhance the impact of remittances and their effectiveness on the economy. furthermore, remittances when compared to other forms of capital inflows, can have a positive impact not only on the volume but also on the quality of investments. people in the diaspora or their relatives are more familiar with the local economic and social environment and therefore can make a better use of the capital brought into the country. infact, the recent few years has seen a growing number of zambians who were in diaspora, returning and trying to set up their own small or medium size businesses, bringing in, not just funds, but also a lot of know - how. the downside to remittances