. to enhance income - generating activities from survival level to strong and viable businesses, in particular for women led enterprises, access to credit, banking and financial services and facilities is essential to fully develop small scale to businesses. the firm, robust and sustainable growth can only be founded on strong and viable small and medium enterprises hence the need to financially empower enterprises is cardinal through financial inclusion. this lack of access to finance by our entrepreneurs is a major concern for both, the bank of zambia and government. ladies and gentlemen, allow me to outline some of the measures the bank has been putting in place to accelerate access to finance for all citizens generally, and in particular for women the bank of zambia is the lead implementer of the financial sector development plan on behalf of the government of the republic of zambia. as you may be aware, the zambian government formulated the fsdp as a comprehensive strategy for addressing challenges in the zambian financial sector. under the second phase of the fsdp, access to finance by the various strata of society, including access based on gender is identified as a key challenge to be addressed. the development of the fsdp and its implementation, therefore, reflects the priority attached by the government to this important endevour. it ’ s also worth noting that the bank of zambia has incorporated financial inclusion as one of the key objectives under its strategic plan for the period 2012 – 2015, namely, to increase financial inclusion to 50 percent of the population by 2015. ladies and gentlemen, the strategies under this objective include the following : 1. developing an index to measure the depth and breadth of financial services in zambia ; 2. promoting agency banking and mobile banking ; 3. developing a framework for branchless banking. 4. establishing a unified collateral registry framework ; 5. undertaking financial education interventions ; 6. revising legal and regulatory framework to promote financial inclusion ; and 7. developing incentive mechanisms to encourage outreach of financial services to rural areas and other financially excluded citizens. the financial education coordinating unit ( fecu ) has been established at the bank to spearhead the financial literacy campaign across the country. the bank of zambia has also facilitated for persons who are excluded, both in urban and rural areas not to encounter difficulties in the opening of bank accounts by simplifying the know your customer ( kyc ) procedures for opening and operating bank accounts. the simplified procedures or relaxed “ kyc ” note allows banks to use various forms of reference documentation such as community leaders other than the traditional approach that

framework. consolidation of macroprudential tools have been incorporated through several legal amendments. the central bank law, general banking las and cmf law, together with instances of coordination among financial authorities have been allowed to respond better to the materialization of risks during critical periods such as the pandemic and avoid risk incubation. monitoring of risks and vulnerabilities by the central bank and close coordination with cmf and other financial supervisors is providing the authorities with a more integral view of risk incubation, allowing prompt adoption of measure to preserve financial stability. the ccyb is the main macroprudential policy tool under bcch authority, and bcchcmf coordination. as applied, the objective of this bank capital requirement is to increase banks'resilience in the face of severe stress scenarios, resulting from systemic risks, thus contributing to reduce the impact of these events on financial stability, avoiding restricting essential banking services, such as credit supply, hence protecting the economy. the bcch has so far not activated this requirement. the first official financial policy meeting, formally communicated to the market, took place in 2 / 3 bis - central bankers'speeches may 2022 and the most recent one occurred this week. in both occasions, the board unanimously decided not to activate the rcc the ccyb. it was considered that, despite vulnerabilities focused on some sectors and a more complex international environment, the systemic risk analysis shows that banks have sufficient buffers to withstand severe stress scenarios. the insurance sector plays a key role in the financial sector in chile. mature insurance industry, with a relatively high size in relation to other economies and active participation in the domestic market. it also plays a key role in the pension system through life annuities. however gaps remain. international 4 experience shows a clear trend towards " risk - based supervision " ( rbs ) in the insurance sector. reference jurisdictions such as australia, canada, and the eu adopted this model long ago. full adoption of an rbs framework requires an amendment of the insurance legal framework, and a bill introduced in 2011 to congress establishes such a model, considering among others new risk - based capital requirement, a new solvency assessment system for insurers, a more flexible investment regime among other changes. both the bcch and the cef have noted the relevance of this bill, labeling it as a high priority from a systemic risk point of view, considering insurers'relevance and interconnectedness, their