Boz launches financial literacy and credit reporting awareness campaign

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The Bank of Zambia in collaboration with the International Finance Corporation (IFC), a member of the World Bank, has today launched a national Credit Reporting Stakeholder Education and Awareness Programme designed to raise levels of financial literacy and public awareness regarding credit reporting.

Speaking at the launch in Lusaka this morning, BOZ Governor Denny Kalyalya said the awareness campaign is part of a broader drive to promote financial literacy and increase financial inclusion in Zambia to 80 percent by 2022.

Dr Kalyalya underscored the importance of financial literacy as part of the overall credit information system, explaining that the campaign will highlight the basics of credit reporting, including what a credit report is, why it matters to borrowers and lenders, and how consumers can access – and improve – their credit report.

He said the campaign’s messaging will be targeted at both the lenders and borrowers in order to foster an entrenched appreciation of the credit reporting tool and the benefits to both stakeholders.

Dr Kalyalya has since appealed to all stakeholders, particularly, the financial service providers, to participate in the communication and awareness raising activities as well as the effective use of both the credit reporting system and the Movable Property Collateral Registry established under the Movable Property (Security Interest) Act.

And International Finance Corporation Resident Representative for Zambia and Malawi, Madalo Minofu declared that the Credit Reporting Stakeholder Education and Awareness Programme will help improve the quality of life of Zambians.

Minofu expressed happiness that Zambia has made incredible strides in enhancing its credit infrastructure, including establishing a modern collateral registry and improving its credit reporting systems.

She says or the credit bureau and the collateral registry to truly have an impact on the lives of Zambians, credit providers and consumers alike need to be made aware of what these systems are , how to use them and what their benefits are.

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Start: 2019-07-01 End: 2019-07-31