Bank of Zambia governor says economy stable, but energy, cybersecurity require action

The Bank of Zambia (BoZ) has assured that the country’s economy remains relatively stable compared to other nations, despite ongoing global pressures.

Central Bank Governor, Dr Denny Kalyalya, emphasized that Zambia’s economic resilience places it ahead of many developing countries facing significant challenges.

Speaking during the launch of the 2023 Banking Industry Survey report by PricewaterhouseCoopers (PwC) on Monday, Dr. Kalyalya expressed optimism about the country’s economic outlook, noting the potential for a rebound.

“We are at a critical juncture. If we do not maintain our current course, we risk losing the progress we have made. It is crucial that we safeguard our achievements,” he stated.

Kalyalya also addressed the ongoing energy crisis, urging Zambians to take proactive measures, such as investing in solar energy to alleviate the power deficit.

He highlighted that the BoZ already relies on ZESCO as a backup source, having established its own solar power plant.

“I encourage everyone to follow this example,” he added.

On the issue of cybersecurity, Kalyalya stressed its importance, noting that cyber threats know no boundaries and should not be a source of shame.

He called on institutions to invest in cybersecurity, warning that failure to do so would allow cybercriminals to exploit vulnerabilities.

In line with these concerns, Kalyalya revealed that one of BoZ’s strategic initiatives involved strengthening cyber resilience and fraud mitigation in the financial sector.

This will be achieved through the establishment of the Financial Sector Cyber Incident Response Team (FINCIRT), in partnership with the Bankers Association of Zambia.

The initiative is expected to enhance the safety and resilience of Zambia’s financial sector by creating a platform for information sharing and collaboration.

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