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The Bank of Zambia (BoZ) is in the process of rolling out a complaint system using artificial intelligence to enable customers report the licensed financial institutions that violate their rights.
The system will be available to the public through Short Message System (SMS), WhatsApp (voice capability feature), webchats and Facebook channels, says BoZ Governor, Denny Kalyalya.
Kalyalya said the system would complement the existing customer complaint channels being used currently and contribute to enhancing access to dispute resolution mechanisms.
He said this was especially for consumers based in the rural areas.
He said this in a speech read for him by Central Bank Deputy Governor-Operations, Francis Chipimo, at the launch of the 2023 Financial Literacy Week.
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“Members of the public are advised to report licensed financial institutions that violate their consumer rights to appropriate financial sector regulators.
“I am happy to inform you that the Bank of Zambia is in the process of rolling out a complaint system using artificial intelligence that shall be available to the public via SMS, WhatsApp (voice capability feature), webchats and Facebook channels,” Kalyalya said.
He also stated that the contribution of the financial sector towards the attainment of Vision 2030 and its underlying principles was being undertaken.
He said this was through the implementation of the National Financial Sector Development Policy, the National Financial Inclusion Strategy, the Rural Finance Policy and Strategy, the recently launched Capital Markets Master Plan and the National Strategy on Financial Education.
Kalyalya explained that these financial sector strategies aimed to broaden and deepen the types of financial services in the banking, capital markets, microfinance, insurance and pensions sectors as well as to promote financial inclusion.
“As financial sector regulators, we have a vested interest in ensuring that the financial sector is innovative, responsive to demand for financial services, and that it supports Zambia’s economic growth, while maintaining stability.
“It is essential, therefore, that the financial sector continues to expand its portfolio of products and services by leveraging on current reforms, digital innovations, and targeted outreach,” he said.
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