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Minister of Technology and Science, Felix Mutati, has urged banks to fully incorporate digital technologies such Artificial Intelligence in their provision of products and services.
Mutati said banks needed to adapt to modern technology which was changing at a rapid pace or risk being left behind.
Speaking during the Seventh Annual Banking and Financial Sector Conference in Lusaka on Thursday, the Minister also urged financial institutions to be responsive to the needs of their clients.
The Minister observed that the technology savvy demographic of clients who are mostly youthful was on the increase hence the need to quickly adapt.
“Technology is a critical growth driver for tomorrow’s bank and wider knowledge-based economy because it offers banks and financial institutions the splendid opportunity to leapfrog some intermediate stages of development by eliminating costly investments that could otherwise have been required without using technology,” Mutati said.
Read more: Africa needs research-backed policies to deal with digital space, create solutions —Mutati
Speaking at the same event, Bankers Association of Zambia (BAZ) Chairperson, Mizinga Melu, commended government for it’s digital agenda which had culminated in milestones such as erecting 169 communication towers across the country.
Melu said such initiatives contributed towards internet connectivity to the underserved communities which in turn played an active role in financial inclusion.
She said digital payments have brought efficiency in comparison with traditional methods.
“Digital payments have transformed financial transactions. They offer fast secure and efficient transactions compared to traditional payment methods,” Melu said.
Zambia Institute of Banking and Financial Services (ZIBFS) President, Moses Shuko, said the sector should aspire to develop services which are innovative and driven by technology.
Shuko added that the conference provided an opportunity to share innovative ideas in the banking and financial services sector.
“The conference has positioned itself at the centre of deepening collaborations with the government and other stakeholders including promoting innovation within the sector, advocating for the implementation of quality learning programmes to develop a critical mass of human capital capable of entering the labour market,” he said.
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