BAZ develops a financial sector code

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The Bankers Association of Zambia (BAZ) has developed a financial sector code which commits participants in the sector to actively promote a transformed, vibrant and globally competitive sector that reflects demographics of the country.

Speaking during a media briefing today, Bankers’ Association Chairman Shankardas Gubta says the code will also help and contribute positively to the establishment of an equitable society by effectively providing accessible financial services to Zambians.

Mr. Gubta explains that the financial sector code will also play an important role by directing investment into targeted sectors of the economy.

He states that in coming up with the final paper on the code, the technical working group undertook study tours to South Africa and Botswana for appreciation of best practices and to clarify identified issues related to the development of the financial sector code.

He adds that the group also reviewed various documents and took into account the Citizen Economic Empowerment Commission Act no. 9 of 2006 guidelines for developing the sector code.

Mr. Gubta stressed that the financial sector will use the code to contribute to Citizen Economic Empowerment through a set of interrelated interventions aimed at strengthening the ability of citizens to own, manage and control economic resources and the flexibility to exercise options which enable citizens to generate income and wealth.

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