financial technology (FinTech) to bring competitive advantages to the financial services sector.

By Dean Jombo

The move by the Reserve Bank to drive the financial technology (FinTech) will help to speed and transform the financial service sector.

In an interview, banking sector analyst, Persistence Gwanyanya commended the move by the central bank to push financial technology development.

“The drive by the Reserve Bank to push the Financial Technology happens at a time when the whole world is moving towards technological innovation which significantly transforms the financial landscape,” Gwanyanya said.

He also said that the drive to promote the development is in line to the Midterm Monetary Policy Review in which the Reserve Bank seeks to respond to technological developments.

“The drive was highlighted in the Midterm Monetary Policy Review that the Reserve Bank thrust at the moment is to respond to the technological changes because the world is moving towards a technology generation”

He added that the technology changes will have the potential to promote economic growth and development.

Mr Gwanyanya also said that financial technology development will bring competitive advantages to the financial services sector.

He further urged the general public to show commitment and embrace the technological development so as to drive the country forward.

“The public must show commitment and embrace technological development so as to move the country forward.”

This is in response to the statement by the Reserve Bank to engage with local and foreign companies which are willing to offer Financial Technology (FinTech) services and products in the country.