Liberalizing the Financial Services Sector Zambia s Experience
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1 Liberalizing the Financial Services Sector Zambia s Experience Mwila Mukosa Daka Ministry of Commerce, Trade and Industry Zambia
2 Outline Infrastructural Role of Financial Sector Financial Sector in Zambia Regulation of the sector Liberalisation Scope and Extent Post-liberalisation Status Necessary Interventions Conclusions
3 Infrastructural Role of Financial Sector Strategic for governments thus need to monitor and regulate the sector An important infrastructural sector to ensure the smooth payment operations Conduit of all economic activities Contributes to the GDP, employment and poverty reduction
4 Financial Sector in Zambia 3 main sub-sectors in the Zambia Market; Banking, Insurance/Pensions, Securities with different regulators Banking Contribution to GDP: 33% (2006) Contribution to employment: 2.5% of formal employment 13 banks: 9 Foreign owned, 4 partly locally owned Low entry barriers
5 Financial Sector in Zambia(2) Insurance Sub sector Contribution to GDP: 1.5% Employment: 2000 employees 32 insurance broking firms, 39 insurance agents, 2 loss adjusters, 7 motor assessors, 4 claim agents and 1 reinsurance company. Of the 9 insurance companies 4 are foreign majority owned
6 Financial Sector in Zambia(3) Pensions (same regulator as insurance) Contribution to GDP: 3-4% 207 registered pension funds and 9 pension fund managers 3 pension fund managers majority foreign owned
7 Financial Sector in Zambia(4) Securities 13 listed and 12 quoted companies (end 2005) the Brokers (3); Dealers (12) and investment advisors (6) combination of both foreign and local Minimal entry barriers
8 Regulation of the sector One of most regulated sectors in Zambia 3 regulators for different sub sectors i.e. BOZ banking; PIA pensions and insurance; SEC: Securities Also have component to regulate competition in the sector All regulators independent, however latter two still reliant on government for funding
9 Liberalisation Scope and Extent Limited or no barriers to entry in the industry currently Uniformity in entry criteria whether foreign or local individuals or institutions Existence of competition commission to guard against unfair trading practices Banking de facto liberalisation of banking sector made explicit in law in 1994 Reduced participation of Government in banking sector
10 Liberalisation Scope and Extent (2) Banking (2) Capital market liberalized. Mode 1 lending and borrowing by both firms and households are permitted Mode 3: private ownership permitted up to 100%, requirement for local incorporation National treatment principles applied
11 Liberalisation Scope and Extent (3) Insurance Insurance sector open to competition in Only 1 insurance co. 100% publicly owned. Mode 1 purchase of insurance services specially permitted by regulator on condition that the service is not locally available Above condition not applicable to reinsurance
12 Liberalisation Scope and Extent (4) Insurance (2) Mode 3 private and foreign ownership permitted up to 100% requirement for local incorporation Binding Commitments in trade arrangements Financial sector as a whole not yet committed either in GATS or bilateral/regional arrangement
13 Post-liberalisation Status of the Sector Wider access to financial services by individuals and firms Developments in the sector through debit cards facilities, the ATMs network, electronic clearing of local and foreign cheques, telephone banking, branchless banking and foreign currency accounts have emerged over the years as result of presence of foreign banks Insurance sub sector also growing locally with a wider range of service products
14 Post-liberalisation Status of the Sector(2) However, reforms has not brought for Zambia as many desired benefits as anticipated. Sector met with some challenged Access to financial services not proportional to the populations demand e.g. lower coverage in rural areas Cost of financial services, high even in places where players are available In spite of local competition, local players not in a position to engage in international export of financial services
15 Post-liberalisation Status of the Sector(3) High taxation and lack of tax incentives to jump start growth in the sector and to attract direct investment both local and foreign Huge income tax for the banking sub-sector going to as much as 45%. This makes the sub-sector not to offer favorable interest rates (both lending and saving) Under staffing of regulatory entity posing threat to proper industry supervision and development Lack of adequate financing of the regulatory entities
16 Necessary Interventions Thus there is need for continuous training of its human resource so that they move in tandem with developments world wide. There is also need to enhance development in every sub-sector of the financial sector e.g. introduce incentives to both local and foreign investors need to strengthen supervisory capacities in the securities and insurance sub-sectors
17 Necessary Interventions (2) Need to build capacities of local players in the sector In view of the above there is need to encourage negotiations in mode 3. In pursuit if this, Regional integration should be centre stage before advancing to other levels in order to facilitate mode 3 e.g. through harmonization of certain aspects of regulation
18 Conclusions Very important sector Liberalisation having not delivered the desired results of more access, cheaper cost, competitiveness to export more etc Sector still faced with challenges For most challenges, answers do not lie in making binding commitments only
19 Conclusions (2) Judicious regulatory reform a necessary pre-requisite to liberalisation/binding commitments Internal interventions therefore necessary Necessary framework for cooperation in the enhancing of sector s performance and competitiveness
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