“I am always encouraged when we launch a new financial product or service; as this broadens our country’s financial system, which is also critical for economic development,” Laverley said.

Dr. Nyanga disclosed that promoting productivity and economic growth depends on the quality of its services and efficiency of delivery.

Government, according to Nyanga is committed to providing support to financial institutions, especially to the state-owned banks to make them more competitive; with key objectives of promoting financial inclusion and access to financial services as manifested in the New Direction.

The efforts of SLCB in providing for a targeted 250,000 new clients every year, according to Nyanga, is also part of the fulfillment of the policies of the New Direction in providing access to digital infrastructure landscapes to expand access to financial services.

“Government will continue to support the efforts of financial institutions, especially the state-owned banks to enhance digital inclusion,” she noted.

“The launch of these two products is a clear manifestation by the bank management’s response to the needs of their customers in providing retail payment system,” she said