Zambia on track to attain financial inclusion – BAZ

By MAILESI BANDA THE Bankers Association of Zambia (BAZ) says the country is on course to attaining 80 percent of financial inclusion by 2022.

BAZ deputy chairperson, James Koni said the association is committed to accelerating financial inclusion through enhanced financial education.

Speaking during the launch of the 2018 financial literacy week which runs from March 19th to 25 Mr Koni said the projected attainment was in line with the national financial inclusion strategy as outlined in the 7th national development plan and the vision 2030.

“These targets may seem ambitious but I am confident that with the increased financial education, initiatives and access to financial services which has seen even mobile operators coming on board we will have more Zambians participating in the financial sector,” he said.

And the Bank of Zambia governor, Denny Kalyalya in his key note address said the sustainable wealth of a nation starts with and thrives on the existence of a critical mass of financiallyempowered individuals, adding that inculcating financial literacy among pupils will go a long way in ensuring a financially literate generation.

“As the well-established observation goes, knowledge and availability of the right information are necessary pre-conditions to true empowerment.

“In the context of the 2018 Financial Literacy Week, knowledge about saving, investing and insurance if well assimilated will enable people to make sound financial decisions, leading to better life outcomes” he said.

Meanwhile, Ministry of Finance Permanent Secretary Mukuli Chikuba said Government is reviewing the financial education strategy, which aims at accelerating financial literacy levels in the country in the next five years.

Mr Chikuba said changing the mindset of the young population on financial management and investing for the future is important as they have enough time to implement the lessons learnt.

The Financial Literacy week is an annual event that has been commemorated in the last six years to encourage financial inclusion, and this year’s event is being commemorated under the theme save invest and insure to live a better life.