Zambia records an increase in financial inclusion

ZAMBIA has seen this year seen an increase in financial inclusion among the adult population, the 2015 Finscope Survey has recorded. Speaking when he presented the findings during a one day e-money card and payments summit, Bank of Zambia (BoZ) deputy governor Bwalya Ng’andu, revealed that financial inclusion among the adult population had increased from 37.3 percent in 2009 to 59.3 percent this year.

The 2015 Finscope Survey shows that financial inclusion among the adult population has increased from 37.3 percent in 2009 to 59.3 percent this year. ZAMBIA has seen this year seen an increase in financial inclusion among the adult population, the 2015 Finscope Survey has recorded.

Speaking when he presented the findings during a one day e-money card and payments summit, Bank of Zambia (BoZ) deputy governor Bwalya Ng’andu, revealed that financial inclusion among the adult population had increased from 37.3 percent in 2009 to 59.3 percent this year.

“This result is particularly pleasing to us because it surpasses the 50percent target which was set to be achieved through the Financial Sector Development Plan (FSDP) which is coordinated from the Bank of Zambia,” Dr. Ng’andu said.

He said revealed that the country currently had 2,770,916 debit cards, 961 ATMs and 4,425 point of sale machines.

Dr. Ng’andu added that this represented a massive up scaling in the use of these products within the last few years.

The BoZ Deputy Governor said the one day summit was aimed at helping participants to fully understand the role of e-money in the country.

And Dr. Ng’andu said innovations in information and communication technology were beginning to transform the way financial services providers conducted their business not only in Zambia but world over.

He noted that the Central Bank is contributing to this effort through the implementation of the national strategy on financial education programme.

Dr. Ng’andu further said, “The Bank of Zambia has also issued the e-money directive to govern the insurance of e-money in the country … the bank is in the process of issuing the Branchless Banking regulations that will govern the operations of agency banking in Zambia.”

He said the Bank will continue to work closely with key stakeholders to develop an efficient and inclusive payment system in the country.

Speaking at the same event, Zanaco Managing director Bruce Dicks said the adoption of financial inclusion would ensure a more holistic approach to promote and maintain financial and economic stability in Zambia.

“Zanaco-prepaid card is another innovation that will see people without account numbers being financially included as they will be able to receive payments such as the government social cash transfer and farmer input supply payments,” he added.

Financial inclusion or inclusive financing is the delivery of financial services at affordable costs to sections of disadvantaged and low-income segments of society, in contrast to financial exclusion where those services are not available or affordable.

 

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