. Rev Sekwela

By CHATULA KANGALI –
ZAMBIA has exceeded the target in the uptake of financial inclusion both in the formal and informal sectors.
The financial inclusion now stands at 59.3 per cent representing 4.8 million adults in both sectors.
From the top finding of the country’s FinScoop survey for 2015, the target was 50 per cent.
The financial inclusion increased from 37.3 percent in 2009 to 59.3 this year.
The country has also recorded a significant increase in the number of people using mobile money services to Save.
Financial Sector Deepening Zambia  technical advisor Juliet Munroe  said  during  a  presentation at Bank of Zambia  Regional office in Ndola  last Friday that  financial  inclusion in Zambia had  increased  by 28 per cent from 2009 to 2015.
She said Zambia still had a large population that was saving money at home for risk management and quick use.
“Inclusion in urban areas has significantly increased than in rural areas. There are now more females that are financially included than males. The inclusion is skewed towards adults who get salaries from companies, Government and businesses,” she said.
Ms Munro said there was need for the country to increase financial inclusion uptake as the county was third least in the service in the region with South Africa topping the list.
She added that the top finding also indicated that  the number  of  people  saving  money  in the informal sector  such as at  home and  ‘Chilimba’ had  reduced.
She said the country, however, had recorded an increase in the number of people borrowing money from both informal and formal sectors.
Copperbelt Permanent Secretary Howard Sikwela said the increased up take in financial inclusion was as a result of increased awareness and usage of financial services across the country.
Rev Sikwela noted that access to financial services in Zambia was still a challenge especially in rural areas where there was a low income population.
He said Government was scaling up development in the financial sector which was a key driver in the economic development of the country.