Enhancing Financial Capability and Inclusion in Zambia : A Demand-Side Assessment
Financial inclusion in Zambia has nearly doubled in the last ten years - from 21.3 percent in 2005 to 40.2 percent in 2016. This success was made possible by Zambia’s Financial Sector Development Plan that concluded in 2015. And yet, when compared...
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| Format: | Report |
| Language: | English |
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World Bank, Zambia
2017
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| Online Access: | http://documents.worldbank.org/curated/en/443321509643632935/Enhancing-financial-capability-and-inclusion-in-Zambia-a-demand-side-assessment http://hdl.handle.net/10986/28832 |
| Summary: | Financial inclusion in Zambia has nearly
doubled in the last ten years - from 21.3 percent in 2005 to
40.2 percent in 2016. This success was made possible by
Zambia’s Financial Sector Development Plan that concluded in
2015. And yet, when compared to other lower-middle income
countries, Zambia fares less favorably in terms of account
ownership, accessibility of bank branches, and usage of
financial services. Main cited barriers are lack of funds,
high fees, time-consuming travel, and lack of trust in the
financial sector. Zambia aims to achieve universal access
and has committed to implementing comprehensive national
strategies for financial inclusion and financial education
to accelerate progress. The World Bank survey covered in
this report was requested by Zambian authorities to inform
their further strategy work, help formulate quantifiable and
concrete targets, and assess the effectiveness of future
financial capability enhancing programs. The key findings
and recommendations of the report cover areas related to
Financial Inclusion, Financial Capability, and Financial
Consumer Protection, followed by four chapters. Chapter 1
explores the financial inclusion landscape in Zambia.
Chapter 2 reviews financial capability of Zambians in terms
of their financial knowledge, attitudes, and behaviors.
Chapter 3 analyzes the link between financial inclusion and
financial capability in Zambia, and Chapter 4 assesses
whether the financial products in Zambia meet consumers’ needs. |
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