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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Main Author:	World Bank Group
Format:	Report
Language:	English
Published:	World Bank, Zambia 2017
Subjects:	FINANCIAL INCLUSION FINANCIAL CAPABILITY CONSUMER PROTECTION SAVINGS MICROFINANCE INSURANCE
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

id	okr-10986-28832
recordtype	oai_dc
spelling	okr-10986-288322021-05-25T09:52:07Z Enhancing Financial Capability and Inclusion in Zambia : A Demand-Side Assessment World Bank Group FINANCIAL INCLUSION FINANCIAL CAPABILITY CONSUMER PROTECTION SAVINGS MICROFINANCE INSURANCE 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. 2017-11-14T16:47:16Z 2017-11-14T16:47:16Z 2017-11 Report http://documents.worldbank.org/curated/en/443321509643632935/Enhancing-financial-capability-and-inclusion-in-Zambia-a-demand-side-assessment http://hdl.handle.net/10986/28832 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Zambia Economic & Sector Work :: Other Financial Accountability Study Economic & Sector Work Africa Zambia
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	FINANCIAL INCLUSION FINANCIAL CAPABILITY CONSUMER PROTECTION SAVINGS MICROFINANCE INSURANCE
spellingShingle	FINANCIAL INCLUSION FINANCIAL CAPABILITY CONSUMER PROTECTION SAVINGS MICROFINANCE INSURANCE World Bank Group Enhancing Financial Capability and Inclusion in Zambia : A Demand-Side Assessment
geographic_facet	Africa Zambia
description	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.
format	Report
author	World Bank Group
author_facet	World Bank Group
author_sort	World Bank Group
title	Enhancing Financial Capability and Inclusion in Zambia : A Demand-Side Assessment
title_short	Enhancing Financial Capability and Inclusion in Zambia : A Demand-Side Assessment
title_full	Enhancing Financial Capability and Inclusion in Zambia : A Demand-Side Assessment
title_fullStr	Enhancing Financial Capability and Inclusion in Zambia : A Demand-Side Assessment
title_full_unstemmed	Enhancing Financial Capability and Inclusion in Zambia : A Demand-Side Assessment
title_sort	enhancing financial capability and inclusion in zambia : a demand-side assessment
publisher	World Bank, Zambia
publishDate	2017
url	http://documents.worldbank.org/curated/en/443321509643632935/Enhancing-financial-capability-and-inclusion-in-Zambia-a-demand-side-assessment http://hdl.handle.net/10986/28832
_version_	1764467462077677568

Enhancing Financial Capability and Inclusion in Zambia : A Demand-Side Assessment

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