Zambia

GMW national coordinator: Bankers Association of Zambia - Bank of Zambia (Bankers Association of Zambia is the Secretariat for the National Financial Literacy Working Group) Participating organisations: AB Bank, Access Bank, Bank of China, First National Bank, Investrust Bank, First Alliance Bank, Indo Zambia Bank, Stanbic Bank, Zambia Industrial Commercial Bank, Standard Chartered Bank, NATSAVE, Zanaco, Atlas Mara Bank 70 schools, Professional Insurance, NICO Insurance, Madison Life , ZSIC Life, ZSIC General, Stanbic Insurance , Prudential Life, Lusaka Stock Exchange, DeVere Group , Stock Brokers Zambia , ABC, Zambia National Building Society , Madison Finance, FINCA, Entrepreneurial Financial Centre, Vision Fund, MicroLoan Foundation, Payment Systems Probase, Cellulant, Airtel , MTN Zambia, Zamtel, Digital Pay Go, CGrate, Pensions and Insurance Authority , Securities & Exchange Commission, Payment Systems Association of Zambia, Bankers Association, Association of Micro-Finance Institutions in Zambia, Zambia Association of Pension Funds, Capital Markets Association of Zambia, Financial Sector Deepening Zambia, German Sparkassenstiftung for International, Ministry of Finance, Ministry of Education, Cabinet Office, NAPSA, Zambia Revenue Authority , Rural Finance Expansion Programme, Hot FM, Diamond TV, Zambia National Broadcasting Corporation, Zambia Daily Mail, Times of Zambia, King Spirit Media (Regional Radio Stations), ZKidPrenuer, World Vision International, Children International, WEAC Zambia, All Nations are families, Zambia Sugar Total number of participating organisations: 141 Number of children and young people reached directly: 100,000 Number of adults reached directly: 200,000 Number of people reached indirectly: 3,000,000

The Government launched the National Strategy on Financial Education (NSFE) to improve financial education among Zambians in July 2012. The strategy sought to promote financial inclusion in the country, to have a financially educated Zambian population and to have improved knowledge, understanding, skills, motivation and confidence to help everyone secure positive financial outcomes for themselves and their families.

In 2013, Zambia launched its first ever Financial Literacy Week, an adaptation of the Global Money Week campaign and with it committed to “Reshape the Future of Finance.”

To mark the 10th Global Money Week and the 10th Zambia Financial Literacy Week in 2022, the governor of the Bank of Zambia, the Chief Executive Officer of the Securities and Exchange Commission and the Acting Registrar of the Pensions and Insurance Authority together launched both campaigns on March 21. For the first time since the COVID-19 outbreak this in-person event took place with 300 children, youth and other participants.

While celebrating the 10-year anniversary, Zambia reported that the market players have developed approximately 20 new financial products for children and youth over the past years. Furthermore, there has been a significant increase in the involvement of children and youth in money conversations at households, schools and even in public media.

In 2013, students in their final year in secondary schools, colleges and universities are today part of the workforce earning an income in both the private and public sectors. Those youth are today’s adults and the National Financial Literacy Working Group hopes that they have been equipped adequately with relevant knowledge, understanding, skills, motivation and confidence to secure positive financial outcomes for themselves.

It was gratifying to see the efforts of the Financial Literacy Week 2022 embrace the critical role of children and youth in the various activities. In the main launch agenda, children from varying backgrounds were given an opportunity to engage with the financial sector executives, including the regulators. The Governor of the Bank of Zambia answered questions from children followed by an opening speech. In his address, the Governor reflected on the significant strides achieved by Zambia as well as reiterated his call to all stakeholders to continue focusing on children and youth in the financial ecosystem through the development of appropriate infrastructure, provision of affordable customer-centric products, delivery of financial literacy, and promotion of consumer protection for the underserved population, particularly in rural areas.

Zimbabwe

GMW national coordinator: Reserve Bank of Zimbabwe Participating organisations: Insurance and Pensions Commission, First Capital Bank, ZB Bank, National Building Society, Stanchart, Agriculture Finance Corporation (AFC), Stanbic, CABS, Nedbank, FBC Bank, POSB, Zimbabwe Women Microfinance Bank, Success Microfinance Bank, Getbucks Microfinance Bank, Empowerbank, Red Sphere Microfinance, Wisrod Investments, Securities and Exchange Commission of Zimbabwe, Zimbabwe Stock Exchange, Insurance and Pensions Commission, 79 schools, 2 universities, Old Mutual Group, ZB Life Assurance Company, CBZ Group, Minerva Risk Advisors, Coronation Risk Advisors Total number of participating organisations: 107 Number of children and young people reached directly: 3,784,063 Number of adults reached directly: 250,790 Number of people reached indirectly: 3,814,853

Throughout Global Money Week 2022, the Reserve Bank of Zimbabwe along with other 19 financial sector players reached 3,664,853 children and youth through both digital and physical communication channels. Some activities undertaken were as follows:

• The Reserve Bank hosted an inaugural virtual CEO Financial Education Round Table on 22 March 2022 to mark the commencement of the GMW celebrations; • Representatives from financial institutions visited 79 schools throughout the country, including rural areas and shared information on various financial topics; • One of the banks invited school students to visit their branch to have first-hand experience of banking operations; • Institutions facilitated online competition for both primary and secondary school students; • Institutions shared financial literacy information through the media, radio as well as social media platforms; • The CEO Financial Education Symposium and seminars were also conducted; • A Global Money Week Symposium and seminars were also conducted; • Some microfinance institutions provided free training services to entrepreneurs; • The Reserve Bank developed GMW content, which was crafted into jingles and broadcasted on four radio stations in English and four other local languages.

Throughout Global Money Week 2022, the Insurance and Pensions Commission together with the following regulated entities, Old Mutual, ZB Life Assurance, Minerva Risk Advisors, CBZ Insurance and Coronation Risk Advisors collectively reached more than 200,000 children and youth through in-person, digital media and virtual platforms.

Some activities included:

• Online video competitions for primary school, high school and tertiary students; • Educational videos by the Commissioner, directors (Insurance, Pensions and Actuarial) on matters relating to the industry; • Joint financial literacy seminars with fellow financial sector regulators – Securities and Exchange Commission of Zimbabwe and the Reserve Bank of Zimbabwe at the University of Zimbabwe, Harare Institute of Technology and Dominican Convent School; • Radio shows on financial literacy, which targeted the youth; • Leveraged digital and social media to engage with youth and parents on how they can be #SmartAboutMoney; • Short thesis competition for university students; • Gaming and puzzles on insurance for young learners, administered online; • 5-minute insurance commercials on two radio stations per week; • Advertisements placed online and on Zimbabwe Broadcasting Corporation channels; • Visits to insurance and financial Institutions; • Promoting Savings Card for youth; • Live social media posts from schools; • Running Old Mutual’s On The Money Radio slot with financial influencers followed by a quiz; • Run On The Money Financial Literacy Sessions at the Innovation Hub with entrepreneurs.