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.