Zambia partners with World Bank to boost financial inclusion
The partnership includes a $2.75 million trust fund that will help Zambia implement key reforms.Zambia and the World Bank have launched a program funded by the Dutch government aimed at mobilising technical capacity and knowledge to help the southern African nation achieve its financial inclusion targets.
The Financial Inclusion Support Framework (FISF) is a $2.75 million (€2.55 million) trust fund that will help Zambia implement key reforms in the policy, regulatory and supervisory environment in a bid to enhance financial inclusion for individuals and businesses.
The program is mainly targeting the rural and low income population that has yet to access financial services.
Sebastian Molineus, the World Bank Group Director of Finance and Markets Global Practice, said in a press release that this initiative will help Zambia develop financial inclusion further, adding that the country has already made remarkable progress with figures showing that the proportion of adults with financial access, both formal and informal, increased from 37.3 per cent in 2009 to 59.3 per cent in 2015.
Meanwhile, governor of the Bank of Zambia Denny Kalyalya called on banks and other financial service providers to make available more suitable products and services that appeal to the needs of the public as part of the broader financial inclusion agenda.