Zambia's central bank wants half the population to access financial services by 2015

Sep 16, 2013

The Bank of Zambia (BoZ) has revealed its objective to increase access to financial services to 50 per cent of the population by 2015.

The Bank of Zambia (BoZ) has revealed its objective to increase access to financial services to 50 per cent of the population by 2015.

The bank is currently exploring ways to increase access to credit in the country, where currently only 37 percent of the population has access to financial services, Times of Zambia reports.

The BoZ has been encouraging commercial banks and microfinance institutions to increase
their
physical presence and representation through agents and provide affordable financial products.

Even when a financial institution is present in a locality, "residents often fail to access financial services because of high interest rates and a lack of suitable financial products," said Mr Kalumba.

He added that capping the interest rates applied by microfinance institutions has helped to increase small and medium-sized enterprises' access to affordable
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