Financial sector needs user-friendly products

Written by on March 28, 2019


PLAYERS in the financial sector, especially banks should develop user friendly products for customers to support Government increase financial inclusion to 80 percent in 2022, says finance minister |Margaret Mwanakatwe.

Ms Mwanakatwe urged all stakeholders in the financial services sector to partner with the Government in providing support to facilitate enhancement of financial education for all.

She was speaking during the official launch of the 2019 financial literacy week which takes place from March 25 to 31 each year.

This year the week will be celebrated under the theme ‘Money Smart, to live a Better Life.’

“Financial institutions especially banks and insurance companies, need to develop user friendly products as well as be more receptive to would be customers from all persuasions.

“I expect that initiatives to up-scale financial inclusion should extend far beyond the Financial Literacy Week. Therefore, I expect financial sector players to promote and foster financial literacy activities on a frequent basis,” said Ms Mwanakatwe.

Ms Mwanakatwe said in 2017, her ministry launched the National Financial Inclusion Strategy for the period 2017 to 2022.

Through that strategy, she said, Government was working towards increasing Zambia’s financial inclusion levels from the current 59 percent, recorded in the 2015 FinScope Survey, to 80 percent by 2022.

“The strategy spells out Zambia’s vision for financial inclusion, which is to ensure universal access to, and usage of a broad range of quality and affordable financial products and services,” she said.

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