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Zambia : BANK OF ZAMBIA - Financial inclusion continues to be a challenge

May 13, 2014

Dr Michael Gondwe, the Governor of BANK of Zambia has noted that irrespective of the positive economic performance that the country has registered recently, financial inclusion still remains a challenge.

The governor while officiating at the Indo-Zambia Bank distribution of K959,500 loan approvals to 34 self-help groups at Lusaka Olympic Youth Development Centre, said there were still a number of parts of Zambia and numerous classes of society where official financial services were still unavailable, inspite of the entry of new banks and increase of products and services by the market players.

Dr. Gondwe said a recent study by Finmark Trust showed that 62.7 per cent of the Zambian youth continues to have no access to both official and inofficial financial services and products.

He said the rise in the number of recipients from 20 women groups in 2011to 87 in 2013 was key in boosting financial inclusion in the country with special focus on women groups.

He added that enhanced access to financial services was key to boost revenue generating prospects and general living conditions among households.

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Source: TendersInfo (India)

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