LUSAKA, March 13 (Xinhua) -- The Zambian government on Wednesday launched a strategy aimed at enhancing financial inclusion for all citizens.
The Second National Financial Inclusion Strategy, which runs from 2024 to 2028, replaces the first strategy, which ran from 2017 to 2022. The second strategy has been prepared in cooperation with the United Nations and the World Bank.
Zambian Minister of Finance and National Planning Situmbeko Musokotwane said the launch of the second strategy demonstrates the government's commitment to ensuring financial inclusion without leaving anyone behind.
"We are launching the Second National Financial Inclusion Strategy at a time when the government is aggressively pursuing the implementation of progressive monetary and fiscal policies aimed at fostering a stable and sustainable macroeconomic environment which creates opportunities for businesses and individuals to thrive," he said.
According to him, enhancing financial inclusion among all population groups remains a major priority for the government because it has a positive effect on wealth creation, poverty alleviation, and the building of resilience toward financial shocks.
The minister said that since the launch of the first strategy in 2017, the country has witnessed a notable increase in financial inclusion, from 59.3 percent in 2015 to 69.4 percent in 2020. He stressed that the second strategy will build on the gains achieved and is a renewed commitment to addressing the remaining challenges and gaps, such as rural-urban gaps, gender gaps, and income gaps.
Musokotwane also said the new strategy sets a roadmap to achieve 85 percent financial inclusion in the next five years.
Beatrice Mutali, the UN resident coordinator in Zambia, said the launch of the new strategy is vital to driving the national development agenda, adding that the UN provided technical assistance in developing the strategy as part of a broader effort to support the development of the country's financial sector.
Achim Fock, the World Bank country manager for Zambia, said financial inclusion is an important tool for improving people's well-being and livelihoods as well as expanding economic activity.
The World Bank, he said, will continue to support financial inclusion efforts as part of efforts to create a world free of poverty.
