Bank of Zambia Officials Trained on Financial Inclusion

Financial inclusion remains a powerful development tool for improving access to finance and supporting vulnerable individuals and households. The need to advance financial inclusion became more pronounced during the COVID-19 pandemic where measures such as social distancing, lockdowns and travel restrictions have had a profound impact on the lives of millions of vulnerable people who live on low incomes and rely on daily earnings to survive. Given the low levels of financial inclusion in the region, MEFMI countries continue to put in place policies and strategies aimed at promoting financial inclusion.

In its bid to promote financial inclusion, the Bank of Zambia (BoZ) identified financial inclusion as one of the focus areas in its 2020 – 2023 Strategic Plan. The Bank intends to leverage digital financial services and strategic partnerships to drive its financial inclusion agenda during the period. In that regard, MEFMI provided training on Financial Inclusion to the Bank’s members of staff from 11 – 14 April 2022. The objective of the workshop was to enhance the understanding of financial inclusion among BoZ members of staff to enable them to implement the financial inclusion strategy more effectively.

Ms Mumbi Mwila, the BoZ Director for Human Resources delivered the opening remarks on behalf of the Bank. In her remarks, the Director stressed the importance of an inclusive financial system in Zambia. She further emphasised the significance of financial inclusion as a pillar in the Bank’s current strategic plan. In addition, Ms Mwila thanked MEFMI for the continued support in building the Bank’s capacity over the years.

The workshop was attended by 43 officials, comprising 16 females and 27 males. The participants were taken through presentations on various financial inclusion topics such as rural finance, SMEs financing, digital financial services, bridging the gender gap in financial inclusion and financial consumer protection. It is expected that the participants will utilise the acquired knowledge to drive the Bank’s strategic objective of attaining a more inclusive financial system in Zambia.

The workshop was facilitated by Ms Evelyne Kilonzo, a MEFMI Graduate Fellow from the Central Bank of Kenya and two independent consultants Ms Petronella Chigara-Dhitima and Mr Augustine Mwanje.  The team was supported by Mr Noel Mahombera and Mr Patrick Mutimba from the MEFMI Secretariat.

By Noel Mahombera