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Financial illiterate a big challenge to Zambian women

Filed under: Business,Latest News |

Financial Sector Deepening Zambia says only around 27% of women in Zambia are financially literate.

Organisation Executive Director Engwase Mwale noted that although great strides have been made to increase the levels of financial inclusion for women, financial illiteracy still remains a challenge.

She said that according to the 2020 FinScope Survey, around 70 percent of women in Zambia have attained financial inclusion although financial remains very low.

Mwale observed that financial illiteracy makes it difficult for most women in the country to escape the poverty trap.

She commended the Zambian government for the steps being taken to bring about more inclusive growth as a poverty reduction tool.

Mwale was speaking in Lusaka on Saturday when she officiated at the launch of a book titled Catching Fire which encourages financial independence and wealth creation.

“Financial Sector Deepening Zambia exists to expand financial inclusion in Zambia for a financially healthy country ending up to contributing to poverty reduction. And when you look at the face of this, the majority we see are women and we know that poverty carries a female face and the majority of these women are in the informal sector,” Mwale said.

She stated that the book, Catching Fire is a profound contribution to efforts to increase financial literacy in Zambia.

Mwale also highlighted the importance of savings group as a way of dealing with personal financial growth especially for women.

She gave a personal testimony of how she has been able to build a block of residential flats with proceeds from her savings group.

Mwale further stressed the need to have women financially secure as a way of fighting gender based violence.

“In most GBV cases, the woman is a victim and she is usually not financially strong and this is why she chooses to stay with the perpetrator than leaving,” she said.

And Catching Fire author Jane Mazimba said her book encourages people to create an aggressive savings culture that will enable them retire early and live a comfortable life.

Mazimba said the book contains weekly tips on how people could start saving and investing aggressively in order to have a financially stress free future.

Other speakers at the event included Pastor Sean King of Kingdom Church who spoke on High Performance and Patricia Luhanga who is Ms. Mazimba’s personal friend spoke on the importance of execution with James Sakala providing entertainment.

The book launch event was sponsored by Yellow Card, a cryptocurrency exchange that trades in 17 African countries including Zambia.Mwebwantu


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