Financial scrutiny

The number of Zambian adults accessing financial services has increased since 2009, results of a survey conducted to measure consumers’ perceptions on financial services obtained by Xinhua on Tuesday said. Financial scrutiny The FinScope 2015 Survey, a nationally representative survey, has revealed that the number of Zambian adults accessing financial services increased from 37.3 percent in 2009 to 59.3 percent in 2015, bringing the total number of adults accessing the services to 4.8 million. “This represents a significant reduction in the number of adults who are financially excluded. In 2009, 4 million adults were financial excluded. In 2015, this number has dropped to 3.3 percent,” the survey released in Lusaka, the country’s capital said. The survey further reveals that access levels to financial services in urban areas stood at 70.3 percent compared with 50.1 percent in rural areas from 42 percent and 34.4 percent in 2009 for urban and rural areas respectively.
The survey further stated that 57.4 percent of females now have access to financial services from 33.9 percent in 2009 while access to financial services for males now stands at 61.2 percent from 40.8 percent in 2009.
Secretary to the Treasury Fredson Yamba, in remarks delivered during the launch of the report, said although Zambia has made significant strides in developing the financial sector over the years, the country was still faced with the challenges of access to financial services and products by many of its citizens.
The official said the results of the 2015 survey signifies improved awareness and usage of financial services across the country
“It is widely recognized that access to a well-functioning financial system has the potential to economically and socially empower the poor and low income people as well as grow micro- enterprises,” he said.
The FinScope Survey is part of the Zambian government’s commitment to expanding financial inclusion in the country under its Financial Sector Development Program (FSDP) launched in 2004. Enditem

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.