Friday, March 29, 2024

Bank of Zambia launch financial literacy week

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Bank of Zambia Governor Denny Kalyalya
Bank of Zambia Governor Denny Kalyalya

The Bank of Zambia has today launched the Financial Literacy Week with a call to improve on the culture of saving.

Bank of Zambia Governor Denny Kalyalya said there is need to develop values of saving at a tender age even when one has low income levels.

ZANIS reports that Mr. Kalyalya said this in Lusaka today during the Launch of the Financial Literacy Week under the theme “Save, Invest, Insure; for a better life!

Mr. Kalyalya said the event which is being commemorated in all the provinces is meant to increase awareness on increased saving.

He said the event also aims at making sure that the general citizenry is made part of the campaign and increase the knowledge base.

Mr. Kalyalya said when majority of people saves there is likely to be sustainable contribution to those saving as they will invest the money saved.

He has since applauded the banking sectors and other financial lending institutions for taking a leading role in insuring that clients have different options of saving.

Mr. Kalyalya said saving will not only help one to invest in their lives but will also give one a better future where they can lean on in times of financial strain.

He said the financial services sector remained an important sector to the Zambian economy with annual contribution to Gross Domestic Product (GDP) of about 3 percent over the last three years.

Mr. Kalyalya said with concerted efforts on financial inclusion and financial literacy awareness programmes, the financial sector is bound to grow and increase its contribution to GDP even further.

He said the situation is further made easy if one also makes sure that they insure all their assets and the money that they have worked for.

Speaking earlier Bankers Association of Zambia (BAZ) Deputy Chairperson James Koni stated that the awareness week is meant to teach people the know how in the art of saving.

Mr. Koni said wealth creation is a life time process which calls for patience, coupled with a lot of financial literacy.

4 COMMENTS

  1. Put up a system that will encourage people to save. How is the cost of saving in Zambia. Work on interest rates and taxes to encourage even a common person to save. Saving is a good thing, but conditions discourage people from doing so. As a central bank you come up with monetary policy which can either encourage or discourage people from saving. You are the Genesis of everything…

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