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Alba Iulia
Thursday, November 26, 2020

Over K6 billion cash circulating outside formal sector-Katongo Musonda

Economy Over K6 billion cash circulating outside formal sector-Katongo Musonda

Central Province Permanent Secretary (PS) Chanda Kabwe has called on the financial sector to empower citizens with knowledge and skills to enable them meet their financial obligations.

In commemorating the 2018 financial literacy week under the theme “Save, Invest, Insure –to live a better life”, the PS encouraged citizens to take interest in financial education.

In a speech read for him by Kabwe District Administrative Officer Brave Mazuba, he said the 2018 financial literacy week is a clear demonstration of the importance government places to financial literacy and financial inclusion agenda.

He added that there is need to raise awareness among children, youths and adults on the benefits of financial planning to individual well-being.

The PS further noted that saving and investing leads to prosperity and personal financial stability.

And Principal Education Standards Officer for Central Provincial Kezala Mwale said the importance of financial education in the country cannot be over emphasised.

Mr. Mwale stated that the Ministry of General Education has given great attention to financial literacy and entrepreneurial skills in the 2013 revised curriculum to enable school leavers engage in small scale business in line with the country’s vision 2030 of making Zambia a middle income country.

Meanwhile, Ministry of Finance representative Katongo Musonda revealed that there is over K6 billion estimated cash circulating outside the formal sector.

She disclosed that the saving culture in the country is very low to attract meaningful development.

Ms. Katongo further added that financial inclusion levels in the country stand at 59 per cent and the financial sector players wish to increase it to 80 per cent by the year 2022.

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