Bank of Zambia Governor Denny Kalyalya has called on financial institutions to come up with products and services that suit all sectors of society in order to improve the financial literacy levels in the country.
Dr. Kayala attributed the increasing financial literacy levels due to complicated products and services that financial institutions offer that discourage people to seek their services.
Speaking during the commemoration of the World Savings in Lusaka today , Dr. Kalyala said this is why institutions should have deliberate policies that will attract people to their products and services but still maintaining high standards of service delivery.
He explained that banking institutions and non-alike need to exhibit their products and services specifically tailored towards the promotion of savings, investments and insurance.
Dr. Kayala said to this effect members of public should be given a wide range of financial options available for them to attain the kind of life they wish .
He further added that in order to address the high unemployment and poverty levels in the country, there is need to educate people on saving.
And Bank of Zambia (BAZ) has pledged continued support to work with government in providing financial services and products that will help in scaling out financial inclusion in the country.
BAZ Chairperson Kola Adeleke said a substantial number of the country’s population lacks information about what is involved in savings and its advantages.
Mr. Adeleke expressed concern with the poor savings culture among Zambia, adding that this is why it was important for citizenry to understand issues of savings and different types of products and services that are offered by financial institutions.
He noted that lack of adequate information and understanding of financial matters can result in a number of negative outcomes, including lower level of financial wealth and imprudent debt levels.
Firstly it’s not worth saving in a country where the exchange rate is so volatile. Your savings will lose value on a daily basis. Secondly very few people even have enough left over after monthly expenses to entail to save.
Yep! Try long term savings at these inflation rates.
The man is ignorant about wage freeze, inflation, unemployment… list is endless
You can’t save what you don’t have.
@ Ntaulu you have summed it up! First people must be guided on how to make the little extra that they can hopefully get to save asap! The Dr. Kalyalya advice is academic and doesn’t stimulate desire to save!
Kalyalya should be talking to his appointing authority and tell him the adverse effects of taxing the populace to death.Again PF fails,all they are interested in the new taxes and fines and fees is to continue being funded by taxpayers from whom they have already stolen from.Kalyalya that message would have made sense in previous adminstrations of MMD,not these hyenas they have no clue,they dont even know the consequences of the new taxes,go preach in State House Doc
The only way people can access such information is through media. But our quality and substance broadcasted leaves a lot to be desired. It’s true when looking for investment opportunities in Zambia one has to sweat to find one on net later on one advertised through media.
Government bonds and treasury bills are so beneficial for any citizen but that is known by very few due to lack of publicity. BOZ should do that. Only loaning institutions are leading in disseminating information to an extent that every civil servant things the only way one can acquire or do anything substantial is through a loan and never through saving. Today government annual treasury bill stands at 18.5 percent. If you invest a 100 pin you get your cool 18 500 while seating behind your desk. But for the majority…
Anybody can save where ever they are on whatever they earn. The rule of the thumb is 10% of your income no matter what has to go into saving. Our forefathers knew this rule and used it perfectly well.
Anybody in a normal country can save,Zambia today is not a normal country.The PF’s strategy of getting out of the hole they dug for themselves is taxing the citizens to death.Are you in Zambia?In the morning when driving for work,which is like the only time i listen to radio all you hear are adverts by ZRA,it is like Kingsley Chanda and co have been instructed to tax the populace to death,and sadly the clueless PF have no other option of making revenue
Savings don’t exist in Zambia. Banks charge you for saving money with them instead of giving you interest
Ignorance runs in the Grouping, HH’s PARTY.
You can only save if you get paid in the first place and you know exactly when ur salary will be in your account,for planning purposes that’s very important,secondly the work force is heavily taxed and they barely can survive with high inflation figures every quarter and this has a huge impact on saving, the economic conditions need to be right to save as well……. The list goes on. Because him he is on a high salary he thinks everyone is in the same boat
jonny
I never even thought of that Kalyalya is on a fat salary and they think it is everyone,no sir dont be like the PF who can close their eyes and offer themselves a salary increment when everybody is complaining,they refuse to pay back salaries unlawfully earned as ordered by court and they have the cheek to throw bills to you[Taxes] to help fund their undeserved salaries and pay for debts they have failed to account for….
Volatility in the exchange rate has been giving some of us who save with banks BP coz of continuous loss in value of what you have in the bank. We save with purpose of using that money maybe to purchase something but because of depreciating kwacha, our money in banks is becoming worthless.Maybe insure our savings so that value is never lost. Tefintu
The best way to save your cash, is to invest it into a Business that gives you Positive Cash Flow…. It’s far more profitable than giving your money to Banks.
Banks are selfish, greedy and don’t care about your well being. They just use people and then, dump them.