Zamtel says children should be introduced to a culture of saving money in order to create a financially literate Zambia.
In commemoration of this year’s World Savings Day which fell on Thursday, Zamtel Head of Corporate Affairs and Government Relations Reuben Kamanga said children should be oriented on the benefits of saving money at an early stage.
This year’s global commemoration of World Savings Day is being held under the theme ‘Be Money Smart: Savings Give Life a Lift!’
Mr Kamanga said Zamtel is proud to be actively playing a role in the promotion of financial inclusion through the use of digital channels such as Zamtel Kwacha and ZamPay.
He said saving money for the future is important as it acts as a buffer against some of life’s eventualities.
Mr Kamanga said Zamtel, as a Prime driver of digitalTransformation has developed innovative platforms and channels that make it easier for people to save a portion of their incomes using their mobiles devices.
“We realise that a well-entrenched savings culture will go a long way in deepening our financial sector in line with the National Financial Inclusion Strategy which targets to increase financial inclusion from 59% to 80% by 2022. Using Zamtel Kwacha, our customers can save up to K10,000 for individual accounts and K250,000 for Small to Medium company accounts with ease from within the comfort of their homes or offices,” Mr Kamanga said.
He added, “Since Zamtel Kwacha is easy to use, we are encouraging parents and guardians to open savings accounts for their children and jointly manage them in order to inculcate a savings culture in children.”
Mr. Kamanga said using Zamtel Kwacha, the company is moving into a new era of mobile savings and loan products using Patumba, which is a partnership with Hobbiton.
He said the partnership enables any active Zamtel mobile money customer to earn attractive interest on any deposits into the Hobbiton Savings and Credit account.
“This is another partnership that provides an end to end social security platform consisting of investments, savings and credit towards education or retirement plans. We are committed to an inclusive agenda in the financial sector as we strive to make Zambia a cashless society,” Mr. Kamanga said.
He said Zamtel is encouraging savings while improving access to microcredit for the unserved and underserved population, thus bridging the savings and credit provision gap.
THE TRUTH IS FAMILIES ARE LIVING FROM PAY TO PAY AND ARE NOT SAVING BECAUSE THEY CAN’T AFFORD TO. SO HOW DO YOU EXPECT THEM TO TEACH THEIR CHILDREN???
The myth of saving Fiat currency lives on in the minds of the financially illiterate. Unless you are saving gold, silver or platinum or even precious stones, Fiat currency is designed to keep people poor and if you do save it, you are saving it for inflation to burn it’s value to zero.
I was were did I see that thing? So it’s Reuben.
It is comparing her children to Mulyokela’s children. Mulyokela has to decide between buying an exercise book, or ka half-kilo of mealli meal.
All those Reuben Kamangas should be shipped out of Zambia, just idyots sitting there doing nothing but mocking the poor.
Lesa Ni malyotala…
Savers are losers – Robert Kiyosaki’s school of thought.
Yeah! It is important to teach children balance sheets and financial statements, I always do this. Instead of saving, I encourage them to invest so that in future, they will become investors not savers. Proverbs 22 vs 6. I tell them that with the Kwacha’s incessant gymnastics why don’t invest in assets.
Then we will lid Zambia of FDI, my enemy number 1.
Bless you!
Lynch Mob you are right, it shows how the majority of people in this country are educated fools. Looking at this man it is very shocking that all these years in his life he has not understood a simple concept that money savers are loosers. The correct advice to children should have been to teach the children to invest and start businesses. It’s a shame.
Okay, the top 3 comments have whitewashed Kamanga’s or Zamtel’s line of thought.
OK.
Ba Kamanga you cant save a penny when you cant even afford a meal.
Saving are for the health economies not chipantepante type of gorvenment like Zambia.
How much did you save before you got that position.
How can the Children be oriented on the benefits of saving money at an early stage, when their parents cannot afford to save themselves in the first. This type of talking does not apply to Zambia. Sometimes it is better to be quiet than to talk in abstract therefore expose your ignorance.
@Thorn in the Flesh
Saving and investment are not independent events. Investment always comes from savings. You can use your own savings (equity) or other peoples savings (debt or equity).
Saving and investment is an important thing one must get involved in, for we as Zambians must have the creativity and capability to improve the financial mindset of Zambian citizen’s, Zamtel strongly believes that educating children on saving money will develop and innovate the financial sector of the country.