The Zambia National Marketeers Credit Association (ZANAMCA) has identified partners who are ready to work and sponsor the roll out programs for the Social Health and Economic Empowerment Insurance Policy in the informal sector.
ZANAMCA president Mupila Kameya said that the association is optimistic that this year the insurance policy program will soon be rolled out to all the Provinces across the country.
Mr Kameya added that the partners that have come on board to sponsor the rollout program are ready to work with the association to sensitize people on the various insurance policy products that the informal sector can benefit from.
He told ZANIS in an interview that the associations working with Indo Zambia Bank and MTN who are one of the partners will sensitize people in the informal sector on financial literacy.
“From the time the roll out program was launched last year a lot of people in markets have been sensitized and have also registered. The compliance levels are overwhelming in various markets and about 15, 000 people are complying on life insurance products in Kafue, Shibuyunyi and Chongwe district since the programme was launched , we are optimistic that a lot of people will register themselves on the insurance products,”Mr Kameya stated.
He added that a total population of marketeers and other traders that include small scale and cross border entrepreneurs currently stands at 3.8 million which is a constituency that plays a major role in the transformation of the country’s social and economic sectors.
Mr Kameya explained that the life insurance Policy for people in the informal sector is in line with the government’s policy to restore economic growth and safe-guard livelihoods amid growing confidence in economic stability and growth which is expected to result in increased incomes for marketeers, traders and smallholder farmers.
“We want to ensure that our people in the informal sector are also registered with us and they are complying with the workers compensation in case of an accident while trading in their business so they can be taken covered by the Insurance policy which is part of the national rollout insurance policies ,”he said.
He stressed that social and economic empowerment in the informal sector is key to the development of the country.
Mr Kameya said various policies are key to improving the livelihood and profitability of the informal sector which will result in national development.
He stated that the informal sector makes up a significant component of the national economy with over 80 percent of employed labour force in Zambia.
Mr Kameya commended the political will coming from the government such as the removal of carders in the markets which was hindering progress to reach out to various markets across the country.