Tuesday, July 16, 2024

Majority of women in Zambia are still financially illiterate-Engwase

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Financial Sector Deepening Zambia says only around 27% of women in Zambia are financially literate.

Organisation Executive Director Engwase Mwale noted that although great strides have been made to increase the levels of financial inclusion for women, financial illiteracy still remains a challenge.

She said that according to the 2020 FinScope Survey, around 70 percent of women in Zambia have attained financial inclusion although financial remains very low.

Mrs Mwale observed that financial illiteracy makes it difficult for most women in the country to escape the poverty trap.

She commended the Zambian government for the steps being taken to bring about more inclusive growth as a poverty reduction tool.

Mrs Mwale was speaking in Lusaka on Saturday when she officiated at the launch of a book titled Catching Fire which encourages financial independence and wealth creation.

“Financial Sector Deepening Zambia exists to expand financial inclusion in Zambia for a financially healthy country ending up to contributing to poverty reduction. And when you look at the face of this, the majority we see are women and we know that poverty carries a female face and the majority of these women are in the informal sector,” Mrs Mwale said.

She stated that the book, Catching Fire is a profound contribution to efforts to increase financial literacy in Zambia.

Mrs Mwale also highlighted the importance of savings group as a way of dealing with personal financial growth especially for women.

She gave a personal testimony of how she has been able to build a block of residential flats with proceeds from her savings group.

Mrs Mwale further stressed the need to have women financially secure as a way of fighting gender based violence.

“In most GBV cases, the woman is a victim and she is usually not financially strong and this is why she chooses to stay with the perpetrator than leaving,” she said.

Author Jane Mazimba book signing
Author Jane Mazimba book signing

And Catching Fire author Jane Mazimba said her book encourages people to create an aggressive savings culture that will enable them retire early and live a comfortable life.

Ms. Mazimba said the book contains weekly tips on how people could start saving and investing aggressively in order to have a financially stress free future.

Other speakers at the event include Pastor Sean King of Kingdom Church who spoke on High Performance and Patricia Luhanga, Ms. Mazimba’s personal friend who spoke on the importance of execution with entertainment by James Sakala.

The book launch event was sponsored by Yellow Card, a cryptocurrency exchange that trades in 17 African countries including Zambia.

4 COMMENTS

  1. Speak for your dull wlfe. Not mine. My Regina is highly intelligent and has an advanced iq. Don’t insult my woman with your generalisations

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  2. The sampling frame used for the FinScope 2020 Survey was based on the Census of
    Population and Housing of the Republic of Zambia (CPH) conducted in 2010, and
    updated to accommodate the changes in districts and constituencies that occurred
    between 2010 and 2019, provided by the ZamStats. The 10 provinces of Zambia were
    subdivided into districts; each district into constituencies; and each constituency into
    wards. Each ward was then subdivided into smaller areas called census supervisory
    areas (CSAs) which, in turn, were subdivided into enumeration areas (EAs).

  3. These are weak outdated surveys that do not show a clear picture…men are just as illiterate …these organisations such as Financial Sector Deepening Zambia just want free money from donors.

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