Financial Literacy And Economic Empowerment: Zambia Joins Operation HOPE Initiative

Financial literacy takes center stage in a groundbreaking initiative as the government partners with Operation HOPE, signing a Memorandum of Understanding (MOU) in New York City, United States. Revealing this significant step, Thabo Kawana, Permanent Secretary at the Ministry of Information and Media, highlighted the MOU’s objective of advancing financial literacy within Zambia and among Zambian diaspora communities residing in the United States.

In a landmark development aimed at enhancing financial literacy and economic empowerment, government and Operation HOPE have inked a Memorandum of Understanding (MOU) in New York City, United States. Thabo Kawana, Permanent Secretary at the Ministry of Information and Media, disclosed that the MOU seeks to promote financial literacy both in Zambia and among Zambian diaspora in the United States.

Mr.Kawana said government through the Ministry of Finance and National Planning is implementing the National Financial Inclusion Strategy (NFIS) which is anchored on the National Sector Development Policy (NFSDP) to accelerate financial inclusion in Zambia which will lead to the development of a competitive and resilient inclusive financial sector.

Zambia becomes the inaugural member state to join Operation HOPE’s Financial Literacy for All coalition, a groundbreaking initiative dedicated to embedding financial literacy in schools, workplaces, and communities.Launched by a consortium of leaders from the business, sports, entertainment, and nonprofit sectors, Financial Literacy for All is dedicated to embedding financial literacy in schools, workplaces and communities, so that all people can access quality financial education and achieve greater success in their lifelong financial journey.

Under this collaboration, the parties will jointly conduct financial literacy workshops, distribute educational materials, and foster partnerships with schools and community organizations to promote financial literacy. Minister of Community Development and Social Services, Honorable Doreen Mwamba, emphasized the significance of financial literacy in enabling Zambian youths to make informed decisions for their businesses, echoing Zambia’s commitment to ensuring widespread access to financial education.

Operation HOPE Founder, Chair and CEO John Hope Bryant expressed happiness that his organisation will be partnering with the Republic of Zambia to help citizens improve financial well-being and fortify their economic empowerment.

He indicated that the MOU which welcomes Zambia as the first country to join the Financial Literacy for All initiative is a major step forward in the organisation’s mission to ensure that everyone has the knowledge and skills they need to make informed financial decisions and build a strong foundation for economic security and wealth generation.

Meanwhile, Minister of Community Development and Social Services Hon.Doreen Mwamba, MP, who is leading the Zambian delegation at the 68th Session of the Commission on the Status of Women (CSW68) in New York City, United States said financial literacy lecturers will enable Zambian Youths to make informed decisions for their businesses.

Zambia’s Permanent Representative to the United Nations, Ambassador Chola Milambo said the Government of Zambia is committed to ensuring that all people have access to financial education

The MOU will provide a platform to contribute towards a number of specific areas of cooperation, including:
• Developing and delivering financial literacy workshops and courses;
• Creating and distributing financial literacy materials;
• Partnering with schools and community organizations to promote financial literacy; and
• Economic empowerment of Zambian citizens, including Small and Medium Enterprises (SMEs).

Meanwhile, Minister Mwamba reaffirmed the government’s dedication to the Girls Education and Women’s Empowerment and Livelihood (GEWEL) project during her address at the 68th Session of the Commission on the Status of Women at the United Nations Headquarters. The GEWEL project, which has showcased remarkable achievements in poverty reduction and household resilience, has reached nearly 30% of the Zambian population, according to Ms. Mwamba.

Zambia’s Permanent Representative to the United Nations, Ambassador Chola Milambo, lauded GEWEL as a flagship local protection initiative within the World Bank portfolio.

Loli Arribas, World Bank Social Protection and Jobs Global Unit Practice Manager, commended Zambia’s progress under the GEWEL project but cautioned against rising inflation and climate change threats. She emphasized the importance of sustained partnerships to maintain the momentum achieved thus far. These developments mark significant strides towards bolstering financial literacy and empowering Zambian citizens to navigate the economic landscape effectively.