Zambia pushes financial literacy amid low knowledge
Bank of Zambia Governor Denny Kalyalya highlighted persistent financial illiteracy in Zambia despite ongoing efforts. He called for continuous engagement and a new national strategy to boost financial inclusion.
The enduring literacy challenge
Governor Kalyalya launched Zambia's 2026 Financial Literacy Week, themed 'Smart Money Talks,' stressing the importance of open financial conversations, especially for youth.
He noted that despite 13 years of national efforts, a significant portion of the Zambian population lacks basic financial knowledge.
This leads to poor financial decisions, susceptibility to scams, and over-indebtedness.
Feedback from past campaigns, including the 'Go Cashless' initiative, indicates annual outreach is insufficient; citizens desire continuous engagement.
The National Strategy on Financial Education (NSFE) All Ages Working Group has developed a strategy for year-round financial literacy activities.
This aims to enhance public awareness of safe financial products and digital services, strengthening competencies and consumer protection.
Such efforts are vital for boosting financial inclusion from the current 69.4 percent by fostering improved decision-making and trust in the financial system.
A united front for financial literacy
Governor Kalyalya underscored the strong collaborative foundation established by national strategies on financial education and inclusion.
This framework unites government, financial supervisors, international partners, and service providers.
Its objective is to enhance public awareness of financial products and digital services, strengthening consumer competencies and resilience within a robust protection framework.
Concurrently, the Ministry of Finance and National Planning, alongside the Bank of Zambia, has initiated the National Strategy on Financial Education Phase III, targeting completion by end 2026.
Kalyalya urged all stakeholders to provide full support for this new strategy.
The Financial Literacy Week was complemented by provincial campaigns across all ten provinces from March 17 to 22, 2026, underscoring the Bank's steadfast commitment.
Implementation is key
Zambia's candid acknowledgment of persistent financial illiteracy, despite years of effort, is a crucial step towards effective solutions.
The shift from reactive, annual campaigns to a continuous engagement strategy, backed by a new national plan, signals a promising evolution.
However, true impact hinges on robust implementation and sustained stakeholder commitment, moving beyond mere rhetoric.