Bank of Zambia Supports Financial Education and Inclusion

by | 09/16/13 | Commentary, Uncategorized

The Bank of Zambia is the latest in a string of Africa banks promulgating the virtues of financial literacy and financial inclusion as key forces underscoring the development of a strong economy and financial security.  The Bank’s Governor, Michael Gondwe, said this week that a focus on this area would help lower and remove the gaps in financial services and also offer other benefits, such as the reduction in the cost of credit, which could further strengthen economic stability in the region.

Financial education proponents have long held that the development of innovative financial products are critical for individuals and families to become better educated and more empowered in the area of financial understanding and decision making regarding their financial affairs.  Gondwe’s comments were consistent with those of other financial leaders in Zambia and other countries in Africa, who believe that greater investment by financial institutions in financial literacy programs and innovative products will help take financial empowerment to the next level across the continent.

Gondwe’s observations also are harmonious with the views of other financial literacy proponents even beyond Africa, who similarly are pushing for greater investment in financial education and product innovation.  Given the groundswell of support for more robust financial literacy programming globally, the worldwide financial education movement is primed for strong growth in the month and years ahead.

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