Financial Literacy in Zambia
This article was originally published on FINCA International’s website.
To promote financial inclusion and improve economic opportunities for unbanked women, FINCA held a training on financial literacy in Zambia for women’s saving groups. FINCA held the event right in the community where most of the women live and work.
The training focused on equipping women with the knowledge and skills to manage their personal finances effectively. FINCA also geared the presentation to help women make more informed financial decisions and support the growth of their small businesses. More than 50 women from numerous different savings groups participated in the day-long interactive session.
“The lack of access to financial education is a significant barrier for many women in Zambia,” said John Mutobo, the Delivery Channels Manager for FINCA Zambia. “This event also is providing women with the tools and resources they need to enhance their financial knowledge. And it is empowering them with new skills.”
What the Women Learned
The event kicked off with an introduction to basic financial concepts. These concepts included budgeting, saving, and investing. FINCA staff engaged participants through informative presentations, interactive discussions, and group activities. FINCA gave the women practical tips on how to assess financial services through their mobile devices. Other modules taught participants how to remotely open accounts and access cash in their accounts using local FINCA agents. The participants learned about the importance of maintaining emergency funds, retirement planning, and the role of insurance to cover unforeseen events.
Participants left the event feeling empowered and equipped with newfound knowledge and skills. Many expressed their gratitude to FINCA for organizing such an impactful initiative. The training is part of FINCA Zambia’s broader commitment to promoting financial inclusion and empowering women. With more courses on financial literacy in Zambia, FINCA aims to break the cycle of poverty, enable entrepreneurship, and contribute to the country’s economic development.