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FinScope Zambia 2009: Final Report

Assessing the change in financial access landscape
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This report provides an overview of the top line findings of the FinScope Zambia 2009 survey.

The report assesses changes in the financial access landscape since 2005, and measures the extent to which financial sector developments have impacted the levels of inclusion in the country. Key findings indicate that:

  • Financial inclusion has increased in the country;
  • Biggest increase lies in the informal market;
  • Nearly two-thirds (62.7%) of Zambian adults remain financially excluded;
  • Financial inclusion is impeded by lack of income, documentation requirements by banks, usage barriers and attitudinal barriers.

There should have been a larger increase in financial inclusion since 2005 given the increased policy emphasis on financial inclusion, substantial increase in financial sector infrastructure and proliferation of bank products. The report illustrates that new bank products and services are improving service delivery to an existing customer base rather than expanding access to the unbanked population. The momentum of financial inclusion in Zambia could be increased by long term communication campaigns, enhancing understanding of the needs of target groups, increasing supply side research, refining the country’s financial access strategy, promoting financial literacy and regular monitoring.

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By FinScope
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