Country
Zambia

Local Project Partner
Bank of Zambia (central bank)

German Project Partner
n.a.

Donator
German Federal Ministry for Economic Cooperation and Development (BMZ)

Duration
1 May 2012 to 31 December 2020
(Overall project term)

Despite positive developments, around 60% of the Zambian population, especially in rural areas, live below the poverty line. To promote its own economic activities, the Zambian government has adopted the national strategy on basic financial education, which has now resulted in the Zambia Financial Inclusion Strategy.

In addition to basic financial education, commercial, entrepreneurial basic education is also important for the development of small businesses and for employment. The huge expanses of the sparsely populated country remain a challenge.

The Sparkassenstiftung has been supporting the implementation of basic financial education and financial inclusion strategies by the Bank of Zambia since 2012 and implements basic financial education measures for micro and small entrepreneurs. This provides basic knowledge for dealing with financial services and improves their use. For example, previously excluded sections of the population will be able to participate in economic life through access to financial services. Among others, 80 Zambian trainers and local partner organizations trained in the project trained almost 6,000 micro-entrepreneurs and farmers across the country with a business game.

The positive effects of the business games were clearly demonstrated in an evaluation. A "Financial Literacy Week" and "World Savings Day" have been established. The promotion of female entrepreneurs' access to financial offers as well as transparency and customer protection have started successfully. Sub-programs for market women and farmers were successfully piloted.