NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Wednesday, June 24, 2015

ZAMBIANS are still struggling to make ends meet despite an increase in financial inclusion in the country, according to the latest FinScope survey.

According to the FinScope 2015 top line findings released yesterday, the growth of financial inclusion in the country had been greatly influenced by the growth of mobile phone-based payment platforms. FinScope was a nationally representative study of consumers’ perceptions on financial services and had been identified as a powerful research tool that provides periodic snapshot of the financial landscape on the continent.

The survey indicates that the proportion of Zambian adults accessing financial services has increased to 59.3 per cent in 2015 from 37.3 per cent in 2009, bringing the total number of adults accessing financial services to 4.8 million. “This represents a significant reduction in the number of adults who are financially excluded,” according to the FinScope. “In 2009, four million adults were financially excluded. In 2015, this number dropped to 3.3 million.”