THE Ministry of Finance has today launched an innovative multi-media campaign that is aimed at further enhancing financial inclusion in Zambia. The campaign, dubbed ‘Better Finances for a Better Today and Tomorrow’ follows Government’s efforts to deepen financial inclusion in the country without leaving anyone behind. This is part of the implementation of the National Financial Inclusion Strategy (NFIS) which was launched in 2017.
For the campaign, the Ministry of Finance is working in partnership with cooperating partner Financial Sector Deepening Zambia (FSD Zambia) as well as other financial sector players comprising the Bankers Association of Zambia (BAZ), Pensions and Insurance Authority (PIA), Bank of Zambia (BOZ), Competition and Consumer Protection Commission (CCPC) and Securities and Exchange Commission (SEC). The campaign follows the development of the Communication Strategy for the National Financial Inclusion Strategy (CSNFIS) which was designed to foster increased awareness of financial services, usage and benefits targeting vulnerable groups across the country.
Today, the context has changed drastically with the outbreak of the COVID-19 pandemic. Consumers and would-be consumers of financial products and services are even more vulnerable to the effects of a lack of affordable and quality financial services. Many have found their economic situations severely affected and are in need now, more than ever, of reliable and simple financial information as they look to survive in the current and post-pandemic period.
Commenting on the launch of the campaign, Minister of Finance Dr Bwalya Ng’andu said:
“Government recognised the need for a comprehensive National Financial Inclusion Strategy (NFIS) to accelerate progress toward an inclusive, stable, and competitive financial sector development in Zambia. The NFIS provides a roadmap to further accelerate our financial inclusion journey in Zambia.
Enhanced financial inclusion in various countries has been proven to contribute to wealth creation, economic growth, and sustainable development.
In light of this, Government is focused in putting up measures towards achieving an overall increase in financial inclusion (formal and informal) from 59 to 80 percent and an increase in formal financial inclusion from 38 to 70 percent by 2022 as set out in NFIS. The media campaign is one of the measures put in place by the Government to enhance financial inclusion during and post COVID-19 Pandemic”.
Meanwhile, FSD Zambia CEO Betty Wilkinson said:
“FSD Zambia is most pleased to be supporting the Government in its efforts to increase financial inclusion. The NFIS enables access to sustainable and client-centric financial services for all families, particularly for women, smallholder farmers, youth, microenterprises, and other vulnerable persons. The broad range of communications about available services will enable households to enjoy an inclusive economy, access to basic services, and a sustainable future”.
The media campaign is expected to run for an initial period of 3 months, during which intense multi-media activities have been planned. The communications mix will include but not be limited to radio (community radio stations) social media, newspaper and mix-use video content. The campaign will employ innovative approaches to reach vulnerable groups that are hardest hit by the effects of financial exclusion.
FSD Zambia Communications Manager, Eneyah Phiri said:
“This campaign comes at a defining movement in world history. In Zambia, many families and their businesses have been heavily harmed by the pandemic. At FSD Zambia, we are working to understand the challenges and help microenterprises and smaller businesses remain resilient during these difficult times. Our team is piloting interventions that address constraints to business such as access to working capital. We believe that an awareness campaign like this one will augment our efforts and those of the Government and others in the financial market on the road to economic recovery post pandemic.”
In its Vision 2030, Zambia has set out an ambitious goal to become a prosperous middle-income nation by 2030. Further, Vision 2030 aims to create a new Zambia defined as a “strong and dynamic middle-income industrial nation that provides opportunities for improving the well-being of all, embodying values of socio-economic justice. It comprises three priority sectors:
- Economic growth and wealth creation
- Social investment and human development
- Creating an enabling environment for sustainable social economic development.
The achievement of these priorities is primarily dependent on the equitable distribution of income and ultimately, wealth creation in all corners of the economy, including those that are underserved, the vulnerable groups. The media campaign has been launched towards the achievement of this goal.
Zamtel named Most Improved and Innovative Enterprise
ZAMTEL has been named “The Most Improved Enterprise” and the “Most Innovative Enterprise” by the Industrial Development Corporation (IDC).
The awards were presented to Zamtel Board Chairman Mr. Danny Luswili and Chief Executive Officer Mr Sydney Mupeta at the IDC Awards Gala held in Livingstone over the weekend by the Minister of Finance Hon. Bwalya Ng’andu.
In announcing the awards, IDC Chief Executive Officer Mr. Mateyo Kaluba attributed the win to Zamtel’s determination and success in rebuilding its business and its focus in driving innovation.
The award for the “Most Innovative Enterprise” was given to Zamtel for its Velocity home internet product which has transformed the internet experience in Zambia.
Commenting on the awards, Mr Mupeta thanked Zamtel staff for their contribution in the transformation that is taking place across the business.
“We are proud of this recognition which speaks to the transformational journey we have been on to improve our business. Over the last few years we have been developing a number of digital solutions and we will continue to innovate and deliver the best products to meet our customer’s ever evolving needs,” Mr Mupeta said.
“The Zamtel team and I are humbled to win these awards. In a year that has been challenging for everyone, this recognition fuels our mission to improve the business by offering world class products. At the heart of our strategy is technology and innovation that will transform our customer’s quality of experience. We believe that every Zambian deserves the benefits of a digitally connected life.” He further stated.
“I further wish to thank our customers for their continued support and encourage potential customers to join the Zamtel family to start enjoying our services. Our pursuit of technology leadership and superior customer experience is driven by our staff who work tirelessly to ensure that we put our customers first in everything we do and these awards belong to them.” Mr Mupeta said.
This is according to a statement issued by Zamtel Corporate Communications Manager Changwe Kabwe.
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