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REDUCTION OF FINANCIAL MARKET LIMITATIONS TARGETED

By BUUMBA CHIMBULU
NEW pilots and interventions that will help remove more financial market limitations on real sector opportunities will soon be undertaken by the Financial Sector Deepening (FSD) Zambia.
This is after the organisation recorded steady growth across thematic area intervention results despite the Covid-19 pandemic and challenges of funding in its previous fiscal year.


During the next fiscal year, the organization will enable inclusive finance for all Zambians to have greater economic opportunities, access to essential services and a sustainable future, according to the FSD Zambia Board Member, Victor Mushala.
Mr Mushala said this yesterday in Lusaka at the annual media briefing.
“The Board is pleased with the achievement and responsibility of its team, and the market change they are achieving.
In the next year, consistent with the new Government’s emphasis on economic inclusive growth, we hope to take on new pilots and interventions that will remove more financial market limitations on real sector opportunities,” Mr Mushala said.

FSD Zambia, he said, was looking forward to a great year despite the extreme challenges of Covid-19 and other operational changes faced.
He also said the organisation in its previous year continued to record a strong performance in many of the output results.
“Financial inclusion rose to 69.4 percent against our log frame target of 65 percent, reflecting a 107 percent.
“Our specific contributions to areas such as digital financial services helped that area to grow from 14 percent in 2015 to 59 percent in 2020,” Mr Mushala said.
At the same briefing, FSD Zambia Chief Executive Officer, Betty Wilkinson said the organisation collaborated with various stakeholders on new pilots for growth and resilience, especially for small enterprises.
Ms Wilkinson said the expansion of other successful and sustainable interventions such as saving groups into working capital access was growing new businesses for women and men.
She stated that the organistion was therefore keen to engage with the newly established ministry of Small and Medium Enterprises to advance small businesses in Zambia

Ms Wilkinson also said: “this year under the financial education initiatives, even given the severe field restrictions of Covid-19, FSD Zambia reached 168,395 people with financial education or 66 percent of our high target of which 104,464 were women.”

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