By BUUMBA CHIMBULU
FINANCIAL institutions should ensure that women have equal access to and use of regulated financial products and services, according to the Vice President, Mutale Nalumango.
First National Bank (FNB) has therefore launched a women’s banking proposition to support the call from the Vice President.
Financial services are a core enabler for self-employment, enterprise growth, and wealth creation for households, Ms Nalumango said at the launch of FNB Zambia’s H.E.R women banking proposition in Lusaka on Wednesday.
Ms Nalumango indicated that lack of access to financial services have contributed to women being marginalised to the informal sector.
She said this had reduced their ability to fully engage in measurable and productive economic activities.
“Despite decades of focus on women as an important client group, there has been limited progress in reducing the gap in women’s access to finance and products tailored to the unique of women,” Ms Nalumango said.
In a speech read by Labour and Social Security Minister BrendaTambatamba, Ms Nalumango said financial inclusion was more than just reducing the gender gap.
She said it was about empowering women to increase their financial autonomy, bargaining power and self-esteem, while reducing their exposure to risks.
“It is about improving women livelihoods and building a more equitable and sustainable future for all and I have no doubt that this new solution will play a pivotal role in getting us where we need to be as a nation,” Ms Nalumango said.
She commended FNB for acknowledging that women can contribute to the growth not only by business but also by better managing their financial resources.
“I am convinced that this project is an important one in that it will complement many other efforts in closing the gender gap in financial inclusion, thereby acting as an enabler for our country’s development, economic growth, inequality reduction, business evolution, and social inclusion,” Ms Nalumango said.
Speaking earlier, FNB Zambia chief executive Bydon Longwe said the H.E.R women banking proposition would help address some of the challenges faced with women in accessing financial products.
“It is very exciting for us as FNB to launch this important initiative which has been in the cooking for the past three years.
“We did a survey some time back which came out with scary statistics which showed how difficult it is for our women folk to access banking services, we sat down and said we needed to help here and this is the product we are launching,” Mr Longwe said.
He indicated that customers can be able to access a number of services through its digital platforms, stating that women should utilise this platform to enable them grow their savings and business.
