Engwase: Majority of Zambian women Still financially illiterate

Only about 27% of Zambian women, according to Financial Sector Deepening Zambia, are financially literate.

Financial illiteracy still poses a problem, according to organization Executive Director Engwase Mwale, despite significant progress in raising the level of financial inclusion for women.

She said that the 2020 FinScope Survey found that although financial inclusion among women in Zambia is still very low, it has reached almost 70%.

Ms. Mwale noted that the majority of women in the nation struggle to escape the poverty trap due to financial illiteracy.

She applauded the Zambian government for its efforts to reduce poverty by promoting more equitable growth.

Speaking at the launch of the book Catching Fire, which promotes financial freedom and wealth development, Mrs. Mwale was in Lusaka on Saturday.

“Financial Sector Deepening Zambia exists to expand financial inclusion in Zambia for a financially healthy country ending up to contributing to poverty reduction. And when you look at the face of this, the majority we see are women and we know that poverty carries a female face and the majority of these women are in the informal sector,” Mrs Mwale said.

According to her, the book Catching Fire has significantly aided attempts to raise financial literacy in Zambia.

Ms. Mwale also emphasized the significance of savings groups as a means of addressing individual financial development, particularly for women.

She shared a personal testimony on how the funds from her savings club allowed her to construct a block of apartment buildings.

Ms. Mwale emphasized once more how important it is for women to be financially secure in order to combat gender-based violence.

“In most GBV cases, the woman is a victim and she is usually not financially strong and this is why she chooses to stay with the perpetrator than leaving,” she said.

The author of Catching Fire, Jane Mazimba, has stated that her novel urges readers to develop a strong savings habit that will allow them to retire early and lead comfortable lives.

According to Ms. Mazimba, the book offers weekly advice on how readers should start saving and investing aggressively in order to enjoy a future free from debt.

In addition to James Sakala, who provided entertainment, other speakers at the event were Pastor Sean King of the Kingdom Church, who discussed high performance, and Patricia Luhanga, a close friend of Ms. Mazimba.

Yellow Card, a cryptocurrency exchange that operates in 17 African nations including Zambia, provided sponsorship for the book launch event.