First lady urges financial inclusion for women, girls

First Lady Esther Lungu has urged government to ensure that financial inclusion does not elude women and girls, who are the majority of Zambia’s population because this would be detrimental to the development of the country.

Mrs. Lungu says there is a strong consensus that increased levels of financial inclusion for women, contributes significantly to sustainable economic and social growth.

Speaking at the ceremony Mrs Lungu who was the Guest Speaker for the ‘W’ initiative launch commended Access Bank for the revolutionary idea in deepening inclusive banking in the country to reach many unbanked markets and called for a strong partnership between banks and the Government in deepening investment facilitation in the country.

Mrs Lungu noted that if women are economically empowered they will ensure that their families get the best health care services, and provide the best nutrition possible and will be able to send their children to school.

The women banking initiative known as the ‘W’ is designed to inspire, connect and empower women across Zambia, while catering for their financial and lifestyle needs at various stages in their life.

Mrs, Lungu says women have continued to face numerous challenges in uplifting their standards of living and lack of exposure to financial systems that will support their various lifestyle needs.

She says one of the biggest challenges is the failure to access banking services due to cumbersome account opening processes, high interest rate charges on credit facilities, high monthly ledger fees on their accounts, and high collateral requirements for credit facilities, among others.

Mrs Lungu noted that this has proved to be a great obstacle for women who desire to grow their businesses, invest in education for themselves and their families, acquire assets or indeed participate in the economic landscape of our country.

She says the need to offer women the financial services that they require, both in the formal and informal sectors cannot be overemphasized.

Mrs. Lungu expressed hope that Access Bank Limited will set the pace for other players in the industry to take deliberate steps to focus on women.

She has since commended Access Bank Limited for supplementing government’s effort in its endeavor to uplift the standards of women countrywide.

And women Managing Director of Access Bank Belo Jones says women banking initiative known as the ‘W’is designed to inspire, connect and empower women across Ghana, while catering for their financial and lifestyle needs at various stages in their life.

Mrs. Jones says ‘W’ initiative is part of the Bank’s overall financial inclusion strategy seeks to make specialized banking services available to women by promoting gender equality and ensuring their social and economic welfare.