Govt commits to address financial inclusion quandary

Finance Minister Felix Mutati

Finance Minister Felix Mutati says government is focused to limit commercial borrowing because of its impact on financial inclusion.

The Finance Minister said this in Lusaka during the launch of the Zambia National Financial Sector Development Policy and National Financial Inclusion Strategy.

Mr. Mutati says on Monday, Cabinet met to address the issue of debt and its impact on financial sector inclusion saying this is one area that is receiving attention in order to grow the financial sector.

He notes that in order to facilitate growth of private sector’s savings, government has resolved to limit domestic borrowing thereby narrowing deficit.

He also says the government is focusing on completing ongoing projects before starting new projects.

Mr. Mutati says in order to achieve the target of making sure that 80 percent of Zambians are financially included by 2022, there is need to collaborate with all players in growing the financial sector.

Speaking at the same event, World Bank Country Director for South Africa, Namibia, Lesotho, Botswana, Swaziland, Zambia and Zimbabwe Paul Noumba says financial inclusion is World Bank’s priority to ensure that most citizens are financially included.

He says Zambia is among the 25 countries where the World Bank is spearheading financial inclusion programs.