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Zambia has set itself a goal of universal access to financial services

01/03/2021 – by Derrick Silimina Nowadays © stepmap.de Financial products such as bank accounts and bank loans help people to manage their money and invest in assets such as houses and education. When households have secure bank accounts and reliable channels for making payments, they are better able to make large purchases and to save money for the future. As a result, when most people in a community use financial products, businesses are more likely to invest in those communities. That is why many developing countries, including Zambia, aim for universal access to basic financial products. But they have a long way to go to get there. More than 40 % of Zambian adults have no access to quality financial products, and about 60 % of adults who have such access do not use it, according to Zambia’s National Financial Inclusion Strategy paper for 2017-2022. In vast areas of Zambia, especially remote rural regions, people still rely on cash or barter, or use unregulated and

Financial Inclusion: Challenges, prospects of increasing access to insurance

Financial Inclusion: Challenges, prospects of increasing access to insurance On By Rosemary Iwunze In 2012, the Central Bank of Nigeria, CBN, launched the National Financial Inclusion Strategy with the aim of increasing the number of adults that have access to financial services to 80 per cent by 2020. To achieve this,  different targets were set for each sector of the financial system.    For the Insurance industry, the  target was  40 per cent insurance penetration amongst the adult population by the year 2020. According to a survey released by Enhancing Financial Innovation and Access, EFInA, in 2018 titled: “Access to Financial Services in Nigeria 2018 Survey”, out of a total adult population of 99.6 million, only about 1.6 million adults representing 1.6 per cent had any form of insurance in 2018, representing 0.1 per cent decline from 1.7 million adult population in 2016.

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