Approximately 28,000 savings groups have been created so far through the Financial Sector Deepening Zambia savings groups initiative with about 600,000 members.
The organizations says it is targeting to have an additional 600 groups created with 12,000 members before the end of 2018.
It says on its website that Savings Groups have proven to meet the financial needs of those too poor for banks or living in areas too remote to easily access formal financial services.
FSDZ Chief Executive officer Betty Wilkinson says FSD Zambia has supported the creation of 5,616 groups with 125,657 members as of June 2018.
Ms. Wilkinson says there has been significant movement forward in Zambia on financial inclusion, especially moving on gender equity and services for women.
She adds that there is a growing understanding of financial services due to savings groups, youth mentor programs and financial education delivered through mobile platforms like 619 by Zazu.
“The updated financial education curriculum for the national school curriculum is in the process of being rolled out. Government is moving on better policy and practice under the active working groups in the National Financial Inclusion Strategy. Financial institutions are listening to low income people, before designing and testing products that work for them as clients!” She has explained.
Following the government’s launch of the National Financial Inclusion Strategy, as well as its Financial Sector Development Policy, and Financial Capability Survey Report in November 2017, the World Bank identified challenges of low financial capabilities and little willingness to use formal financial products and services in the country.