Financial inclusion in Zambia has nearlydoubled in the last ten years - from 21.3 percent in 2005 to40.2 percent in 2016. This success was made possible byZambia’s Financial Sector Development Plan that concluded in2015. And yet, when compared to other lower-middle incomecountries, Zambia fares less favorably in terms of accountownership, accessibility of bank branches, and usage offinancial services. Main cited barriers are lack of funds,high fees, time-consuming travel, and lack of trust in thefinancial sector. Zambia aims to achieve universal accessand has committed to implementing comprehensive nationalstrategies for financial inclusion and financial educationto accelerate progress. The World Bank survey covered inthis report was requested by Zambian authorities to informtheir further strategy work, help formulate quantifiable andconcrete targets, and assess the effectiveness of futurefinancial capability enhancing programs. The key findingsand recommendations of the report cover areas related toFinancial Inclusion, Financial Capability, and FinancialConsumer Protection, followed by four chapters. Chapter 1explores the financial inclusion landscape in Zambia.Chapter 2 reviews financial capability of Zambians in termsof their financial knowledge, attitudes, and behaviors.Chapter 3 analyzes the link between financial inclusion andfinancial capability in Zambia, and Chapter 4 assesseswhether the financial products in Zambia meet consumers’ needs.
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