The National Strategy on

Financial Education for Zambia

About this Strategy
The National Strategy on Financial Education for Zambia sets out the framework for improving the financial
education of the Zambian population. The primary objective of the Strategy is to empower Zambians with
knowledge, understanding, skills, motivation and confidence to help them to secure positive financial outcomes for
themselves and their families by 2017.

The development of the Strategy was commissioned by the Bank of Zambia and was co-funded by the UK's
Department for International Development’s (DFID’s) Financial Education Fund (FEF) and by FinMark Trust. The
development of the Strategy was overseen by the Financial Sector Development Plan (FSDP) Financial Education
Working Group, with technical support from FinMark Trust.

This Strategy outlines the priority financial education programmes for Zambia, together with the principles which
will be employed in implementing them. The contents of the Strategy take account of information and views
provided by stakeholders, including at two stakeholder workshops held in October 2010 and November 2011, an
analysis of the FinScope Zambia 2009 survey findings1 and a stock-take study2.

This document describes the first phase of the implementation of the National Strategy on Financial Education,
which covers the five year period from 2012-2017. The National Strategy will be kept under review and revised
as and when necessary during the course of this period. In addition, a full review will take place at the end of the
period and the results are expected to be reflected in a second phase of implementation.

1 Financial Access Matters Focus Note No. 6, Financial Education in Zambia: What does FinScope tell us?, FinMark Trust, 2011.
2 Stock-take of Financial Education in Zambia: A Review of Financial Education Initiatives and Opportunities, M&N Associates, 2012, available
from the FSDP Secretariat on request.
Table of contents
Acronyms 1
Foreword 2
Executive Summary 3
1 The Contribution of Financial Education to National Priorities 11
2 Background 13
2.1 Profile of Zambia’s population 13
2.2 Profile of priority population segments 15
2.3 Use of financial products 19

3 The Need for a National Strategy on Financial Education 30

3.1 The need for financial management 30
3.2 Definition of financial education 31
3.3 Financial inclusion and financial consumer protection 35
3.4 Benefits of financial education to stakeholders 35
3.5 Current financial education initiatives 37
3.6 Lessons from international experience 41
3.7 The need for a National Strategy 45

4 Framework for the National Strategy on Financial Education 46

4.1 Goal and strategic objective 46
4.2 Principles underpinning the National Strategy 47

5 Financial Education Programmes for Zambia 51

6 Stakeholder Engagement and Communication 67
7 Leadership of the National Strategy on Financial Education 70
8 Funding of the National Strategy on Financial Education 76
9 Monitoring and Evaluation 78
Annexes
Annex 1: Definitions 87
Annex 2: Current financial education initiatives 88
Annex 3: Action plan 91
Annex 4: Gantt chart 104
Annex 5: Logical framework 105
Annex 6: Indicative budget 119

List of Figures
Figure 1: The profile of priority segments identified under the National Strategy
on Financial Education 16
Figure 2: Percentage of children attending school 18
Figure 3: An example of life stage-based ‘teachable moments’ 18
Figure 4: Financial Access Strand for Zambian adults in 2009 20
Figure 5: Financial Access Strand and Landscape of Access for priority segments 22
Figure 6: Indicators of financial education needs for the priority segments 27
Figure 7: Financial education change process 33
Figure 8: Financial education stakeholders for Zambia 69
Figure 9: Monitoring and Evaluation plan for financial education programmes 85

List of Tables
Table 1: Map of the National Strategy on Financial Education for Zambia 10
Table 2: Summary of financial education programmes 52
Table 3: Financial education for children 55
Table 4: Financial education for the youth 57
Table 5: Financial education workplace programmes 59
Table 6: Financial education programmes for small-scale farmers 61
Table 7: Financial education programmes for MSMEs 62
Table 8: Financial education through teachable moments 64
Table 9: Financial education through appropriate media 65
Table 10: Financial education website 66
Table 11: Indicative budget for the National Strategy on Financial Education 75
Table 12: Outcome indicators for programmes contributing to the National Strategy on
Financial Education 82

List of Boxes
Box 1: Zanaco Financial Fitness Programme 38
Box 2: Children International's financial education programme 39
Box 3: Junior Achievement's financial education programme 39
Box 4: Camfed's financial education programme for young women 40
Box 5: Measuring financial education: Example of savings, insurance and credit 79
Box 6: Example of input, output, outcome and impact indicators 81
 Acronyms
ACCA Association of Certified Chartered Accountants
ATM Automated Teller Machine
BETUZ Basic Education Teachers Union of Zambia
BOZ Bank of Zambia
Camfed Campaign for Female Education
CCPC Competition and Consumer Protection Commission
CDC Curriculum Development Centre
CEEC Citizens Economic Empowerment Commission
CSO Central Statistical Office
DFID The UK's Department for International Development
FECU Financial Education Coordination Unit
FEF Financial Education Fund
FSA Financial Services Authority
FSDP Financial Sector Development Plan
GRZ Government of the Republic of Zambia
HIV/Aids Human Immune Virus / Acquired Immune Deficiency Syndrome
ICT Information Communication Technology
ILO International Labour Organisation
JA Junior Achievement
LCMS Living Conditions Monitoring Survey
LFS Labour Force Survey
LuSE Lusaka Stock Exchange
MCDMCH Ministry of Community Development, Mother and Child Health
MCTI Ministry of Commerce, Trade and Industry
M&E Monitoring and Evaluation
MIBT Ministry of Information, Broadcasting and Tourism
MIS Management Information System
MLSYG Ministry of Labour, Sports, Youth and Gender
MLGHEEEP Ministry of Local Government, Housing, Early Education and Environmental Protection
MoESVT Ministry of Education, Science and Vocational Training
MoF Ministry of Finance
MSME Micro, Small and Medium Enterprise
NGO Non-governmental organisation
OECD Organisation for Economic Co-operation and Development
PIA Pensions and Insurance Authority
PSDP Private Sector Development Programme
SCT Social Cash Transfer
SEC Securities and Exchange Commission
SME Small and Medium Enterprise
SNDP Sixth National Development Plan
TA Technical Assistance
TEVETA Technical Education, Vocational and Entrepreneurship Training Authority
ToT Training of Trainers
UNZA University of Zambia
WEDAZ Women Entrepreneurs Development Association of Zambia
WG Working Group
ZACCI Zambia Association of Chambers of Commerce and Industry
ZAMCOM Zambia Institute of Mass Communication
ZCSMBA Zambia Chamber of Small and Medium Business Associations
ZDA Zambia Development Agency
ZESCO Zambia Electricity Supply Corporation
ZICA Zambia Institute of Chartered Accountants
ZICTA Zambia Information and Communication Technology Authority
ZIHRM Zambia Institute of Human Resource Management
ZNBC Zambia National Broadcasting Corporation
1 ZNFU Zambia National Farmers Union
Foreword

The National Strategy on Financial Education for Zambia, which is set out in this document, has the primary
objective of empowering Zambians with the knowledge, understanding, skills, motivation and confidence to help
them to secure positive financial outcomes for themselves and their families, especially those that are disadvantaged
by less education and/or poverty.

The development of the strategy is an integral component of the Zambian Government’s Financial Sector
Development Plan (FSDP), which is a comprehensive strategy to broaden and strengthen the country’s financial
sector. This strategy is expected to contribute towards making Zambia a prosperous middle-income nation as
envisaged in the National Vision 2030.

It has been observed that the existing financial education programmes and initiatives at national level remained
fragmented. This has contributed to the high financial exclusion rate with results of the 2009 FinScope survey on
the demand and supply of financial services showing that only 37.3 % of the adult population is financially included.
The National Financial Education Strategy is expected to galvanise existing initiatives and assist in generating a
stream of resources which will support sustainability over the long-term.

Increased financial literacy levels result in increased consumption and uptake of financial services, and thus has
motivated the Bank of Zambia (BoZ), the Pensions and Insurance Authority (PIA) and the Securities and Exchange
Commission (SEC) as financial sector regulators, to develop this strategy with the support of interested
stakeholders.

The process of drawing up the National Strategy, initiated in mid-2010, included field research and broad
consultative meetings. In addition to this, support was received from the United Kingdom Department for
International Development’s (DFID’s) Financial Education Fund (FEF) and FinMark Trust.

In developing the national strategy for Zambia, the experiences of a number of countries that have undergone a
similar process were taken into consideration. I am confident that, in terms of coherence and comprehensive
coverage, the National Strategy stands comparable with the best. However, the long-term goal of ‘a financially
educated Zambian population by 2030’ can only be achieved if all the stakeholders provide their active support and
participation.

I therefore look forward to further growth in the partnerships that have developed, and urge any other stakeholders
that have not yet participated in this agenda to join in working to secure a more financially educated population.

Michael Gondwe

GOVERNOR BANK OF ZAMBIA

2
3
Executive Summary
1. This document sets out the National Strategy on Financial Education for Zambia.

2. The long-term goal of the National Strategy is “a financially educated Zambian population by 2030”. This
fits with, and supports, Vision 2030, “making Zambia a prosperous middle-income nation by 2030”.

3. The strategic objective is that “people in Zambia have improved knowledge, understanding, skills, motivation
and confidence to help them to secure positive financial outcomes for themselves and their families by
2017”.

4. The implementation of the National Strategy on Financial Education will contribute to the Sixth National
Development Plan (SNDP) 2011–2015, which aims to actualise the aspirations of Vision 2030 under the
theme of “sustained economic growth and poverty reduction”.

5. Consistently with the strategic objective, this document describes the first phase of the implementation of
the National Strategy on Financial Education, covering the five year period from 2012-2017. A full review
will take place at the end of the period and the results are expected to be reflected in a second phase of
implementation, which it is envisaged will begin in 2017.

6. It is becoming increasingly important that people in Zambia are able to manage their finances well. For
example, people with low incomes need to make their money go as far as possible; to save when they can
in order to smooth income flows and to provide for future emergencies; and to avoid taking unnecessary
risks. Financial inclusion initiatives are unlikely to succeed unless people have the knowledge, skills and
confidence to make effective use of financial products. Moreover, the increased availability of financial
products and services which has occurred in recent years for some sections of the population has opened
up opportunities for people to manage their finances more flexibly and more effectively, but has also given
rise to risks.

7. In Zambia – as in other countries – many people lack the knowledge, skills and confidence to be able to
manage their finances well. In particular, Zambia’s low and medium income earners are typically not familiar
with basic financial terminology, are not aware of the financial products and services that are available, are
not confident to approach financial institutions, and do not have a positive attitude towards them. There is
also increasing concern about levels of over-indebtedness.

8. People can be helped to manage their finances well through financial education, using channels which they
regularly use, and at a time and place which suits them.

9. The definition of “financial education” which has been developed for the purpose of the National Strategy
on Financial Education for Zambia is:

“providing people with the knowledge, understanding, skills and confidence so that they make financial
decisions and take actions which are appropriate to their personal circumstances.”

10. The term “a financially educated person”, for the purpose of the National Strategy, refers to someone who
not only has the requisite knowledge, understanding, skills and confidence, but who, in practice, makes financial
decisions and takes actions which are appropriate to his or her personal circumstances.

11. Everyone stands to benefit from a financially educated population:

a) consumers – people at all income levels stand to gain financially from making the most productive use
of the money they have, from avoiding unnecessary charges associated with financial products and from
avoiding undue risks (including the risks associated with over-indebtedness). Financial education can
help to improve people's quality of life;

b) financial institutions – people who are financially educated are more likely to have the knowledge, skills
and confidence to choose and purchase financial products. This is likely to stimulate demand for financial
products and to reduce the risk that people will buy products which are unsuitable for them. Moreover,
financial institutions will have to spend less time explaining some of the basic features of financial products;

c) the Government – a more financially educated population is likely to save and invest more, to be better
equipped to run successful businesses, and to be more likely to purchase financial products which are 4
 appropriate to their circumstances. This should serve as a stimulus to economic growth and should
help to reduce levels of financial exclusion;

d) employers – employees who are financially educated are less likely to get into the sorts of financial
difficulties which can distract them at work and thus make them less productive;

e) civil society organisations and donors – financial education can help to improve people's livelihoods and
can thus help many civil society organisations and donors to achieve their goals.

12. The implementation of the National Strategy on Financial Education will contribute to achieving the objectives
of the national Financial Sector Development Plan (FSDP), which, among other things, is intended to address
the problem of low financial inclusion. Financial education will not be sufficient on its own to improve levels
of financial inclusion: it needs to be complemented by financial access initiatives and financial consumer
protection measures if positive impact is to be achieved.

13. The National Strategy takes full account of the particular circumstances of Zambia, including both people's
needs for financial education and the methods of delivery which are most likely to bring about successful
outcomes. For example, a substantial proportion of the population is young; many people live in rural areas;
many are poorly educated; and incomes are generally low and are often irregular and unpredictable. There
are high levels of financial exclusion, especially in rural areas.

14. The National Strategy also takes account of financial education initiatives already underway in Zambia, building
on these where appropriate, and of experience of other countries3. Initiatives currently taking place in Zambia,
while commendable, are of limited scale and outreach and they are not coordinated. There is a need both
for greater investment in financial education and for a well-coordinated approach, which can help to take
advantage of synergies and to avoid unplanned gaps and unnecessary overlaps. The development and
implementation of the National Strategy will help to achieve these objectives.

15. The National Strategy is underpinned by a number of principles (“the underpinning principles”). These
principles, which form the basis for deciding which financial education programmes should be prioritised and
which will guide the implementation of these programmes, are:

a) work in partnership;

b) build on existing initiatives;

c) maximise cost-effectiveness;

d) foster sustainable changes;

e) focus on clients and their needs;

f) communicate effectively; and

g) measure impact – and share the results.

16. There are a large number of financial education programmes which could potentially be undertaken. It is
important to prioritise, since otherwise resources are liable to be stretched too thinly. The programmes
which have been selected as priority programmes are set out below, grouped according to the age group at
which the programme in question is principally aimed:

a) Financial education for children

❏ financial education through the school curriculum;

❏ financial education through extra-curricular activities;

b) Financial education for the youth

❏ financial education in universities, colleges and other learning institutions;

❏ financial education in youth development centres and other agencies;

5 3 A review of the current supply of financial education in Zambia was undertaken as a component of the strategy development process. The
review, entitled ‘Stock-take of Financial Education in Zambia: A Review of Financial Education Initiatives and Opportunities, M&N Associates,
2012’ is available from the FSDP Secretariat on request.
 c) Financial education for adults

❏ financial education workplace programmes;

❏ financial education programmes for small-scale farmers;

❏ financial education programmes for micro, small and medium enterprises (MSMEs);

❏ financial education through teachable moments;

d) Cross-cutting financial education initiatives

❏ financial education through appropriate media;

❏ financial education through a website.

17. In a number of cases, the above programmes represent opportunities to be explored, rather than
programmes which can be initiated straightaway. Full implementation of these programmes will depend on,
among other things, securing funding or in-kind resources; securing the participation of relevant partners; and
implementing and assessing the outcomes of pilot projects. As a result of this, some programmes will be
initiated sooner than others, whilst some may prove, once consultations with stateholders have been
concluded, to be impracticable.

18. Each of the wide range of organisations – in the public, private and non-profit sectors – which stand to
benefit from a more financially educated Zambian population are considered to be stakeholders.
Arrangements will be made to communicate regularly with these stakeholders, through newsletters,
workshops, a website and, where appropriate, bilateral discussions, in order to inform them of developments;
to enlist their active support and participation; and to help them to define their role and engage effectively
in implementation, whether at a funding, programme implementation, advocacy or other level.

19. The National Strategy on Financial Education will be implemented by a broad range of partners, drawn from
a variety of sectors. Implementation will be spearheaded by the three financial service regulators, and a
Financial Education Coordination Unit (FECU) will be housed within the Bank of Zambia for this purpose.
The FECU will focus on managing the co-ordination, prioritisation, fund-raising, decision-making, capacity-
building and communication processes relating to the Strategy’s implementation and on helping to provide
focus and momentum. It will be advised by a Financial Education Steering Committee, the membership of
which will draw on the FSDP Financial Education Working Group (which has overseen the development of
the National Strategy for Financial Education). The Governor of the Bank of Zambia will be the champion
of the National Strategy.

20. The budget for the first phase of implementation, covering the period 2012-2017, is estimated at ZMW 75
million (approx. $15m), which comprises ZMW 15 million (approx. $3m) for the FECU and stakeholder
engagement, ZMW 49.5 million (approx. $9.9m) for implementation of financial education programmes and
ZMW 10.5 million (approx. $2.1m) for monitoring and evaluation. This budget is indicative and does not take
into account current investments into financial education by existing programme implementers. It is subject
to adjustment once the FECU has been established and a full implementation plan has been developed.

21. Resources to implement the National Strategy are expected to come from financial services regulators,
corporate social responsibility (CSR) programmes of financial services institutions (and, potentially, CSR
programmes of other types of organisation), the Financial Sector Development Plan (FSDP), the Government,
donors and implementing organisations' own resources (including staff, premises and training materials).

22. The Monitoring and Evaluation (M&E) system which has been developed alongside the National Strategy
enables the effectiveness of the Strategy to be measured and will help to determine which programmes are
effective, enable comparisons to be made between programmes with similar aims and will measure the
impact on different people influenced by the programmes. M&E will take place at: a) the financial education
providers’ level, where the specific programmes will be assessed to evaluate whether they are achieving the
expected outcomes for the target population; and b) the national level, where the FECU will consolidate the
information to evaluate the impact of the combined efforts of financial education providers at the population
level and thus the impact of the Strategy itself. The M&E system will also measure the impact of the Strategy
6
4 Toolkit for Monitoring and Evaluation of Financial Education in Zambia, 2012. Available from the FSDP Secretariat on request.
 in engaging stakeholders, securing funding for financial education activities, and co-ordinating these activities
effectively. The M&E system includes a Logical Framework, common indicators, tools and processes. Financial
education providers will play a critical role in data collection, analysis and reporting. An M&E toolkit4, published
alongside this document, provides financial education providers with guidelines for developing their own
logical frameworks within the framework of the Strategy; for recording expected results; for measuring
indicators; and for using quantitative and qualitative impact evaluation tools and methods. The M&E system
for the Strategy is dynamic and iterative. It will develop and change as the financial education environment
changes as a result of technological advances, results of financial education pilot initiatives and programmes,
and regulatory changes in the financial sector.

23. It is envisaged that a baseline survey will be undertaken in 2012 to measure the extent to which people in
Zambia are financially educated. Repetition of the survey in future years will enable assessments to be made
about the impact of the National Strategy as a whole.

24. The National Strategy on Financial Education for Zambia is summarised on the next page:

7
Table 1: Map of the National Strategy on Financial Education for Zambia

• Vision 2030 “making Zambia a prosperous middle-income nation by 2030”

• Sixth National Development Plan (SNDP) 2011–2015 theme of “sustained economic growth and
Relevant national
poverty reduction”
priorities
• Financial Sector Development Plan (FSDP) supporting “…the efficient mobilisation and allocation of
resources necessary to achieve economic diversification, sustainable growth and poverty reduction”

Goal of the National

A financially educated Zambian population by 2030
Strategy

Strategic Objective of People in Zambia have improved knowledge, understanding, skills, motivation and confidence to help
the National Strategy them to secure positive financial outcomes for themselves and their families by 2017

Initial implementation
2012 – 2017 (5 years)
phase

Component 1 Component 2 Component 3

Financial education for children Financial education for the youth Financial education for adults
• financial education through the • financial education in • financial education workplace
school curriculum; universities, colleges and other programmes;
• financial education through learning institutions; • financial education
extra-curricular activities. • financial education in youth programmes for small-scale
Priority financial development centres and farmers;
education other agencies. • financial education
programmes programmes for MSMEs;
• financial education through
teachable moments.

Cross-cutting financial education programmes

• financial education through appropriate media;
• financial education through a website.

• Work in partnership;
• Build on existing initiatives;
• Maximise cost-effectiveness;
Underpinning
• Foster sustainable changes;
principles
• Focus on clients and their needs
• Communicate effectively; and
• Measure impact – and share the results.
• Spearheaded by the three financial service regulators with a dedicated Financial Education
Coordination Unit housed in the Bank of Zambia, reporting to a multi-stakeholder Steering
Leadership
Committee.
• Engagement of all relevant stakeholders in the implementation and review of the National Strategy.
• Multiple funding sources including financial service regulators, private sector firms, the Government, the
Funding Financial Sector Development Plan (FSDP), non-governmental organisations and international
development agencies.

• The estimated budget is ZMW 75 million (approx. $15m) for the period 2012 – 2017.
• This amount covers the costs of the FECU, M&E and the implementation of financial education
Budget
programmes. It does not take into account current investments into financial education by existing
programme implementers.

8
 1. The Contribution of Financial Education to
National Priorities
This section covers:

❏ How the National Strategy on Financial Education contributes to national priorities

25. Financial education contributes to the achievement of the Government of the Republic of Zambia’s Financial
Sector Development Plan (FSDP), which is aimed at promoting the development of a “stable, sound and
market-based financial system that supports the efficient mobilisation and allocation of resources necessary
to achieve economic diversification, sustainable growth and poverty reduction”. To inform this programme,
the Government carried out an assessment of the financial sector5. This revealed weaknesses that included
low financial inclusion, a lack of financial services in rural areas, a poor credit culture and limited knowledge
of financial services and products.

26. To address these weaknesses, the FSDP focuses on three pillars, namely:

❏ enhancing market infrastructure;

❏ increasing competition; and

❏ increasing access to finance.

27. Financial literacy is included under the second and third of these pillars, since it will contribute to:

❏ accelerating financial inclusion;

❏ increasing access to financial services; and

❏ improving the prudent management of financial services among the population.

28. Implementation of the FSDP contributes towards the achievement of the Government’s Sixth National
Development Plan (SNDP), which runs from 2011–2015. The theme of the SNDP is “sustained economic
growth and poverty reduction”. This in turn helps towards the achievement of Vision 2030 “making Zambia
a prosperous middle-income nation by 2030”6.

9
5 Financial Sector Assessment Programme, IMF, 2003.
6 FSDP Project document, Phase I.
2. Background
This section7 covers:

❏ Profile of Zambia's population

❏ Profile of priority population segments
❏ Use of financial products

2.1 Profile of Zambia’s population

29. Zambia has a population of 13.3 million, which is largely rural (61% of the total population reside in rural
areas), relatively young (54% of the population are aged under 18 years; and 48% of adults are aged under
30) and fairly evenly divided along gender lines (49% are male and 51% are female)8.

30. English is the official language. The main vernacular languages are Bemba, Lozi, Nyanja and Tonga. There are
about 70 indigenous languages and dialects throughout Zambia.

31. Education levels among the adult population are low: only 39% of adults over the age of 16 have completed
secondary school education, and 18% have not completed primary school education9. These low education
levels are significant as, in general, there is a direct correlation between education levels and financial inclusion.

32. Despite a 4% decline in overall poverty during the 2004-2006 period, 64% of the population (approximately
7.5 million Zambians) were still below the national poverty line in 200610. Many income earners have low
incomes: two million adults have a personal income of less than ZMW 300 per month11.

33. The most common source of income is farming, with over 40% of the adult population (2.7 million) receiving
income from this source. Income from self-employment (1.0 million) is the next most common source of
income, followed by income from a household member (0.9 million).

34. Approximately 672,000 people are formally employed12. FinScope shows that the main sources of formal
income are from private companies, followed by income from government, with the majority (55%) of
formal employment in rural areas being provided by government. In terms of overall employment (both
formal and informal), farming drives financial activity in rural areas, whereas self-employment (running a
business) and money received from a household member feature more prominently in urban areas.

35. Most adults earn their income on an irregular, inconsistent basis, which is explained by the fact that most
people either earn their livelihood through farming or self-employment where income is often unpredictable.
According to FinScope, 28% of farmers receive an income every month of the year, compared to 90% for
salaried workers, who have the most predictable income. Nearly 30% of adults say that their households
have gone without a cash income often or always over the past 12 months13. Even those adults who have
formal or regular jobs tend to receive their income, and make their transactions, in cash, rather than making
use of a bank account.

36. FinScope shows that access to cellphones is increasing: 70% of the adult population had access to a cellphone
in 2009, compared to fewer than 30% in 2005. Access is relatively high within rural areas, with over half of
rural farmers having access to a cellphone. On the other hand, access to web-based technology is low, with
only 7% of adults having access to a computer and 6% having access to the Internet.

37. In terms of media usage, radio had the widest coverage among all sections of the population, followed by
television. In the month prior to the FinScope survey, 67% of adults overall had listened to the radio, 39%
had watched television, 21% had read newspapers and 16% had read magazines.

7 This section draws extensively from the analysis of FinScope Zambia 2009 data that was undertaken by Eighty20 Consulting as an input to
the development of the National Strategy on Financial Education. The initial phase of analysis has been published in Financial Access Matters
Focus Note No. 6 ‘Financial Education in Zambia: What does FinScope tell us?’, FinMark Trust, 2011. A subsequent analysis detailed in a
presentation entitled ‘The need for financial education: a demand-side perspective’ is based on the main segments identified under the National
Strategy. Both documents are available at www.finmarktrust.org.za.
8 FinScope 2009.
9 FinScope 2009.
10 World Development indicators, Central Statistical Office, Public Service Management Division, 2009.
11 FinScope,2009. 10
12 Central Statistical Office, 2010, Ministry of Finance and National Planning.
13 FinScope 2009.
 2.2 Profile of priority population segments
38. The priority segments identified by the National Strategy were used to inform the analysis from FinScope
2009. Adults are segmented in line with their primary income source into three segments, namely salaried
workers, micro, small and medium enterprise (MSME) owners and small-scale14 rural farmers. In addition,
a further segment comprising the youth aged between 18 and 35 has been identified15.
39. The size and profile of priority adult and youth segments identified by the National Strategy is summarised
in Figure 1.
Figure 1: The profile of priority segments identified under the National Strategy on Financial Education
SALARIED EMPLOYEES (624 000)
PRIVATE SECTOR (379 000) PUBLIC SECTOR (245 000)
DEMOGRAPHICS SECTOR DEMOGRAPHICS SECTOR
GENDER GEOGRAPHY GENDER GEOGRAPHY

Female 28% Urban 73% Female 36% Urban 42%

Male 72% Rural 27% Male 64% Rural 58%

EDUCATION AND INCOME EDUCATION AND INCOME

EDUCATION INCOME EDUCATION INCOME
Earn more than KR5,000 Earn more than KR5,000
Secondary completed 26% per year
56% Secondary completed 17% per year
73%
College/university College/university
completed
21% Other regular income sources:
completed
57% Other regular income sources:

Professional qualification 1% Money from farming 10% Professional qualification 1% Money from farming 32%
Self-employed in own Self-employed in own
business
6% business
6%

COMMUNICATION COMMUNICATION
TECHNOLOGY MEDIA ACTIVITIES TECHNOLOGY MEDIA ACTIVITIES

Cellphone 91% Radio 83% Cellphone 97% Radio 88%

Computer 17% Television 67% Computer 36% Television 81%

Internet 14% Newspapers 53% Internet 27% Newspapers 71%

Magazines 27% Magazines 45%

MSMEs (822 000)

MSME URBAN (419 000) MSME RURAL (404 000)
DEMOGRAPHICS SECTOR DEMOGRAPHICS SECTOR
GENDER RECORD KEEPING GENDER RECORD KEEPING
Measure business Measure business
Female 52% performance
73% Female 46% performance
54%
Keep up-to-date financial Keep up-to-date financial
Male 48% accounts
42% Male 54% accounts
29%

EDUCATION AND INCOME EDUCATION AND INCOME

EDUCATION INCOME EDUCATION INCOME
Earn more than KR5,000 Earn more than KR5,000
Secondary completed 14% per year
37% Secondary completed 24% per year
17%
College/university College/university
completed
6% Other regular income sources:
completed
1% Other regular income sources:

Money from farming 10% Money from farming 51%

Money from household Money from fishing/
member
9% fish farming
6%

COMMUNICATION COMMUNICATION
TECHNOLOGY MEDIA ACTIVITIES TECHNOLOGY MEDIA ACTIVITIES

Cellphone 92% Radio 79% Cellphone 71% Radio 59%

Computer 13% Television 68% Computer 5% Television 22%

Internet 11% Newspapers 40% Internet 5% Newspapers 7%

Magazines 26% Magazines 7%

14 Score < 50 on the asset index. The asset index is a summary of the assets owned by the individual. A high asset index indicates that the
farmer is likely to be a larger, commercial farmer as opposed to a small-scale farmer. These individuals have been excluded from the segment.
11 15 These segments are mutually exclusive based on the most relied upon income source identified in FinScope. The segments are hierarchical
with the employed segments sized first. Thus only adults aged 18 to 35 who are not in these segments are included in the youth segment.
These segments are not collectively exhaustive. Approximately 20% of adults aged 16 or more do not fall into these segments.
 SMALL SCALE RURAL FARMERS (1.76 million) YOUTH (1.9 million)
DEMOGRAPHICS SECTOR DEMOGRAPHICS SECTOR
GENDER GEOGRAPHY GENDER GEOGRAPHY
Measure business
Female 43% performance
57% Female 64% Urban 50%
Keep up-to-date financial
Male 57% accounts
22% Male 36% Rural 50%

EDUCATION AND INCOME EDUCATION AND INCOME

EDUCATION INCOME EDUCATION INCOME
Earn more than KR2,000
Secondary completed 4% per year
17% Secondary completed 17% Regular income sources:
College/university College/university
completed
0% Other regular income sources:
completed
2% Do not receive income 39%
Money from household
Piece work 11% member
28%
Self-employed in own
business
6% Piece work 9%

Money from farming 9%

COMMUNICATION COMMUNICATION
TECHNOLOGY MEDIA ACTIVITIES TECHNOLOGY MEDIA ACTIVITIES

Cellphone 53% Radio 57% Cellphone 76% Radio 69%

Computer 1% Television 12% Computer 7% Television 47%

Internet 2% Newspapers 6% Internet 5% Newspapers 25%

Magazines 6% Magazines 20%

40. In addition to adults, the National Strategy also highlights children as a priority segment. Data from the
Central Statistical Office (CSO) indicates that children of school-going age in urban areas are more likely to
attend school than their counterparts in rural areas. This is particularly so for secondary schools, where
attendance nationally is far lower than it is for primary schools. This data is summarised in Figure 2.

Figure 2: Percentage of children attending school

Percentage of children aged 7 – 13 years Percentage of children aged 14 – 18 years
who attend primary school who attend secondary school

87%
76%

55%

22%

Urban Rural Urban Rural

Gender parity index* 0.99 1.01 0.91 0.85

Source: Central Statistical Office 2007 data

Note: The Net Attendance Ratio (NAR) for primary and secondary school is the percentage of school age population (7 – 13 years for primary
and 14 – 18 years for secondary) that is attending school.
* The Gender Parity Index is the ratio of the NAR for females to the NAR for males – if it is greater than 1 the NAR for females is greater than
the NAR for males.

12
 41. The National Strategy also identifies key ‘teachable moments’ – times in people’s lives and contexts when
they are more likely to be receptive to financial education, as illustrated in Figure 3.

Figure 3: An example of life stage-based “teachable moments”

Retire

Have a child

Get married

Start working

Begin further studies

Complete school

Start school

42. FinScope indicates that there are over 2.8 million women in Zambia of childbearing age (16-49), over half
of whom live in rural areas. The data also indicates that there are approximately 685,000 adults who are at,
or close to, retirement age.

43. Financial education programmes can leverage existing organisations and groupings. According to FinScope,
one in four adults in Zambia belong to a church or other religious group.

44. Transport hubs, key routes and public transport vehicles themselves can also display relevant information.
While the majority of people in Zambia walk or cycle to their nearest food/grocery store and market, public
buses and local minibuses are often used for trips to the post office and further afield.

45. Financial education can also be linked to the payment of government social cash grants. These are projected
to grow from 32,561 beneficiaries in 2011 to over 99,000 by 201516.

2.3 Use of financial products

46. Financial product usage can be summarised in the form of a Financial Access Strand (Figure 4). The Strand
presents mutually exclusive segments that reflect financial product usage patterns, distinguishing those who
are banked, those who are not banked but who are making use of other products provided by formal
financial service providers (such as microcredit or insurance), those who make use of informal financial
mechanisms (such as rotating savings clubs, village savings and credit groups, unregulated lenders and forms
of community banking promoted by the Government17 and by NGOs) and those who do not report any
financial product usage.

16 Ministry of Community Development, Mother and Child Health, 2011.

13 17 Through an International Fund for Agricultural Development (IFAD) funded Government programme, the Ministry of Finance’s Rural Finance
Programme offers grants to NGOs and MFIs promoting community banking in rural areas, particularly in areas with no physical access to formal
financial services. The services provided include village savings and credit groups.
 Figure 4: Financial Access Strand for Zambian adults in 2009

37.3% financially included

23.2% formally served 62.7 financially excluded

13.9 9.3 14.1 62.7

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

■ Have/use a bank product

■ Don’t have/use a bank product but have/use a financial product from a formal non-bank financial institution
■ Don’t have/use a formal product but have an informal financial product
■ Don’t have/use any financial product Source: FinScope Zambia 2009

47. FinScope shows that 63% of the adult population is financially excluded (i.e. they report not making use of
either formal or informal financial products). The situation is worse in rural areas, where physical access to
financial institutions is poor and literacy levels are lower.

48. The salaried population displays the highest level of formal financial inclusion, with 93% of public sector
employees and 54% of private sector employees using a bank account or other formal financial product. 43%
of MSME owners in urban areas use at least one formal financial product from a bank or a non-bank financial
institution. By contrast, just 18% of small-scale rural farmers, 16% of rural MSME owners and 13% of the
youth use a formal financial product. The barriers of access to formal financial products include poor physical
access, unaffordable and inappropriate financial products, a lack of confidence in formal financial services and
poor understanding of the available products and services. As a result of these barriers, people who use any
form of financial product, especially the poor, tend to use informal instruments to manage their finances,
which can be both risky and expensive.

49. Over 14% of the adult population overall uses informal financial products only. Usage of informal financial
products is highest among rural MSME owners, small-scale rural farmers and urban MSME owners with
24%, 20% and 18% of the segments respectively using only informal products. Unsurprisingly, usage of
informal financial products is lower among the salaried population, with 12% of private sector employees and
1% of public sector employees using informal products onlys.

50. An alternative way to display product usage data is the Landscape of Access which summarises financial
product penetration in a ‘diamond’ of usage across four key product types, namely transactional products
(such as bank accounts or formal money transfer services), savings products, credit and insurance. An
additional dimension captured by the Landscape is the distinction between formal and informal product
usage in each category. According to FinScope, 59% of public sector workers, but only 14% of private sector
workers, have a formal credit product.

51. This data, together with the Financial Access Strand is summarised in Figure 5.

14
18 FinScope 2009.
Figure 5: Financial Access Strand and Landscape of Access for priority segments

SALARIED EMPLOYEES (624 000)

PRIVATE SECTOR (379 000) PUBLIC SECTOR (245 000)
FINANCIAL STRAND FINANCIAL STRAND

Bank product 47% Bank product 91%

No bank product, but have formal financial product 7% No bank product, but have formal financial product 2%

No formal product, but have informal product 12% No formal product, but have informal product 1%

No financial products 34% No financial products 6%

FINANCIAL DIAMOND FINANCIAL DIAMOND

Insurance Insurance
18% 26%

25%
16%
3% 2%
Credit 14% 11% 1% 47% Transactions Credit 59% 9% 0% 91% Transactions
25% 48% 68% 1% 91%
8%

41%

87%
49% 88%
Savings Savings

■ % using at least one product (formal or informal) in each category ■ % using at least one product (formal or informal) in each category
■ % using at least one formal product in each category ■ % using at least one formal product in each category
■ % using at least one informal product in each category ■ % using at least one informal product in each category

MSMEs (822 000)

MSME URBAN (419 000) MSME RURAL (404 000)
FINANCIAL STRAND FINANCIAL STRAND

Bank product 29% Bank product 7%

No bank product, but have formal financial product 14% No bank product, but have formal financial product 9%

No formal product, but have informal product 18% No formal product, but have informal product 24%

No financial products 39% No financial products 60%

FINANCIAL DIAMOND FINANCIAL DIAMOND

Insurance Insurance
7% 5%

6% 3%
1% 2%
Credit 16% 4% 2% 37% Transactions Credit 18% 4% 1% 11% Transactions
20% 38% 21% 5% 11%
11%
13%
21%

34% 15%
Savings Savings

■ % using at least one product (formal or informal) in each category ■ % using at least one product (formal or informal) in each category
■ % using at least one formal product in each category ■ % using at least one formal product in each category
■ % using at least one informal product in each category ■ % using at least one informal product in each category

15
 SMALL SCALE RURAL FARMERS (1.76 million) YOUTH (1.9 million)
FINANCIAL STRAND FINANCIAL STRAND

Bank product 7% Bank product 6%

No bank product, but have formal financial product 11% No bank product, but have formal financial product 7%

No formal product, but have informal product 20% No formal product, but have informal product 11%

No financial products 63% No financial products 76%

FINANCIAL DIAMOND FINANCIAL DIAMOND

Insurance Insurance
1% 1%

1% 1%
1% 0%
9%
Credit 13% 0% 6% Transactions Credit 7% 3% 1% 8% Transactions
21% 3% 7% 11% 8%
3%

5%
10%

13% 7%
Savings Savings

■ % using at least one product (formal or informal) in each category ■ % using at least one product (formal or informal) in each category
■ % using at least one formal product in each category ■ % using at least one formal product in each category
■ % using at least one informal product in each category ■ % using at least one informal product in each category

52. An increasing number of adults are borrowing from formal or informal providers. FinScope indicates that
around one fifth of adults have borrowed money from a person or institution in the past 12 months. Supply
side data shows that, between September 2004 and 2005, commercial bank lending to the personal sub-
sector increased by 64% and has continued to increase significantly to date. During the same period, in the
non-bank sector, pay-roll-based micro lending increased by an average of 58% per annum19. The propensity
to borrow differs amongst different population groups, with reported credit usage highest for salaried adults
(who have the highest levels of access to formal credit) followed by MSME owners and small-scale rural
farmers. The vast majority of those who use credit borrow from their friends or family. Just 5% of those
who have borrowed did so from a bank and a further 9% say they have borrowed from another non-bank
financial institution. Informal moneylenders known as kaloba are an important source of credit, particularly
when no formal lenders are present in the market, although their interest rates are often very high.
Worryingly, not all borrowers understand the term ‘interest’: 56% of small-scale rural farmers and 55% of
MSME owners that use credit did not understand the term20. This may impact on their ability to choose the
right product and may contribute to over-indebtedness.

53. The number of salaried adults who are highly indebted appears to be increasing. There are reports of
employees who have ended up with negative salaries on their pay slips, either due to irresponsible lending
on the part of the lender, a lack of understanding of the actual cost and terms of borrowing by the borrower,
or a combination of the two. Undoubtedly, such situations are not only having severely adverse effects on
the financial well-being of the employees and their families, but are also impacting on the productivity of
employees, who need to divert their energies from their jobs to finding alternative means of daily sustenance.
FinScope indicates that the level of indebtedness is not just a cause for concern among the salaried, but also
among the borrowing population overall: 16% of adults who are accessing credit report using more than half
of their incomes to service debt, while 18% say they have missed a loan repayment in the last 12 months.
The reasons for borrowing also provide an indication of financial well-being: the most commonly cited reason
for borrowing across the priority segments is to fund living expenses, indicating a difficulty with making ends
meet.

16
19 FSDP 2009.
20 FinScope 2009.
 54. According to FinScope, 40% of adults say they save or put money away for a specific purpose. The majority
of saving is done informally, with 49% of savers keeping cash at home. The main reasons for saving are to
cover emergencies or medical needs: 24% of those that save say they are saving for a non-medical emergency,
and a further 16% are saving for either a medical emergency or planned medical expenses. Most of those
who save for a specific purpose allocate a residual part of their income to savings, rather than a constant
portion of their income: 72% of small-scale rural farmers and 73% of MSME owners who are saving say that
the proportion of income depends on the amount available at the time. In terms of preparing for old age,
salaried employees in the public sector show the highest level of preparedness: 30% of these have a pension
product, most likely through the National Pension Scheme Authority (NAPSA), which is a mandatory facility.

55. Only 3% of the adult population has a formal insurance product. The segments of the population who are
most likely to have a formal insurance product are salaried adults in the public and private sectors (25% and
16%, respectively, of whom have a formal insurance product). Usage of insurance products within other
segments is very low, with only 1% of small-scale rural farmers and 5% of MSME owners having a formal
insurance product. This may be due, in part, to a low level of awareness: just 16% of small-scale rural farmers
and 32% of MSME owners say that they have heard of and understand the term “insurance”. When asked
for reasons why they do not have an insurance product, many adults cited “Does not know how it works”
as the main reason. Rather than using insurance or other formal risk management mechanisms, low-income
people, who are particularly vulnerable to risks and shocks, tend to resort to expensive and unreliable coping
strategies, such as borrowing from informal moneylenders at high interest rates.

56. The investment sector in Zambia is small and access to capital markets by the adult population is minimal21.
Of those adults that claim to save, less than 1% said that they use investment instruments such as treasury
bills or unit trusts22.

57. FinScope indicates a lack of willingness to consult on financial matters: 43% of adults said that, when it comes
to money, they trust their own experience or knowledge rather than the advice or promise of others. Of
those that do seek advice, the most popular source is friends and family, followed by financial institutions.

58. Figure 6 summarises selected indicators for financial education needs for the priority segments.

Figure 6: Indicators of financial education needs for the priority segments

SALARIED EMPLOYEES (624 000)
PRIVATE SECTOR (379 000) PUBLIC SECTOR (245 000)
KEEPING TRACK KEEPING TRACK
85% Heard of and understand “budget” 94% Heard of and understand “budget”
62% “You keep track of your expenses every month” 67% “You keep track of your expenses every month”
62% “You have a monthly or weekly budget” 82% “You have a monthly or weekly budget”
76% Of these, “You ensure you spend within your budget” 79% Of these, “You ensure you spend within your budget”
MAKING ENDS MEET MAKING ENDS MEET

30% Borrowed money from a person/institution in the last 12 months 57% Borrowed money from a person/institution in the last 12 months
20% Of these, Missed a payment in the past 12 months 04% Of these, Missed a payment in the past 12 months
24% “It is okay to borrow money to pay back outstanding debt” 20% “It is okay to borrow money to pay back outstanding debt”
11% “If you borrow money it is okay to pay it a bit later than agreed” 18% “If you borrow money it is okay to pay it a bit later than agreed”
06% “Without credit/taking a loan, you would not be able to feed your family” 07% “Without credit/taking a loan, you would not be able to feed your family”

PLANNING AHEAD PLANNING AHEAD

69% Save or put money away for a specific purpose 87% Save or put money away for a specific purpose
24% Saving for an emergency 37% Saving for an emergency
09% Have pension product 30% Have pension product
01% Saving for retirement or old age 08% Saving for retirement or old age
CHOOSING AND USING CHOOSING AND USING

67% Heard of and understand “interest” 89% Heard of and understand “interest”
64% Heard of and understand “insurance” 87% Heard of and understand “insurance”
10% Don’t know of any advantages of a bank account 01% Don’t know of any advantages of a bank account

ACCESSING INFORMATION ACCESSING INFORMATION

64% “You know quite a bit about money and finances” 70% “You know quite a bit about money and finances”
56% “When it comes to money you trust your own experience/knowledge 48% “When it comes to money you trust your own experience/knowledge
rather than advice/promises of others” rather than advice/promises of others”
40% Ask family member or friend for financial advice 34% Ask family member or friend for financial advice
25% Ask financial institution for financial advice 27% Ask financial institution for financial advice

17
21 FSDP II project document, Page 1.
22 FinScope 2009.
 MSMEs (822 000)
MSME URBAN (419 000) MSME RURAL (404 000)
KEEPING TRACK KEEPING TRACK
85% Heard of and understand “budget” 65% Heard of and understand “budget”
46% “You keep track of your expenses every month” 24% “You keep track of your expenses every month”
50% “You have a monthly or weekly budget” 28% “You have a monthly or weekly budget”
78% Of these, “You ensure you spend within your budget” 85% Of these, “You ensure you spend within your budget”
MAKING ENDS MEET MAKING ENDS MEET

26% Borrowed money from a person/institution in the last 12 months 27% Borrowed money from a person/institution in the last 12 months
19% Of these, Missed a payment in the past 12 months 24% Of these, Missed a payment in the past 12 months
17% “It is okay to borrow money to pay back outstanding debt” 20% “It is okay to borrow money to pay back outstanding debt”
12% “If you borrow money it is okay to pay it a bit later than agreed” 14% “If you borrow money it is okay to pay it a bit later than agreed”
12% “Without credit/taking a loan, you would not be able to feed your family” 10% “Without credit/taking a loan, you would not be able to feed your family”

PLANNING AHEAD PLANNING AHEAD

66% Save or put money away for a specific purpose 65% Save or put money away for a specific purpose
27% Saving for an emergency 19% Saving for an emergency
02% Have pension product 00% Have pension product
00% Saving for retirement or old age 00% Saving for retirement or old age
CHOOSING AND USING CHOOSING AND USING

61% Heard of and understand “interest” 38% Heard of and understand “interest”
45% Heard of and understand “insurance” 18% Heard of and understand “insurance”
13% Don’t know of any advantages of a bank account 22% Don’t know of any advantages of a bank account

ACCESSING INFORMATION ACCESSING INFORMATION

65% “You know quite a bit about money and finances” 66% “You know quite a bit about money and finances”
57% “When it comes to money you trust your own experience/knowledge 47% “When it comes to money you trust your own experience/knowledge
rather than advice/promises of others” rather than advice/promises of others”
41% Ask family member or friend for financial advice 45% Ask family member or friend for financial advice
24% Ask financial institution for financial advice 05% Ask financial institution for financial advice

SMALL SCALE RURAL FARMERS (1.76 million) YOUTH (1.9 million)

KEEPING TRACK KEEPING TRACK
57% Heard of and understand “budget” 67% Heard of and understand “budget”
16% “You keep track of your expenses every month” 16% “You keep track of your expenses every month”
20% “You have a monthly or weekly budget” 23% “You have a monthly or weekly budget”
68% Of these, “You ensure you spend within your budget” 81% Of these, “You ensure you spend within your budget”
MAKING ENDS MEET MAKING ENDS MEET

25% Borrowed money from a person/institution in the last 12 months 12% Borrowed money from a person/institution in the last 12 months
20% Of these, Missed a payment in the past 12 months 23% Of these, Missed a payment in the past 12 months
16% “It is okay to borrow money to pay back outstanding debt” 17% “It is okay to borrow money to pay back outstanding debt”
16% “If you borrow money it is okay to pay it a bit later than agreed” 12% “If you borrow money it is okay to pay it a bit later than agreed”
08% “Without credit/taking a loan, you would not be able to feed your family” 06% “Without credit/taking a loan, you would not be able to feed your family”

PLANNING AHEAD PLANNING AHEAD

51% Save or put money away for a specific purpose 31% Save or put money away for a specific purpose
17% Saving for an emergency 09% Saving for an emergency
00% Have pension product 00% Have pension product
00% Saving for retirement or old age 00% Saving for retirement or old age
CHOOSING AND USING CHOOSING AND USING

34% Heard of and understand “interest” 39% Heard of and understand “interest”
16% Heard of and understand “insurance” 25% Heard of and understand “insurance”
27% Don’t know of any advantages of a bank account 29% Don’t know of any advantages of a bank account

ACCESSING INFORMATION ACCESSING INFORMATION

54% “You know quite a bit about money and finances” 52% “You know quite a bit about money and finances”
49% “When it comes to money you trust your own experience/knowledge 33% “When it comes to money you trust your own experience/knowledge
rather than advice/promises of others” rather than advice/promises of others”
43% Ask family member or friend for financial advice 34% Ask family member or friend for financial advice
04% Ask financial institution for financial advice 08% Ask financial institution for financial advice

18
 3. The Need for a National Strategy on
Financial Education
This section covers:

❏ The need for financial management

❏ Definition of financial education
❏ Financial inclusion and financial consumer protection
❏ Benefits of financial education to stakeholders
❏ Current financial education initiatives
❏ Lessons from international experience
❏ The need for a National Strategy

3.1 The need for financial management

59. It is becoming increasingly important that people can manage their personal and household finances well.
For example:

a) poor people need to be able to make what little income they have go as far as possible; to save some
of their income, wherever practicable, in order to smooth income flows and to provide for future
emergencies; and to avoid taking unnecessary risks with their finances;

b) in order to take advantage of initiatives which are intended to promote financial inclusion – i.e. access
to appropriate financial products – people need the knowledge, skills and confidence to make effective
use of these financial products;

c) the increasing availability of microcredit and other financial products and services, combined with the
rapidly expanding use of alternative channels to distribute these products – including ATMs, point of sale
devices and cellphones – has opened up opportunities for people to manage their finances more flexibly
and more effectively; but it has also given rise to risks which may be unfamiliar – particularly to new, and
potential new, consumers. People who have the knowledge, skills and confidence to manage their
finances well are better able to take advantage of these new opportunities without exposing themselves
to risks which they do not understand, or of which they are unaware.

60. However, as illustrated in Section 2.3 above, in Zambia – as in many other countries – many people are not
able to manage their personal and household finances well. There is therefore a need to improve financial
education levels in Zambia.

3.2 Definition of financial education

61. There is no generally agreed definition of the term “financial education”. The Organisation for Economic Co-
operation and Development (OECD), an international thought-leader on financial education, defines it as
follows23:

“Financial education is the process by which financial consumers/investors improve their understanding of financial
products and concepts and, through information, instruction and/or objective advice, develop the skills and confidence
to become more aware of financial risks and opportunities, to make informed choices, to know where to go for help,
and to take other effective actions to improve their financial well-being.

Where:

❏ information involves providing consumers with facts, data and specific knowledge to make them aware
of financial opportunities, choices and consequences;

❏ instruction involves ensuring that individuals acquire the skills and ability to understand financial terms and
concepts, through the provision of training and guidance; and

19
23 OECD (2005), Improving Financial Literacy: Analysis of Issues and Policies.
 ❏ advice involves providing consumers with counsel about generic financial issues and products so that they
can make the best use of the financial information and instruction they have received.”

62. Specifically excluded from this definition are:

a) marketing initiatives which promote a particular brand or specific products or services; and

b) financial advice which may lead to the recommendation of a specific product or service.

63. Drawing on this, the definition of financial education which has been developed for the purposes of the
National Strategy on Financial Education for Zambia is:

“providing people with the knowledge, understanding, skills and confidence so that they make financial decisions
and take actions which are appropriate to their personal circumstances”.

64. Consistently with that, the term “a financially educated person” for the purposes of the National Strategy
refers to someone who not only has the requisite knowledge, understanding, skills and confidence, but who,
in practice, makes financial decisions and takes actions which are appropriate to his or her personal
circumstances.

65. The term “financial decisions” is interpreted broadly, to encompass not only decisions related to formal
financial products and services – including transactional banking, savings, credit, investments (including through
pensions and through Stock Exchange instruments), insurance, etc – but also informal financial products and
services and relevant non-monetary behaviours (for example, a farmer holding back more seed with a view
to increasing future crop yields).

66. Financial education is achieved over time, initially with improvements in knowledge and skills which in turn
lead to changes in attitudes and behaviours: see Figure 7.

Figure 7: Financial education change process

Action
F I N A N C I A L E D U C AT I O N

BEHAVIOUR
Change Mind I am using the
financial service
ATTITUDES
I trust the provider
and am committed
Equipping to using the
SKILLS financial services
I know how to use
financial services
and have access to
Triggering the technology

KNOWLEDGE
I know about
financial services,
their benefits and
how to access them

TIME

Source: Adapted from the Financial Education Fund (FEF) Toolkit

20
 67. Some other countries refer to “financial literacy” or “financial capability” rather than to “financial education”.
In practice, these terms tend to be used in similar ways. The term “financial education” has been selected
for Zambia, because it is likely to be the most familiar, and the most widely understood, of these terms.

68. The UK Financial Services Authority identified24 five components25 of what it referred to as financial capability:

a) making ends meet (i.e. making sure that spending does not consistently exceed income);

b) keeping track of one's finances (i.e. knowing the details of one's day-to-day finances);

c) planning ahead (i.e. making appropriate financial provision for the future);

d) choosing and using financial products (making informed choices about financial products entails, among
other things, having a good general awareness of the types of financial products that can help to achieve
one's goals; and understanding the risks associated with financial products and the trade-off between risk
and reward); and

e) accessing and using information (i.e. having some knowledge of financial matters and keeping abreast of
financial developments).

69. Financial education is intended to help people to manage their personal and household finances. Among
other things, financial education can help equip people with some of the skills which are needed to run a
business successfully – and can therefore help to promote entrepreneurship. Nevertheless, everyone needs
to be able to manage their personal and household finances well, whether or not they also carry on a
business.

70. It would be unrealistic – in any country – to expect that financial education programmes could turn the
generality of the population into financial experts. A more realistic aim is that people will be provided with
knowledge, understanding, skills and confidence and that this will help them to secure good financial outcomes
for themselves and their families, even if they are not the best possible outcomes.

71. It follows that financial education is intended to influence people's behaviour. Little will have been achieved
if people are financially educated, but nevertheless behave in a financially reckless manner. The National
Strategy on Financial Education is therefore intended to bring about improvements in the way in which, in
practice, people in Zambia manage their personal finances.

3.3 Financial inclusion and financial consumer protection

72. Financial education, financial inclusion initiatives and financial consumer protection all have a vital role to play
in achieving the goals of the FSDP. Each needs to be pursued simultaneously. None is likely to be sufficient
on its own to bring about a significant contribution to achieving these goals.

73. For example, people who are financially educated and therefore understand the potential advantages of
using formal financial services will not be able to put this learning into practice if there are no formal financial
institutions available where they live or work.

74. People who have been financially educated may be reluctant to make much use of financial products if they
are concerned that financial institutions will treat them unfairly – particularly if there are no means of redress
should this happen in practice.

75. Similarly, financial inclusion initiatives are unlikely to be successful if people at whom the initiative is targeted
do not understand the potential benefits to them or do not understand how to make effective use of the
products in question. For example, people may be persuaded, as a result of a campaign designed to promote
access to bank accounts, to open an account. But unless they have the knowledge, skills and confidence to
operate a bank account, they are unlikely to make much (if any) use of it.

24 Financial Services Authority (2006), Financial Capability in the UK: Establishing a Baseline, available at
21 http://www.fsa.gov.uk/pubs/other/fincap_baseline.pdf.
25 These five components were used as a framework for analysing the FinScope 2009 survey findings, as detailed in the Financial Access Matters
Focus Note No. 6: ‘Financial Education in Zambia: What does FinScope tell us?’, FinMark Trust, 2011.
3.4 Benefits of financial education to stakeholders
76. A wide range of stakeholders will benefit from the Zambian population becoming more financially educated:

a) consumers – people at all income levels stand to gain financially from making the most productive use
of any money they have, from avoiding unnecessary charges associated with financial products and from
avoiding undue risks (including the risks associated with over-indebtedness). Financial education can
help to improve people's quality of life;

b) financial institutions – people who are financially educated are more likely to have the knowledge, skills
and confidence to choose and purchase financial products. This is likely to stimulate demand for financial
products and to reduce the risk that people will buy products which are unsuitable for them. Moreover,
financial institutions will have to spend less time explaining some of the basic features of financial products;

c) the Government – a more financially educated population is likely to save and invest more, to be better
equipped to run successful businesses, and to be more likely to purchase financial products which are
appropriate to their circumstances26. This should serve as a stimulus to economic growth and should
help to reduce levels of financial exclusion.

d) employers – employees who are financially educated are less likely to get into the sorts of financial
difficulties which can distract them at work and can thus make them less productive;

e) civil society organisations and donors – financial education can help to improve people's livelihoods and
can thus help many civil society organisations and donors to achieve their goals.

3.5 Current financial education initiatives

77. A number of organisations in Zambia are currently implementing financial education initiatives. These are
documented in a stock-take study27, which was commissioned by FinMark Trust on behalf of the Bank of
Zambia to contribute to the development of a National Strategy on Financial Education, and are summarised
below28.

Financial education initiatives for schoolchildren

78. Financial education initiatives in schools are currently being undertaken and supported by a few financial
service providers and non-governmental organisations. They include the following:

79. Zanaco’s Financial Fitness programmes reaches over 5,000 school children in about 150 schools in 33 districts.
It is targeted at pupils in Grades 8 and 9 in Government schools. The programme provides pupil-centred
learning, with the pupils working in groups, supervised by a teacher. The topics covered include money,
wasting money, banking, saving, interest, budgeting, using ATMs, using cheques, borrowing, managing debt and
developing a financial fitness plan. The financial fitness materials are currently being used by some NGOs,
such as Camfed and Restless Development, in their financial education programmes. Zanaco also runs
financial fitness programmes for adults. The programme is summarised in Box 1.

26 Provided that financial education is complemented by effective financial consumer protection and financial inclusion measures.
27 Stock-take of Financial Education in Zambia: A Review of Financial Education Initiatives and Opportunities, M&N Associates, 2012, available 22
from the FSDP Secretariat on request. See Annex 2 for a summary of existing financial education programmes.
28 Outreach figures are given where available.
 Box 1: Zanaco Financial Fitness Programme

Zanaco is a commercial bank which runs a financial education programme – Financial Fitness – as part of
its corporate social responsibility (CSR) portfolio. The programme has been running since 2008. Eco
Ventures International, an American company that specialises in financial education materials, developed the
training materials and toolkits. The channels used for programme delivery are outlined below.

Children and the Youth

Working in conjunction with the Ministry of Education and Restless Development, an NGO with offices
in Zambia, the Zanaco branch network has adopted Government schools across the country where the
financial fitness programme is carried out. The programme is an extra-curricular activity that focuses on
the basics of financial literacy. Zanaco also publishes weekly Financial Fitness articles in the Education Post,
a supplement in the Post newspaper. The bank facilitates student educational tours to bank branches.

Adults
Zanaco runs radio programmes on financial education in English and vernacular languages (Nyanja, Lozi,
Kaonde,Tonga and Luvale). It has also developed a series of comic strips on financial education topics, which
have been featured in the Post and Daily Mail newspapers.

Zanaco Staff and Small and Medium Enterprises (SMEs)

Zanaco runs training workshops covering: financial planning, borrowing, credit awareness, saving, investment,
banking, insurance, wealth building, planning for retirement and estate management. Zanaco also works in
collaboration with the Zambia National Farmers Union (ZNFU) to deliver training workshops to farmers
in the ZNFU network across the country.

Zanaco participates in the Agricultural and Commercial Show and the Trade Fair and runs events such as
quizzes on financial education.

80. Children International Zambia launched a financial education programme in 2011, which is based on the
Aflatoun programme, a social and financial education programme for children aged 6 – 14 years old.

The five core elements of the Aflatoun programme are: personal exploration and understanding; rights and
responsibilities; saving and spending; planning and budgeting, and; entrepreneurship.

The Children International Zambia programme is summarised in Box 2.

Box 2: Children International's financial education programme

Children International is an international NGO focused on children. In Zambia, it operates in Lusaka,

providing support to about 15,000 less privileged children in its centres in Kanyama, Chibolya and George
compounds in the area of education, health and family assistance.

With respect to education, Children International Zambia is implementing the Aflatoun Programme in
eight community schools in the three compounds. It has trained 16 teachers from these schools in
delivering this programme as an extra-curricular activity through school clubs. The programme teaches
basic financial principles and sound practices that would be difficult for children to learn elsewhere. The
programme also teaches children about self-discovery, rights and responsibilities, and the wise use of
resources, empowering them to break the cycle of poverty and create a more equitable society. Savings
is a key part of the Aflatoun Programme.

23
81. Junior Achievement (JA) provides financial education to young people in schools through its Banks in Action
programme (which is targeted at Grades 9-12) and the JA Finance Pack, which covers subjects such as basic
budgeting and profit and loss. The programme is summarised in Box 3.

Box 3: Junior Achievement's financial education programme

Junior Achievement is an international organisation, started 90 years ago by entrepreneurs in the USA. It
targets the youth, aged 15 to 25. It focuses on three areas: entrepreneurship, financial literacy and workforce
readiness.

In Zambia, JA’s current outreach is primarily in Lusaka, but it has programmes in all the provinces of Zambia.
JA has also collaborated with partners, such as the British Council, on nationwide activities supporting
financial education and entrepreneurship training for youth.

All financial education materials are developed in the USA but have not yet been adapted for local use, so
there are some issues with understanding some of the terminology. Working closely with the Business
Subjects Teachers Association, JA trains teachers who cascade the training to students.

The programme is carried out as an extra-curricular activity and students learn about financial literacy
through interactive role-play games and through materials provided by JA.

82. Restless Development's financial education project was launched in January 2011 and is targeted at
schoolchildren and student teachers. The goal is to create long-lasting behavioural change among young
people. The project is fairly new and aims to reach 5,000 youths, 4,500 student teachers in 13 colleges of
education and 11 communities in Central and Copperbelt Provinces by the end of 2011.

Financial education initiatives for the youth

83. Camfed runs financial education programmes for young women in rural areas of Zambia. The project was
launched in 2009, with funding from DFID accessed through the Financial Education Fund (FEF): around
10,700 young women have been trained. The Camfed programme is summarised in Box 4.

Box 4: Camfed's financial education programme for young women

Campaign for Female Education (Camfed) Zambia is a non-governmental organisation (NGO) devoted
to eradicating poverty through girls’ education and empowerment of young women.

The NGO runs a project for financial education for young women in rural areas covering 8 districts (Luapula
3, Northern 3 and Western 2). The project has been running since 2009 and aimed to reach 8,800 young
women by the end of 2011, but has surpassed this target and reached around 10,700 young women. The
project had been expected to close in December 2011. However, Camfed has decided to continue
implementing its financial education programme as part of its young women empowerment programmes.
The new programme Camfed is developing will have aspects of financial education as part of leadership
and enterprise training.

Camfed developed customised financial education training materials using Zanaco and Global Finance
materials. Some difficult terms of the training materials were translated into two local languages: Bemba
and Lozi. Camfed has trained 160 peer educators and 3 co-trainers in the 8 districts. The peer educators
and co-trainers cascade the training to the girls and young women.

The institutional framework for activism of young women is provided through Cama (the Camfed
Association), a young rural women’s peer network, founded by former Camfed beneficiaries which includes
young women across 3 provinces in Zambia. These young women are supported through the provision
of bursaries while they are in secondary school. 24
 Financial education in the workplace

84. Workplace financial education programmes are currently being undertaken by Zanaco as part of its Financial
Fitness programme. Current outreach is around 900 employees, including the bank's own employees.

Financial education for Small and Medium Enterprises (SMEs)

85. Zanaco runs financial education programmes for SMEs. Current outreach is around 1000 SMEs. Zanaco
uses financial education training manuals and a comic book as educational tools.

Financial education for the general public

86. A number of umbrella organisations, such as the Bankers Association of Zambia, and financial service
regulators, such as the Pensions and Insurance Authority and the Bank of Zambia, have implemented financial
education initiatives targeted at the general public. These have mostly taken the form of road shows; the
dissemination of information at trade fairs; and radio and television sensitisation programmes.

3.6 Lessons from international experience

87. A number of international organisations have highlighted the importance of financial education. For example,
the OECD has said that:

“For emerging economies, financially educated consumers can help ensure that the financial sector makes an
effective contribution to real economic growth and poverty reduction … The information available on consumer
financial literacy is worrying for two reasons – not only do individuals generally lack an adequate financial
background or understanding to navigate today’s complex market, but unfortunately they also generally believe that
they are far more financially literate than is really the case.”29

88. In a statement issued in 2006, G830 Finance Ministers said:

“We acknowledge the importance of better financial education and literacy for improving the ability of people to
use financial services and to make effective decisions with respect to their present and future welfare.”31

89. In November 2010, the World Bank launched a Global Programme on Consumer Protection and Financial
Literacy32, building on work that it had undertaken in Europe and Central Asia. The objective is to help
countries achieve concrete measurable improvements33.

90. National strategies on financial education have been developed, or are being developed, in a number of
countries, including Australia, Azerbaijan, Brazil, Canada, Ghana34, Kenya, Malaysia, New Zealand, Singapore,
South Africa, Tanzania, Trinidad and Tobago, Uganda and the United Kingdom. In developing the National
Strategy on Financial Education for Zambia, account has been taken of lessons which can be drawn from
experience in other countries. Important lessons include the following:

a) the development and implementation of a national strategy on financial education encourages

stakeholders and donors to increase their involvement in, and funding of, financial education programmes;

b) strong and effective leadership, with adequately resourced executive support, is needed to drive forward
the development and implementation of a national strategy on financial education;

c) working in partnership with a wide range of stakeholders from the public, private and non-profit sectors
helps to increase the availability of resources for financial education initiatives and to ensure that the most
effective use is made of those resources;

29 The Importance of Financial Education, OECD Policy Brief, 2006. Available at http://www.oecd.org/dataoecd/8/32/37087833.pdf.
30 The G8 (or Group of 8) is a forum for the governments of eight major economies: Canada, France, Germany, Italy, Japan, Russia, the United
Kingdom, and the United States.
31 Pre-Summit Statement by G8 Finance Ministers, 2006. Available at http://en.g8russia.ru/page_work/11_1.html.
32 See http://web.worldbank.org/WBSITE/EXTERNAL/TOPICS/EXTFINANCIALSECTOR/0,,contentMDK:22761006~pagePK:148956
~piPK:216618~theSitePK:282885,00.html.
33 The Global Program focuses on four areas:
a) making financial information easy to understand and comparable so that consumers can shop for the best deal;
b) improving business practices to ensure that abusive and predatory practices are prohibited, and intermediaries are regulated;
25 c) giving consumers a way to get quick and easy redress when their financial institutions have made a mistake; and
d) helping consumers learn to use financial services with confidence.
34 The Ghana national strategy focuses on the micro-finance sector.
 d) people tend to be over-confident about their ability to manage their personal finances well;

e) if people are given too much information, or have a large number of possible options, they are liable to
be overwhelmed and to do nothing. So, it is important to keep things as simple as possible;

f) financial education programmes should use language and contexts with which the target audiences can
relate;

g) people often struggle to take good decisions about financial matters. So, financial education programmes
should not only provide people with education, information and guidance on personal finance issues, but
should also help them to take good decisions;

h) a relatively small proportion of a target audience is likely to remember, and to act on, financial education
messages the first time (or even the first few times) they hear them. So, it is important to repeat
messages;

i) people learn in different ways. So, a variety of channels and messages should be used. This will also
increase the number of people who hear a message more than once;

j) advantage should be taken of “teachable moments” – that is times in people’s lives, and contexts, when
they are more likely to be receptive to financial education;

k) it is important to prioritise those financial education programmes which are most likely to be cost-
effective;

l) proposed programmes should be piloted, wherever possible, to assess – before the programme is rolled
out more widely – whether the programme is likely to be successful and, if it is, whether any adjustments
to it can usefully be made;

m) consideration should be given to lessons which can be drawn from other public education initiatives (for
example, HIV/Aids prevention programmes), including about techniques and communication channels
which have been successful with different target groups.

91. In developing the National Strategy on Financial Education for Zambia, account has been taken of financial
education programmes which have been undertaken in other countries. Unfortunately, relatively few
evaluations of financial education programmes have been published. Moreover, some of the programmes
undertaken in other countries, which appear to have been successful in those countries, would not necessarily
be successful in Zambia. So, judgements have had to be made about the sorts of programmes which have
been put in place in other countries which are most likely to be cost-effective in Zambia.

92. Financial education programmes which have been undertaken in other countries include the following broad
categories35:

a) financial education as part of schools' curricula;

b) financial education as part of extra-curricular activities for schoolchildren;

c) financial education programmes for students in schools and universities;

d) financial education delivered in workplaces;

e) financial education incorporated into rural outreach programmes;

f) financial education programmes targeted at women;

g) financial education delivered via a range of media (including television, radio, newspapers, comic books,
posters, drama, the internet and CD-Roms);

h) financial education delivered via trusted intermediaries (including community and religious leaders);

i) financial education road shows and workshops; and

j) financial education weeks.

26
35 Fuller information is set out in the study, ‘Stock-take of Financial Education in Zambia: A Review of Financial Education Initiatives and
Opportunities', M&N Associates, 2012, available from the FSDP Secretariat on request.
 3.7 The need for a National Strategy
93. The financial education activities which are currently being undertaken in Zambia, though commendable, are
uncoordinated, have achieved only limited outreach, and leave some large gaps.

94. The development and implementation of a focused national financial education strategy for Zambia helps
to address these weaknesses. While building on existing financial education initiatives, it will ensure that
there is a more comprehensive, sustainable, co-ordinated and effective range of programmes than is currently
the case; and will avoid unintended gaps and unnecessary overlaps. It will galvanise the efforts of stakeholders
which are currently undertaking financial education initiatives, or which might be willing to do so in future,
and will foster and strengthen strategic partnerships. It will encourage the allocation of more resources; and
it will secure a wider and deeper impact from the resources which are deployed on financial education
programmes. The National Strategy on Financial Education will contribute to the achievement of national
priorities, including the promotion of financial inclusion.

95. The National Strategy on Financial Education for Zambia identifies the key priorities which are to be
addressed and this will provide focus and momentum. By building on existing programmes, it ensures that
the maximum value will be derived from the skills and experience which have already been gained by those
who are currently working in this field.

96. In short, working together and to a common agenda will help to ensure that the maximum benefit is obtained
from the efforts of all those organisations which are willing to contribute to the strengthening of financial
education in Zambia.

27
4 Framework for the National Strategy
on Financial Education
This section covers:

❏ Goal and strategic objective of the National Strategy

❏ Principles underpinning the National Strategy

4.1 Goal and strategic objective

97. The goal of the National Strategy on Financial Education for Zambia is:

a financially educated Zambian population by 2030

98. This dovetails with, and supports,Vision 2030 “making Zambia a prosperous middle-income nation by 2030”.
The implementation of the National Strategy on Financial Education will contribute to the Sixth National
Development Plan (SNDP) 2011–2015, the theme of which is “sustained economic growth and poverty
reduction”.

99. The strategic objective of the National Strategy on Financial Education for Zambia is that

people in Zambia have improved knowledge, understanding, skills, motivation and confidence to help them to
secure positive financial outcomes for themselves and their families by 2017

100. The National Strategy on Financial Education for Zambia is underpinned by a number of principles (“the
underpinning principles”). These principles form the basis for prioritising financial education programmes and
will guide how the financial education programmes will be implemented.

4.2 Principles underpinning the National Strategy

101. The underpinning principles of the National Strategy are as follows:

1. Work in partnership;

2. Build on existing initiatives;

3. Maximise cost-effectiveness;

4. Foster sustainable changes;

5. Focus on clients and their needs;

6. Communicate effectively; and

7. Measure impact – and share the results.

102. These principles are outlined below.

Work in partnership

103. A wide range of stakeholders would benefit from a more financially educated Zambian population. Many
of them could potentially be involved in developing and implementing financial education programmes.

104. Working in partnership, with the active participation of a wide range of stakeholders, will be strongly
encouraged. This will help to:

a) maximise the availability of resources and ensure that those resources are used effectively;

b) avoid unnecessary duplication, for example through the sharing of good financial education materials
which have already been developed, rather than each organisation producing its own resources;

c) achieve greater outreach and scale;

d) encourage networking and the sharing of lessons learned – which will help to promote good practices;
and 28
 e) ensure that those who undertake financial education initiatives work to a common goal and use
consistent messages and complementary approaches.

105. In order to achieve this, effective communication with stakeholders will be essential. This is discussed further
in Section 6.0 below.

Build on existing initiatives

106. Both the stock-take study and discussions with stakeholders have emphasised the importance of building,
wherever practicable, on existing financial education initiatives. This may, for example, take the form of helping
existing initiatives to achieve greater scale or outreach, possibly through fostering the development of strategic
partnerships; or arranging for some of the financial education resources which have already been developed
to be used by a wider range of organisations.

Maximise cost-effectiveness

107. Operating cost-effectively will help to ensure that the maximum benefit possible is secured from the
resources which are made available for financial education – and should also help to attract further
investment in financial education.

108. Among the factors which should be taken into account in assessing cost-effectiveness are:

a) the number of people which a programme is expected to reach, together with the likely impact of
the programme on behaviours – both elements are important: there is no point in reaching lots of
people if the programme in question will have little or no impact on behaviours; equally, it would not be
sensible to invest in expensive programmes which are effective, but which reach very few people;

b) sustainability – programmes which will produce no lasting legacy once funding for the programme has
come to an end are unlikely to be cost-effective;

c) replicability – other things being equal, a programme is more likely to be cost-effective if it is replicable
– that is, the programme is likely to be adopted or adapted by others, assuming that the original
programme proves to be successful;

d) scalability – a programme is more likely to be cost-effective if there is potential (provided that the
programme is shown to be effective) to scale it up so that it reaches larger numbers of people;

e) the potential for leveraging in additional resources – some programmes can leverage in additional
resources36, which increases the overall resources available to support that programme.

Foster sustainable changes

109. The leadership and funding arrangements (see sections 7.0 and 8.0 below) for the National Strategy on
Financial Education for Zambia have been designed with a view to ensuring that the implementation and
further development of the strategy is sustainable in the long-term.

110. In addition, the financial education programmes which have been prioritised are expected to be sustainable
(in the sense that they will produce a lasting legacy once any initial funding has come to an end)37. It is also
important that financial education initiatives influence long-term behaviours, rather than merely short-term
behaviours.

36 For example, in order for financial education to be incorporated into existing subjects in the schools curriculum, there would need to be an
initial investment to develop a financial education curriculum, to produce resources and to train teachers. Thereafter it would not be necessary
to make further payments to those who are providing the financial education – since the teachers concerned are already being paid and are
simply delivering financial education as part of subjects which they already teach.
37 For example, incorporating financial education into the schools curriculum, preparing resources and training teachers to teach financial education
29 effectively produces a lasting legacy – the curriculum, resources and trained teachers can be used to deliver financial education for many years
ahead. By contrast, programmes which rely on paying people to train adults in their communities may not be sustainable once the funding
stream used to pay the trainers (and to hire premises, etc) runs out.
Focus on clients and their needs

111. The contents and delivery channels used for financial education programmes will be designed to ensure
that they take account of the needs of those whom the programme in question is intended to reach. It will
therefore be necessary to gain a clear understanding of the needs and preferences of specific population
sectors.

Communicate effectively

112. Financial education messages are much more likely to have an impact if they are expressed in clear, simple
and succinct language and if the intended audience regard them as relevant to their situation. So far as
possible, they should prompt people to take action.

Measure impact – and share the results

113. Financial education programmes will be evaluated and monitored (see section 10.0 below) so that the
impact of each programme can be assessed and informed decisions can be made as to which programmes
lead to positive changes in behaviour and are otherwise cost-effective, and should therefore be continued
or built on, and which programmes should be modified or discontinued. The lessons learned will be widely
disseminated, so that they can be taken into account in the design and development of other relevant
financial education programmes and in the refinement of the strategy as a whole.

30
 5. Financial Education Programmes for Zambia
This section covers:

❏ Financial education programmes for Zambia

114. There are a large number of financial education programmes which could potentially be undertaken. It is
important to select priorities, since otherwise resources are liable to be stretched so thinly that little or
nothing of significance is achieved.

115. It is not possible to devise a formula for deciding which of the potential programmes should be selected as
priorities: instead, judgements have needed to be made. In reaching these judgements, particular account
has been taken of the needs of the population; which programmes can be expected to lead to positive
changes in behaviour; the expected cost-effectiveness of potential programmes; the desirability of reaching
a broad spread of the population, rather than focussing on only one or two sections; and opportunities
which can be harnessed for making progress.

116. Table 2 summarises the financial education programmes for Zambia and shows how they are linked to the
overall goal and strategic objective of National Strategy as well as the nation’s Vision 2030. For convenience,
the programmes have been grouped according to the age group at which they are predominantly aimed.
However, several of these programmes will reach more than one age group (for example, financial education
workplace programmes will reach some of the youth, as well as older adults).

117. The priority programmes which have been selected for the National Strategy on Financial Education for
Zambia are described in Tables 3-10 below. In a number of cases, the programmes represent opportunities
to be explored, rather than programmes which can be initiated straightaway. Full implementation of these
programmes will depend on, among other things, securing funding or in-kind resources; securing the
participation of relevant partners; and implementing and assessing the outcomes of pilot projects. As a
result of this, some programmes will be initiated sooner than others, whilst some may prove, once
consultations with stakeholders have been concluded, to be impracticable to initiate. The first programme
to be initiated will be financial education in schools: this takes advantage of the opportunities presented by
the Curriculum Development Centre's current review of the school curriculum.

118. The contents of financial education programmes will need to vary, for example to take account of the needs
of the target audience. At a very high level, programmes are likely to cover:

❏ budgeting and financial planning;

❏ saving and investing for cash flow management, long-term needs and life-cycle events;

❏ prudent borrowing and managing debt;

❏ identifying and managing risks;

❏ investing;

❏ the uses, characteristics, advantages and disadvantages of different types of financial products; and

❏ understanding basic financial terms.

119. The content of financial education programmes will benefit from a training needs assessment of the relevant
target groups. Consideration will be given to the development of core messages, which can be used, or
adapted for use, in a variety of contexts. This would not only result in lower overall costs than if messages
were to be developed separately for each programme, but it would also help to promote the delivery of
consistent messages across a broad range of financial education programmes.

120. The following tables outline the financial education programmes for Zambia:

31
Table 2: Summary of financial education programmes

• Vision 2030 “making Zambia a prosperous middle-income nation by 2030”

• Sixth National Development Plan (SNDP) 2011–2015 theme of “sustained economic growth and
Relevant national
poverty reduction”
priorities
• Financial Sector Development Plan (FSDP) supporting “…the efficient mobilisation and allocation of
resources necessary to achieve economic diversification, sustainable growth and poverty reduction”

Goal of the National

A financially educated Zambian population by 2030
Strategy

Strategic Objective of People in Zambia have improved knowledge, understanding, skills, motivation and confidence to help
the National Strategy them to secure positive financial outcomes for themselves and their families by 2017

Initial implementation
2012 – 2017 (5 years)
phase

Component 1 Component 2 Component 3

Financial education for children Financial education for the youth Financial education for adults
• financial education through the • financial education in • financial education workplace
school curriculum; universities, colleges and other programmes;
Priority financial • financial education through learning institutions; • financial education
education extra-curricular activities. • financial education in youth programmes for small-scale
programmes development centres and farmers;
other agencies. • financial education
programmes for MSMEs;
• financial education through
teachable moments.

Cross-cutting financial education programmes

• financial education through appropriate media;
• financial education through a website.

• Work in partnership;
• Build on existing initiatives;
• Maximise cost-effectiveness;
Underpinning
• Foster sustainable changes;
principles
• Focus on clients and their needs
• Communicate effectively; and
• Measure impact – and share the results.
• Spearheaded by the three financial service regulators with a dedicated Financial Education
Coordination Unit housed in the Bank of Zambia, reporting to a multi-stakeholder Steering
Leadership
Committee.
• Engagement of all relevant stakeholders in the implementation and review of the National Strategy.
• Multiple funding sources including financial service regulators, private sector firms, the Government, the
Funding Financial Sector Development Plan (FSDP), non-governmental organisations and international
development agencies.

• The estimated budget is ZMW 75 million (about $15 million) for the period 2012 – 2017.
• This amount covers the costs of the FECU, M&E and the implementation of financial education
Budget
programmes. It does not take into account current investments into financial education by existing
programme implementers.

32
 121. Component 1: Financial education for children

Table 3: Financial education for children

Aspect Description
Need
• People begin to form their attitudes to financial matters early in life. Children are increasingly taking financial
decisions, sometimes from an early age. Providing them with financial education helps them to take sound
decisions. Schools provide an ideal channel for this, as they are already established and funded.
• Children can play a role in educating their parents. For example, programmes can be designed to involve
parents, such as by asking children to draw up a household budget with the help of their parents.
• There is wide support among stakeholders for providing financial education to children. The stock-take
study records that “Incorporating financial education in the school syllabus was the most frequently
recommended step by interviewees. It was felt that by including financial education in the school syllabus
wide outreach would be achieved in a highly cost-effective way.”
• Schools comprise government schools, private schools, community schools and church schools.

Current initiatives
• In Zambia there are already some programmes run by NGOs and private institutions, including Zanaco,
Children International, Junior Achievement, Camfed and Restless Development, that provide financial
Situation analysis education to children.
• Many other countries which have developed, or are developing, national strategies on financial education
have prioritised the provision of financial education to schoolchildren.
• Considerable experience and expertise – both from the programmes which are already being undertaken
in Zambia and from other countries – can be drawn on in developing financial education programmes for
children. There are many already existing resources and materials which can be adapted.

Opportunities
• The Ministry of Education, Science and Vocational Training and the Curriculum Development Centre are
currently reviewing school curricula and are exploring the possibility of integrating financial education into
revised curricula.
• Once teachers have been trained to deliver financial education through school curricula, some of them
could be used to deliver financial education to children in other ways, such as presenting children’s television
programmes which incorporate elements of financial education.
• As well as Government schools, there are also private schools, community schools and church schools in
Zambia, which can be partnered with to increase overall outreach.

To help children to gain knowledge and understanding of financial matters, together with skills, confidence
Aim
and responsible attitudes, as they move into adulthood.
Elements: financial
• Integrate financial education into relevant subjects such as business studies, mathematics, home
education through
economics and civic education.
the school
• Develop teacher training materials.
curriculum

• Introduce financial education into after-school clubs.

Elements: financial • Leverage on existing extra-curricular activities for schools, such as those run by Zanaco, Children
education through International, Junior Achievement and Restless Development.
extra-curricular • Make use of print media, for example the Education Post.
activities • Incorporate financial education into children’s interactive television programmes.
• Promote child-centred learning through games and role-play.

• Identify and source funding for technical assistance in curriculum development.

• Modify curriculum to embed financial education.
• Develop appropriate financial education teacher and pupil resources to support the delivery of financial
education through the curriculum, leveraging on existing financial education materials.
• Develop and implement a plan for piloting and scaling up extra-curricular activities.
• Develop appropriate financial education materials for after-school clubs, leveraging on existing financial
education materials.
Implementation • Build capacity of teachers to effectively deliver financial education programmes.
• Build capacity of journalists and children's television presenters.
• Monitor and evaluate the effectiveness and impact of financial education through the school curriculum
and through extra-curricula activities.
• Funding requirements include: provision of technical assistance to Curriculum Development Centre and
Ministry of Education, Science and Vocational Training in developing the school curriculum, curriculum
and extra-curricula resources and teacher training modules; and implementing stakeholder consultative
33 meetings and teacher training programmes.
Table 3: Financial education for children (continued)

Aspect Description
• Ministry of Education, Science and Vocational Training (MoESVT)
• Curriculum Development Centre (CDC)
• FSDP Secretariat
• Donors
• Ministry of Finance (MoF)
• Non-governmental organisations (NGOs) – including Camfed, Children International, Junior
Achievement and Restless Development
Stakeholders
• Banks
• Non-bank financial institutions
• Media
• Teacher training colleges
• Ministry of Local Government, Housing, Early Education and Environmental Protection (MLGHEEEP)
• University of Zambia (UNZA) School of Education
• Schools (private, public and community)

122. Component 2: Financial education for the youth

Table 4: Financial education for the youth

Aspect Description

Need
• Zambia has a young population. 32% of the adult population is between the ages of 16 and 24 years old
and almost half (48%) of the adult population is under the age of 30.
• Most of today's youth will not have had the benefit of financial education while they were at school. So,
it is important to provide them with opportunities for financial education at the stage in their lives when
– for many of them – they are increasingly taking on responsibility for managing their finances.
• The youth of today are the workforce and entrepreneurs of tomorrow. Providing them with financial
education will equip this future workforce with the ability to manage their personal, and business, finances
well. A financially educated employee is an asset as s/he is less likely to be distracted by financial worries
and this will enhance the productivity of the workplace.

Current initiatives
• Some NGOs and financial institutions (e.g. Camfed, Zanaco, microfinance institutions) are already delivering
Situation analysis financial education to the youth, both in urban and rural areas.

Opportunities
• There are opportunities to provide financial education to large numbers of the youth, using channels that
significant numbers of the youth already use.
• There are two major channels: The first includes universities, colleges and other learning institutions; the
second includes youth development centres and agencies such as youth associations, NGOs and churches
• There are a number of youths in the informally employed sector, running micro and small enterprises. This
group could potentially receive financial education provided to MSMEs as outlined in Table 7.
• Financial education programmes that already target the youth can be built on.
• Cellphones and social media, such as Facebook can be used to deliver financial education to the youth.
• Financial education activities could be incorporated in drama clubs and debating clubs, working in close
collaboration with the National Arts Council (NAC) and the ‘Theatre for Development’ wing of the
University of Zambia’s (UNZA) Language Department.

To help the youth to gain knowledge and understanding of financial matters, together with skills, confidence
Aim
and responsible attitudes, as they move into the workplace.
• Financial education through core subjects at foundation stage.
Elements: financial
• Financial education through clubs and associations using toolkits and other materials.
education in
• Delivery through job portals such as the one developed by the Ministry of Labour, Sports, Youth and
universities, colleges,
Gender.
and other learning
• Financial education through social media and local media e.g. college and university radio stations (e.g.
institutions 34
Hone FM and UNZA radio).
 Table 4: Financial education for the youth (continued)

Aspect Description
• Financial education toolkits and other materials.
• Delivery through trainers and peer educators.
Elements: financial • Delivery through trained drama groups.
education in youth • Delivery through job portals such as the one developed by the Ministry of Labour, Sports, Youth and
development centres Gender.
and other agencies. • Delivery through NGOs and micro-finance institutions.
• Financial education through social media e.g. Facebook and Twitter.
• Delivery through cultural events.

Universities, colleges and other learning institutions

• Secure formal agreements with universities, colleges and other learning institutions interested in
integrating financial education into foundation courses.
• Assess financial education needs for the youth in universities, colleges and other learning institutions.
• Identify and source funding for experts to work with MoESVT and learning institutions on the
development of modules on financial education for foundation courses.
• Develop financial education materials to incorporate in universities and colleges curricula, leveraging on
existing financial education materials.
• Develop and deliver training programmes to teachers and lecturers on financial education modules.
• Develop other appropriate financial education materials and toolkits delivered through various channels
including clubs, social media, local media and job portals.
• Monitor and evaluate the effectiveness and impact of financial education programmes for the youth in
learning institutions.
• Funding requirements include: development of financial education toolkits for the youth; capacity building
of learning institutions in delivering financial education to the youth.
Implementation
Youth development centres and other agencies
• Secure formal agreements with existing organisations or new organisations interested in implementing
financial education programmes for the youth in youth development centres and other agencies.
• Assess financial education needs for the youth reached through youth development centres and other
agencies.
• Develop a plan for scaling up financial education programmes in youth development centres and other
agencies.
• Implement pilot financial education programmes (may include use of drama, local media, social media,
toolkits, training programmes and peer educators).
• Review pilot programmes and scale up successful initiatives.
• Monitor and evaluate the effectiveness and impact of financial education programmes for the youth in
youth development centres and other agencies.
• Funding requirements include: development of financial education toolkits and materials for the youth;
capacity building of youth development centres and other agencies in delivering financial education to
the youth.

• MoESVT
• Ministry of Labour, Sports, Youth and Gender (MLSYG)
• Universities, colleges and other learning institutions
• Teacher training colleges
• Youth development centres
• Technical Education, Vocational and Entrepreneurship Training Authority (TEVETA)
Stakeholders • Banks
• Non-bank financial institutions
• NGOs (e.g. Camfed, Junior Achievement, Restless Development, Children International)
• National Arts Council (NAC)
• Churches and other faith-based organisations
• Community leaders
• Donors

35
123. Component 3: Financial education for adults

Table 5: Financial education workplace programmes

Aspect Description
Need
• Salaried employees have the greatest access to formal financial services, yet many fail to take up these
opportunities. Among those who are accessing financial services, over-indebtedness is becoming of
increasing concern.
• According to FinScope, the salaried segment in the public sector shows the highest level of preparedness
for financing their old age, but, even then, only 30% within this segment have a pension product, most likely
through the National Pension Scheme Authority (NAPSA), a mandatory facility.
• Financial education programmes can provide the building blocks for sound financial management decisions.
From the employer's perspective, reducing the risk of employees getting into financial difficulties can make
the workforce more productive and reduce absenteeism.

Current initiatives
Situation analysis
• Zanaco implements a Financial Fitness workplace programme for its employees. No other organised
financial education workplace programmes have been identified.

Opportunities
• Workplace financial education programmes can leverage on the experience of social change programmes
(such as for HIV/Aids), as well as on any organised education programmes which are being implemented
in workplaces.
• There is an opportunity to reach significant numbers of employees through programmes delivered in
workplaces, particularly among large employers.
• Professional bodies, such as the Zambia Institute for Human Resource Management (ZIHRM), the Zambia
Institute of Banking and Financial Services (ZIBFS) and the Zambia Institute of Chartered Accountants
(ZICA), have indicated an interest in developing and delivering financial education in the workplace.

To address the financial needs of salaried employees with a view to enabling them to make more informed
Aim
financial management choices and to avoid over-indebtedness.
• Develop and deliver financial education workplace training programmes.
• Develop appropriate toolkits for staff (print, online or digital format).
• Delivery of financial education through various channels, including presentations, workshops, staff induction
Elements
programmes, peer education and self-learning. These can be directed at all employees, as well as
incorporated in induction training, and are likely to be conducted or facilitated by human resource
departments.
• Conduct training needs assessment for salaried workers.
• Develop toolkits and workplace financial education training programmes, leveraging on existing financial
education materials, where possible.
• Train trainers or other relevant staff in workplaces, in particular those in human resource departments.
• Scale-up existing programmes, pilot test new programmes and roll out successful ones.
• Build capacity of the Zambia Institute of Human Resource Management (ZIHRM), the Zambia Institute
Implementation
of Chartered Accountants (ZICA) and other institutions in the design and delivery of financial education
workplace programmes and toolkits.
• Monitor and evaluate the effectiveness and impact of financial education workplace programmes.
• Funding requirements include: technical assistance to training institutions (such as ZIHRM, ZICA and
ZIBFS) for the design and delivery of financial workplace; programmes and toolkits; development and
distribution of financial education toolkits for the workplace.

• Private sector and public sector employers

• MLSYG
• International Labour Organisation (ILO)
• Professional bodies, e.g. ZICA, ZIHRM and ZIBFS
• Employer associations
• Industry associations
• Trades unions
Stakeholders • Credit Reference Bureau
• Banks
• Non-bank financial institutions
• Competition and Consumer Protection Commission (CCPC)
• Cabinet Office – human resource and public service management divisions
• Lusaka Stock Exchange (LuSE)
• Zambia Electricity Supply Corporation's (ZESCO) Managing Change in Attitudes Programme
• Donors 36
 Table 6: Financial education programmes for small-scale farmers

Aspect Description
Need
• The majority of Zambia’s poor population lives in rural areas. Farming is the main source of income for
households and individuals in these communities.
• Income from farming is erratic and lumpy. Disposable income for farmers is usually available at harvest time
and requires effective planning to last throughout the year.
• FinScope data shows that budgeting is uncommon amongst small-scale rural farmers: only around one fifth
of adults in this segment say they keep a monthly or weekly budget.

Current initiatives
Situation analysis • Zanaco has a partnership with the Zambia National Farmers Union (ZNFU) in delivering financial education
to rural farmers.

Opportunities
• There are a number of established networks that can be used as channels to deliver financial education,
such as the ZNFU.
• There are also a number of large agribusinesses that manage small-scale farmer out-grower schemes that
offer opportunities for the delivery of financial education.
• Financial education to farmers will improve productivity, which would be in the interests of agribusinesses
and out-grower schemes, as well as the farmers themselves.

Aim To assist smallholder farmers to plan ahead and to reduce their vulnerability to risks and shocks.

• Design and delivery of training programmes and toolkits for farmers.

• Delivery through large agribusinesses and other relevant aggregators.
Elements
• Promotion of working in partnership e.g. Zanaco and ZNFU.
• Use of appropriate media, such as radio and cellphone technology

• Conduct training needs assessment for small-scale farmers.

• Develop a plan for financial education programmes for small-scale farmers.
• Design and implement pilot financial education programmes for small-scale farmers, leveraging on existing
financial education materials and channels, where possible (may include training programmes, use of
community radio stations, agribusinesses, NGOs and other potential rural based aggregators)
Implementation • Review pilot financial education programmes for small-scale farmers and roll out successful ones.
• Monitor and evaluate the effectiveness and impact of financial education programmes for small-scale
farmers
• Funding requirements include: technical assistance to agribusinesses and NGOs on the integration of
financial education in existing training programmes for farmers; and development of appropriate financial
education toolkits for farmers.

• Agribusinesses and input suppliers

• Organised groups, e.g. ZNFU
• Banks
• Non-bank financial institutions
• Ministry of Finance’s Rural Finance Programme
Stakeholders • Ministry of Agriculture and Livestock’s extension support service
• Sub-sector associations (e.g. cotton, tobacco, rice)
• Ministry of Community Development, Mother and Child Health (MCDMCH)
• Fertiliser Support Programme cooperatives
• NGOs working with small-scale farmers
• Donors

37
Table 7: Financial education programmes for MSMEs

Aspect Description
Need
• The majority of Zambians are employed in the informal sector, mostly in single-owned MSMEs. Very few
distinguish between household and business finances.
• There is little use of formal financial products, with most relying on informal financial products, or borrowing
from family and friends.

Current initiatives
• Zanaco is currently providing financial education to its SME clients.
• The COMESA SME Toolkit project is working in partnership with Zanaco to provide financial literacy and
business planning training to Zanaco’s SME clients.
Situation analysis • The International Labour Organisation (ILO) is working with Zanaco, Investrust Bank, the Zambia
Development Agency (ZDA) and the Citizens Economic Empowerment Commission (CEEC) to facilitate
financial skills training for small and medium enterprises (SMEs).
• The Zambia Chamber of Small and Medium Business Associations (ZCSMBA) delivers entrepreneurship
training workshops to SMEs once a month, mainly in provincial centres and major districts.

Opportunities
• There are a number of NGOs, international development agencies and enterprise associations that focus
on MSME development which can be used as delivery channels for financial education.
• Financial education to MSMEs is likely to improve the performance of their businesses and, thereby,
contribute to economic growth.

To improve the financial management of those employed in the MSME sector, at both a household and
Aim
business level.

• Development of training and other programmes for MSMEs, leveraging on existing programmes.
• Delivery of toolkits to MSMEs through enterprise development groups and associations.
Elements • Promotion of working in partnership.
• Delivery through NGOs, industry associations, microfinance institutions and other financial institutions.
• Use of appropriate media, such as radio and cellphone technology.

• Conduct training needs assessment for people employed in MSMEs.

• Develop a plan for financial education programmes for MSMEs.
• Design and implement pilot financial education programmes for MSMEs, leveraging on existing financial
education materials, where possible (may include implementing training programmes, development of
toolkits, use of radio stations and building capacity of various NGOs and organisations working with MSMEs
Implementation
in the design and delivery of financial education training and materials to MSMEs)
• Review pilot financial education programmes for MSMEs and roll out successful initiatives.
• Monitor and evaluate the effectiveness and impact of financial education programmes for MSMEs.
• Funding requirements include financial support to NGOs and organisations working with MSMEs in
developing and delivering financial education materials to MSMEs.

• MSME umbrella associations

• Sub-sector associations
• ZDA
• CEEC
• Banks
• Non-bank financial institutions
• CCPC
• ZCSMBA
• ZACCI
Stakeholders
• NGOs
• MLSYG
• MCDMCH
• Ministry of Commerce Trade and Industry (MCTI)
• ZICA
• Association of Certified Chartered Accountants (ACCA) Zambia
• Women’s development organisations e.g. Women Entrepreneurs Development Association of Zambia
(WEDAZ) and women’s empowerment groups under the MCDMCH
• Donors

38
 Table 8: Financial education through teachable moments

Aspect Description
Need
• There are times in people’s lives, and contexts, when they are more likely to be receptive to financial
education. These can be termed “teachable moments”.

Current initiatives
• There are no current financial education initiatives focused on teachable moments.

Opportunities
Situation analysis • Opportunities for taking advantage of teachable moments include pre- and post-natal clinics, marriage
counseling and retirement, as well as contact points for regular transactions and services, such as grant
payouts and transport services.
• Teachable moment opportunities in Zambia include the Government's social cash transfer (SCT) scheme,
which aims to reach 99,000 very poor and vulnerable people by 2015. Delivering financial education to
these grant recipients could be a cost-effective way of reaching an otherwise hard to reach section of the
population.
• Financial education could potentially be delivered via churches and other faith-based organisations and via
cultural events.

To take advantage of moments when people are more likely to be receptive to financial education to help
Aim
them to gain relevant knowledge and skills in financial matters.

• Development of financial education materials which are relevant to the teachable moment in question e.g.
Elements brochures, toolkits.
• Building partnerships e.g. with banks and with churches and other faith-based organisations.

• Identify teachable moment opportunities and potential partners.

• Conduct training need assessments of relevant target audiences.
• Design and pilot materials for teachable moments; leveraging on existing materials where possible (may
include toolkits).
Implementation • Review and roll out appropriate materials for teachable moments.
• Monitor and evaluate the effectiveness and impact of delivering financial education through teachable
moments.
• Funding requirements include development of appropriate financial education toolkits and materials and
the training of trainers.

• MCDMCH
• Ministry of Health
• Health care facilities
• Payment service providers
• Community leaders
• Churches and other faith-based organisations
Stakeholders • NGOs
• Banks
• Non-bank financial institutions
• CCPC
• Future Search
• Transport operators
• Donors

39
124. Cross cutting financial education programmes

Table 9: Financial education through appropriate media

Aspect Description

Need
• Edutainment (the delivery of education through forms of entertainment, such as television and radio soaps)
can be a powerful way of delivering messages to large numbers of people.

Current initiatives
• Most media programmes on financial education are conducted through discussion fora which target niche
audiences.

Opportunities
Situation analysis
• Experience from Kenya’s Makutano Junction, a popular television soap in which financial education has
been successfully integrated, has shown that people can learn about financial education in an entertaining
way.The South African Insurers Association (SAIA) runs a series of financial education programmes through
radio drama and these have proved effective in educating the population on the benefits of insurance. In
Poland, financial education has been delivered through reality programmes and interviews with well-known
personalities. There is scope to learn from these experiences.
• Popular Zambian soaps, such as ‘Banja’ (Muvi TV) and ‘Kabanana’ (ZNBC), present opportunities for
delivering financial education messages to large audiences in a fun and entertaining manner. ZNBC and
Muvi TV are interested in exploring such opportunities.

Aim To improve the financial education knowledge and skills of the general public.

• Develop television and radio programming, and support mechanisms, to provide viewers and listeners
Elements with financial education in a fun and entertaining manner.
• Develop material for other forms of edutainment e.g. drama and cultural groups.

• Identify experts to work with media organisations in integrating financial education in appropriate television
and radio programmes.
• Build appropriate media programme-making skills.
• Build appropriate skills and training for drama groups through the National Arts Council (NAC).
• Solicit funding and sponsorship for financial education media programmes.
Implementation • Develop capacity of the cultural section of the University of Zambia Language Department’s Theatre for
Development wing to deliver financial education at traditional and cultural ceremonies.
• Monitor and evaluate the effectiveness and impact of delivering financial education through edutainment.
• Funding requirements include: provision of technical assistance to various media organisations and drama
groups on how to effectively use edutainment for financial education; training for drama groups and
journalists.

• Television stations e.g. ZNBC and Muvi TV

• Radio stations (community, local and national)
• Print media
• Banks
• Non-bank financial institutions
• CCPC
Stakeholders • Financial sector associations (e.g. Bankers Association of Zambia (BAZ), Insurers Association of Zambia
(IAZ), Association of Microfinance Institutions of Zambia (AMIZ)
• Financial services regulators (BOZ, PIA, SEC)
• NAC
• Universities and colleges
• Ministry of Information, Broadcasting and Tourism (MIBT)
• Donors

40
 Table 10: Financial education website

Aspect Description

Need
• Internet usage is low but increasing, especially via cellphones. For instance, young people with access to
cellphones are increasingly using the internet for social networking purposes.
• A financial education website could be promoted to those, both young and old, who have access to the
Internet.
• A financial education website is also likely to be useful to stakeholders engaged in the implementation of
financial education activities.

Current initiatives
Situation analysis
• There is no organisation disseminating financial education through the Internet in Zambia.

Opportunities
• A number of public and private bodies are investing in improving the outreach of information
communication technology (ICT) and the promotion of ICT usage.
• A well designed website is likely to accommodate downloadable financial education toolkits and materials
and this would help reduce the cost of disseminating financial education materials.
• Experiences in countries that have implemented financial education websites show that a financial education
website can also contain templates such as budgets that people can use in their financial planning.

To improve financial education knowledge and skills of the general public, through access to information,
Aim
tools, games and other resources.

• Development of a website and appropriate content.

• Website management and updating.
Elements
• Campaign to drive traffic to the website.
• Website should be linked to, among other things, the financial education workplace programme.

• Design and launch a financial education website for consumers and stakeholders.
• Develop and roll out a campaign to drive traffic to the website.
• Monitor and evaluate the effectiveness and impact of delivering financial education through a financial
Implementation
education website.
• Funding requirements include: design and development of the financial education website; website hosting;
and provision of technical assistance on website management and content management.

• NGOs
• Banks
• Non-bank financial institutions
• Website developers and internet service providers
• Financial services regulators
• Professional bodies
Stakeholders • Zambia Institute of Mass Communication
• Zambia Information and Communication Technology Authority
• Ministry of Transport, Works, Supply and Communications
• MESVT
• CPCC
• MIBT
• Donors

41
6. Stakeholder Engagement and Communication
This section covers:

❏ Financial education stakeholders

❏ Stakeholder engagement
❏ Stakeholder communication

125. A wide range of organisations – in the public, private and non-profit sectors – stand to benefit from a more
financially educated Zambian population. These organisations can all be regarded as stakeholders. Moreover,
many organisations can potentially play a role, as partners, in implementing the National Strategy on Financial
Education.

126. Information-sharing and consultation will be crucial – not least because potential partners are more likely
to become actively involved if they feel able to exercise some influence over the strategic direction of financial
education work. Arrangements will be made38 to communicate regularly with stakeholders through
newsletters, workshops and, where appropriate, bi-laterally, in order to inform them of developments, to
disseminate lessons which have been learned from financial education programmes in Zambia (and, where
appropriate, from financial education programmes which have been undertaken in other countries), to
highlight (including through case studies) success stories, to enlist their active support and participation and
to discuss how they can make effective contributions. A website will be developed as a resource for
stakeholders. Stakeholders will have the opportunity to influence the strategic direction of financial education
work not only through consultations with them, but also through the advice provided by the Financial
Education Steering Committee39 – which will comprise senior representatives from key stakeholders involved
in financial education.

127. Stakeholders can contribute to the implementation of the National Strategy on Financial Education in the
following main ways:

❏ funding financial education programmes and other financial education initiatives (such as surveys);

❏ implementing financial education programmes, including in partnership with others;

❏ providing technical assistance;

❏ training and capacity-building;

❏ sponsorship, for example of television or radio programmes;

❏ piloting innovative financial education initiatives;

❏ monitoring and evaluating financial education programmes;

❏ undertaking research;

❏ sharing resources – in particular, information, tools, materials, learning and research – with other partners;

❏ developing policies which promote financial education, financial consumer protection and financial
inclusion;

❏ being active advocates, with policy-makers and decision-makers, for financial education; and

❏ enlisting other potential partners to become active participants.

42
38 See section 7.0 below.
39 See paragraph 135 below.
 128. The main types of stakeholder are shown in Figure 8

Figure 8: Financial education stakeholders for Zambia

■ Financial services providers ■ Financial services regulators

■ Professional bodies (BOZ, PIA and SEC)
■ Industry or sector associates ■ Government ministries and departments
■ Employers ■ Government universitivies, schools and
■ Private secotr schools, colleges and colleges
universities
■ Sector groups (e.g. farmer
networks Private Public
sector sector

Civil Donor
society community

■ NGOs/Charities
■ Adult and youth community groups
■ Community schools ■ International development agencies

43
7. Leadership of the National Strategy on
Financial Education
This section covers:

❏ Leadership and coordination

129. The National Strategy on Financial Education will be implemented by a wide range of partners, drawn from
a variety of sectors. It is important that the activities of the diverse organisations which will be implementing
financial education programmes are carefully co-ordinated, in order to minimise unnecessary duplication
and to avoid unplanned gaps. This requires effective leadership and well-resourced executive support.

130. The National Strategy on Financial Education will, when fully implemented, help to improve the livelihoods
of all sections of the Zambian population. It will contribute to Vision 2030 (Zambia to become a “prosperous
middle income country by the year 2030”); so, the arrangements to secure the implementation of the
National Strategy need to be sustainable. Taking into account these considerations, the Bank of Zambia, the
Pensions and Insurance Authority and the Securities and Exchange Commission will spearhead the
implementation of the National Strategy on Financial Education, with the Bank of Zambia taking a leading
role. This decision also takes into account that the regulators have an established interest in financial
education and that the Bank of Zambia has led the National Strategy on Financial Education development
process; that financial education is centrally aligned with the Financial Sector Development reform objectives,
as set out in the Financial Sector Development Plan (FSDP) – a Government-led initiative which the Bank
of Zambia is mandated to implement; and that many stakeholders have indicated that they consider that the
Bank of Zambia is well-placed to lead the implementation of the National Strategy. The Governor of the
Bank of Zambia will act as the overall champion for the National Strategy on Financial Education.

131. A dedicated unit, which will be known as the Financial Education Coordination Unit (FECU), will be housed
within the Bank of Zambia. The Bank of Zambia, the Pensions and Insurance Authority and the Securities and
Exchange Commission – and possibly other stakeholders – will all contribute to the resourcing of the FECU.

132. The FECU will focus on managing the co-ordination, prioritisation, fund-raising, decision-making, capacity-
building and communication processes and on helping to provide focus and momentum. Specific
responsibilities will include:

a) Advocating the case for improved financial education;

b) Providing a focal point for financial education in Zambia;

c) Securing the support and involvement of key potential partners, including through fund-raising;

d) Informing partners and other stakeholders – including through a regular newsletter and through
workshops – about overall progress with the implementation of the National Strategy on Financial
Education, financial education activities which are being undertaken, future plans, and good practices in
Zambia and elsewhere;

e) Ensuring that priorities for the strategy are set, so that resources are used cost-effectively and are not
spread too thinly;

f) Where necessary, initiating financial education programmes or ensuring that suitable programmes are
initiated;

g) Ensuring that activities are co-ordinated, wherever possible, to avoid duplication and wastage of resources;

h) Identifying needs for technical assistance and ensuring that this technical assistance is provided and
managed;

i) Developing a website for consumers and for stakeholders;

j) Monitoring and evaluating the implementation of the strategy, so that corrective action can be taken, or
other changes made, where appropriate; and

k) Where necessary, allocating some of the available funding towards programme implementation. 44
 133. It is envisaged that the FECU will initially comprise:

1. a Programme Co-ordinator – who will lead the Unit and oversee the implementation and further
development of the National Strategy on Financial Education, and who will have specific responsibility
for stakeholder management and for policy development and review;

2. a Communications Officer – who will have expertise in developing clear and compelling
communications (both for consumers and for stakeholders) and who will assist in implementing the
Unit’s stakeholder communication activities;

3. a Monitoring, Evaluation and Research Officer – who will be a source of expertise in these fields and
who will assist both the Unit and stakeholders in implementing the Strategy’s Monitoring and Evaluation
Plan; and

4. a Programme Officer – who will provide a secretariat service for the Financial Education Steering
Committee (see paragraph 135 below), develop and manage a programme plan and be responsible for
other administrative duties, such as procurement of technical assistance.

134. It will be important (whether these roles are filled through recruitment, secondments or a combination of
the two) that the individuals who are appointed have the skills and experience needed to carry out the key
tasks referred to in the descriptions of these roles.

135. A Financial Education Steering Committee, which will comprise senior representatives from key stakeholders
involved in financial education, will be established to provide guidance to the FECU on, and to oversee the
implementation of, the National Strategy. The membership of the Steering Committee will draw on the
membership of the FSDP Financial Education Working Group40, which has overseen the development of the
National Strategy for Financial Education. The Financial Education Steering Committee will, among other
things, monitor and advise on overall progress with the implementation of the National Strategy, including
key milestones; and advise on significant policy issues.

136. Working Groups, comprising technical experts, will be established, as and when required, to guide work on
some of the key financial education initiatives.

45
40 The FSDP Financial Education Working Group will be disbanded once the Financial Education Steering Committee has been established.
8. Budget for the National Strategy on
Financial Education
This section covers:

❏ An indicative budget for the National Strategy on Financial Education

137. Table 11 outlines the budget for the first phase of the National Strategy on Financial Education for Zambia,
covering the period 2012-2017. A more detailed breakdown is provided in Annex 5. This budget is indicative
and does not take into account current investments into financial education by existing programme
implementers. It is subject to adjustment once the FECU has been established and a full implementation
plan has been developed.

138. Table 11: 5-year budget for the implementation of the National Strategy.

Table 11: Indicative budget for the National Strategy on Financial Education

Budget Approximate Approximate

Description
item amount (ZMW) amount (USD)
1. FECU costs
1.1 Personnel 12 000 000 2 400 000
1.2 Stakeholder engagement 2 500 000 500 000
1.3 Capital expenditure 675 000 135 000
Sub-total FECU costs 15 175 000 3 035 000
2. Monitoring and evaluation costs
2.1 System development 650 000 130 000
2.2 Training of implementing partners 450 000 90 000
2.3 Surveys 9 500 000 1 900 000
Sub-total monitoring and evaluation costs 10 600 000 2 120 000
3. Financial education programmes costs
3.1 Financial education programmes for children 14 000 000 2 800 000
3.2 Financial education programmes for the youth 8 000 000 1 600 000
3.3 Financial education programmes for adults 14 000 000 2 800 000
3.4 Cross-cutting financial education programmes 13 500 000 2 700 000
Sub-total programme implementation costs 49 500 000 9 900 000
Grand total 75 275 000 15 055 000

46
 9. Funding of the National Strategy on
Financial Education
This section covers:

❏ Funding sources and opportunities

139. The impact of the National Strategy on Financial Education will depend in part on the volume of resources
made available for financial education initiatives and on the effectiveness with which these resources are
deployed. The resources in question include both direct funding (of, for example, the FECU and of financial
education programmes) and in-kind resources (for example, staff and premises which are made available free
of charge for financial education programmes). Some of the funding for financial education programmes will
be channelled through the FECU, while other funding will be applied directly to financial education
programmes. Resources are expected to come from the following main sources:

a) financial services regulators (i.e. the Bank of Zambia, the Pensions and Insurance Authority and the
Securities and Exchange Commission);

b) the Financial Sector Development Plan (FSDP);

c) corporate social responsibility (CSR) programmes of financial services institutions (and, potentially, CSR
programmes of other types of organisation);

d) the Government;

e) donors;

f) implementing organisations' own resources (including staff, premises and training materials).

140. It is anticipated that many, if not all, current financial education programmes – for which funding arrangements
are currently in place – will continue. Beyond that, potential funders have yet to decide whether they are
going to contribute resources to help to implement the National Strategy on Financial Education and, if so,
how much resource to make available. This is understandable, since many will wish to have the opportunity
to consider the contents of the National Strategy on Financial Education before deciding what support (if
any) they are willing to offer. Experience in other countries indicates that the publication of a national
strategy on financial education helps to encourage the provision of resources for financial education
programmes, because potential funders recognise that the resources which they make available will have
greater impact than would be the case in the absence of a national strategy.

47
10. Monitoring and Evaluation
This section covers:

❏ Overview of the Monitoring and Evaluation System

❏ Measuring Financial Education
❏ Monitoring and Evaluation Framework
❏ Evaluation of Impact
❏ Stakeholder Participation in Monitoring and Evaluation

10.1 Overview of the Monitoring and Evaluation System

141. This section summarises the Monitoring and Evaluation (M&E) system for the National Strategy on Financial
Education. The M&E system allows the effectiveness of the National Strategy to be measured both at the
national level and the programme level and includes a Logical Framework41, common indicators, tools and
processes42.

142. The Logical Framework sets out a common M&E framework with a goal, strategic objective, expected
outcomes, and indicators for the Strategy. Programmes43 have been identified that will enable the Strategic
Objective to be achieved and the Logical Framework shows how they will contribute to outputs and
strategic outcomes. Quantitative and qualitative monitoring and evaluation tools, processes and methods
are described in detail in the M&E Toolkit44.

143. Monitoring progress and evaluating outcomes are vital management functions. Monitoring allows
adjustments to be made both to the National Strategy itself and to financial education programmes. It
allows comparison between different programmes with similar aims. Evaluation shows whether the Strategy
or programmes are effective by establishing whether the expected outcomes are achieved.

144. The M&E system will be used by financial education providers as well as the FECU, following the guidelines
presented in the Toolkit. It is designed to be simple, useful and not onerous to partners using it.

10.2 Measuring Financial Education

145. Concepts of financial education are described in Section 3.2. A financially educated person has knowledge,
understanding, skills and confidence so that they make financial decisions and take actions which are
appropriate to their personal circumstances. Financial education is a process involving a sequence of
changes, initially with improvements in knowledge and skills which in turn lead to changes in motivation and
behaviour. The M&E system acknowledges that participation in training programmes, for example, does not
necessarily lead to changes in financial behaviour. Likewise, measuring numbers attending training will not
indicate changing financial behaviour. Measuring behaviour requires particular indicators and tools. Box 5
gives examples of what must be done to measure knowledge, skills, motivation and behaviour in the case
of different financial services.

41 See Annex 2.
42 A Management Information System will be developed which will form part of the National Strategy's Financial Education M&E system. 48
43 See section 5.0 above.
44 Toolkit for Monitoring and Evaluation of Financial Education in Zambia, 2012. Available from the FSDP Secretariat on request.
 Box 5: Measuring financial education: Example of savings, insurance and credit

Savings
• Provide evidence that the purposes of saving are known;
• Show that the capacity exists to make a savings plan;
• Provide evidence of the willingness to save ahead; and
• Show that savings are actually put aside.

Insurance
• Provide evidence that the purposes of managing risks are known;
• Show that the capacity exists to effectively develop risk management plans;
• Show that people understand risk management options including insurance;
• Provide evidence of the willingness to take insurance as a risk management financial service; and
• Show that people are actually taking up insurance.

Credit
• Provide evidence that the purposes of borrowing are known;
• Show that the capacity exists to make prudent decisions on whether to borrow, when to borrow and
how to repay;
• Show that people understand prudent borrowing; and
• Show that people actually borrow for the right reasons and manage repayments well.

146. The M & E system is based on the five areas that financial education encompasses. These are making ends
meet, keeping track of one's finances, planning ahead, choosing and using financial products and accessing
and using information, and are described in Section 3.245.

147. The M&E system takes into account the characteristics of Zambia’s financial sector and the environment
in which it acts, including issues such as poor access and availability of financial services, rural poverty,
informality of some financial products, and high risks that the poor face. The M&E system measures the
impact of financial education on different groups, including women and girls, and vulnerable groups such
as the uneducated, retirees, physically challenged and the very poor. The M&E system also measures the
effectiveness of several different delivery mechanisms.

10.3 Monitoring and Evaluation Framework

148. The National Strategy on Financial Education is summarised in the Logical Framework46. It shows how the
planned activities relate to the four components - financial education for children, financial education for
the youth, financial education for adults and cross-cutting financial education programmes – how they result
in defined outputs and outcomes and how, if these are achieved, then the overall Strategic Objective
“people in Zambia have improved knowledge, understanding, skills, motivation and confidence to help
them to secure positive financial outcomes for themselves and their families by 2017” will be met. Indicators
are assigned at each level:

❏ Input indicators refer to the means required to implement project activities (e.g. personnel, equipment,
training, studies, operational facilities, commitments and disbursements).

❏ Output indicators measure the tangible achievements of the programme in terms of numbers.

❏ Programme outcome indicators measure the changes resulting from the outputs of a programme.

❏ Impact indicators of the Strategy are high-level indicators that measure the impact of the Strategy itself
and are a consolidation of the outcomes of the programmes which contribute to the National Strategy.
Box 6 gives the example of different level indicators used by the Camfed programme.

45 Financial Services Authority (2006), Financial Capability in the UK: Establishing a Baseline. These five areas were used as a framework for
49 analysing the FinScope 2009 survey findings as detailed in Financial Access Matters Focus Note No. 6: ‘Financial Education in Zambia: What
does FinScope tell us?’, FinMark Trust, 2011.
46 See Annex 4.
Box 6: Example of input, output, outcome and impact indicators

Quantified money, numbers of trainers, materials (input indicators) are used to undertake training (an
activity) of young women in financial skills. This activity results in 160 peer educators who have trained
10,700 young women (output indicators).

The evaluation form showed that the training programme resulted in improved knowledge of savings
schemes, increased number of women using a savings account, increased involvement of women in
household financial decisions, increased number of women accessing and using credit for productive
purposes, increased number of women who know about and use credit schemes (programme outcome
indicators) and so on. Finally, there is a mass of women able to make financial decisions in a more informed
way about financial matters, (impact indicator, national strategic objective achieved).

Source: Adapted from Camfed data

149. Analysis of input and output data provides information related to programme cost-effectiveness,
management efficiency, and achievement of the programme towards its specific targets. Analysis of the
outcome and impact indicators determines the impact of the programme or the Strategy. Table 12 shows
some possible outcome indicators for partners contributing to the National Strategy on Financial Education.

50
Table 12: Outcome indicators for programmes contributing to the National Strategy on Financial Education

Money Management:
Money Management: Choosing and
Making ends meet
Keeping track – Saving Accessing Information Using Financial
– borrowing/
budgeting Products
indebtedness

More people understand More people understand More people can state why More people know where More people know what
why it is important to the risks, opportunities and savings is a positive life they can access information services are offered by
develop and use a costs associated with taking strategy. from a reliable source. financial products and know
Knowledge household budget and have out a loan and have an why it is important to
an accurate knowledge of accurate knowledge of how understand the key features
their personal budget/s. much they personally owe. of a financial product
before choosing one.

Improved skills to make More people can assess More formal sector Growth in confidence and More people understand
realistic budgets. whether a loan is affordable workers can calculate how ability levels to use how to assess whether a
and understand how much money they need to technology-based financial product is good
Skills
interest rates are calculated. retire. information sources and value, in comparison with
financial transactions and competitor products.
storage.
More people are motivated More people take steps to More people are willing to Increased willingness to ask Increased willingness to
to draw up a household avoid becoming over- defer expenditure in order for financial information. shop around before buying
Attitude and budget, to help them to indebted and attempt to to save for the future and a financial product.
Motivation make ends meet. decrease loan arrears, such develop a savings and
as changing types of retirement plan.
expenditures.

More people make active Fewer people making late Increased investments in Increase in numbers More people use their
use of a household budget loan payments. productive activities to seeking financial information account at least twice a
that allows for planning Fewer people borrowing improve earning ability, other than from their family month and receive their
ahead for expected and from others to make loan increased numbers saving and friends. salary in a bank account.
Behaviour
unexpected events. repayments. into formal and informal
savings products and More people shop around
pensions, land, animals, and before buying financial
housing assets. products.

10.4 Evaluation of Impact

150. The impact of the National Strategy on Financial Education will be evaluated at two levels:

❏ at the national level: the combined efforts of financial education providers are assessed to evaluate
changes in financial education at the population level and thus the impact of the Strategy itself. Impact
evaluations may use: surveys before, during and after the intervention; specific assessments to evaluate
the outcomes related to specific areas of enquiry or to specific target groups; or evaluations which may
be commissioned to assess the progress of different component projects towards the component
objectives. Monitoring data and outcome evaluations of components will also inform impact evaluation.
The Logical Framework provides some high-level impact indicators.

❏ at the financial education providers’ level: the specific programme is assessed to evaluate whether it is
achieving the expected outcomes for the target population.

151. Although there is currently no specific baseline study of financial education in Zambia, the stock-take study47
provides some baseline information related to the supply of financial education. Some relevant demand-
side data related to budgeting, saving, debt management, ability to access information and advice has been
provided by FinScope 200948. Further surveys, including a financial education survey and a follow-up
FinScope survey, are expected to be commissioned in 2012 to provide a baseline, against which progress
can be measured in the future.

152. The impact of the Strategy will also be assessed using secondary data that is related to national supply side
indicators provided by various financial institutions. These relate to levels of indebtedness, use of formal
and informal products, and growth in credit disbursements – formal and informal. Other surveys such as
the Labour Force Survey, the Living Conditions Monitoring Survey, the Zambia Business Survey and other
relevant national surveys will enrich the impact evaluation.
51
47 Financial Education Stock take: A review of financial education programmes and opportunities, M&N Associates, 2012.
48 FinScope 2009.
10.5 Stakeholder Participation in Monitoring and Evaluation
153. Financial education providers will play a critical role in data collection, analysis and reporting. The stock-
take study found that few of the existing financial education programmes have M&E systems that measure
the impact and effectiveness of their programmes. Several institutions delivering financial education were
able to provide data related to coverage and numbers trained, but were unable to provide information
related to impact. Skills and resources for the M&E of financial education programmes using accepted
methodologies have not been available until now49. Financial education providers will be expected to
establish some capacity for M&E in terms of staff and resources.

154. The Monitoring and Evaluation Toolkit for the National Strategy on Financial Education has been developed
to assist implementing partners to develop their own logical frameworks, within the framework of the
National Strategy, to collect input, output and outcome indicators using common tools, formats and
definitions, and to provide information and analyses to the FECU.

155. The Toolkit also guides financial education providers on how to develop their own M&E plan, based on their
logical framework and action plan. An M&E plan describes the programme and what it intends to achieve,
what information will be collected, by whom, and where, how, and when the information will be collected.
An M&E plan shows how the programme fits into the National Strategy’s M&E system. At programme level,
realistic targets based on relevant hypotheses will be set. Achievement of targets by implementing partners
will be closely monitored by the FECU in order to set strategic targets at mid-term (2014) for the
subsequent three years.

156. An example is illustrated in Figure 9.

Figure 9: Monitoring and Evaluation plan for financial education programmes

Financial Education Programme example: Financial education for the youth

WHAT TO MEASURE?
Programme Objective
Youth leaving trades school
Inputs & Outputs Outcomes

}
have the financial knowledge,
Costs; staff; number of teachers Improved grades of financial
understanding, and skills and
trained; number of students knowledge and skills of youth
are motivated and confident
attending class; hours taught; attending trades school; X %
to run their businesses by
number of manuals distributed. opened business accounts and
2015
regularly use financial products.

HOW & WHEN to MEASURE?

Monitoring Evaluation Tools

Logical Framework
Regular monitoring of input and Test recipients before the
Specific to youth training
output indicators. Monthly and programme, and at completion
programme
quarterly reports using of programme. Follow up survey
monitoring forms. 12 months later.

Action Plan
WHO FOR? WHY?
Including targets

Progamme Management FECU

Cost-effectiveness and efficiency. Analysis of outcome indicators of
Budget
Project progress against targets. financial education of youth
attending trades school.

52
49 Camfed is an exception and has recently completed an evaluation assessment using some of the frameworks discussed in this section.
 157. Financial education providers will report to the FECU at agreed intervals using agreed reporting formats.
The FECU will consolidate, analyse and disseminate the information and analyses reported, highlighting
useful key trends, periodically. A Management Information System will be developed, and relevant individuals
trained, within the first 18 months of implementation to facilitate the process of information analysis and
exchange.

158. Progress of the National Strategy on Financial Education will be measured against the milestones. These
are described in the Action Plan (see Annex 3). Some examples of milestones include:

❏ Setting up of the FECU with appropriate staff in place;

❏ Drafting of technical proposals for information systems;

❏ Commissioning of technical assistance for relevant priority activities;

❏ Financial education included in school curriculum.

159. The milestones may be colour coded as is currently the practice by the FSDP Secretariat, with green
representing an activity that is on track for completion in the proposed timeframe; yellow representing an
activity that has made some progress, but which still requires work to achieve the target; and red, when
little or no action has been taken to date, and activities are much delayed.

160. The M&E system for the National Strategy on Financial Education is dynamic and iterative. It will develop
and change as the financial education environment changes as a result of technological advances, results of
financial education pilot initiatives and programmes, and regulatory changes in the financial sector.

53
Annex 1: Definitions
❏ Financial education – providing people with knowledge, understanding, skills and confidence so that they
make financial decisions and take actions that are appropriate to their personal circumstances.

❏ A financially educated person – someone who not only has the requisite knowledge, understanding, skills and
confidence, but who, in practice, makes financial decisions and takes actions which are appropriate to his or
her personal circumstances.

❏ Financial education provider – an individual, group or organisation that is implementing one or more financial
education programmes; these are referred to as ‘implementing partners’ in Annex 2.

❏ Employment in the informal sector – includes all workers who work in establishments that are:

a) not registered with any national authority

b) do not pay any taxes to a formal authority

c) are unorganised in their operations

Informal employment – includes all workers in the informal sector as defined above, with the addition of those
that are in the formal sector but are not entitled to certain benefits such as paid leave, social security, gratuity
(e.g. office orderlies in the civil service). Source: CSO

❏ Salaried employees – persons in formal employment receiving a regular salary.

❏ Youth – a male or female person aged between 15 and 35 years50.

❏ Banked – individuals using one or more product provided by a regulated bank.

❏ Formally served – Individuals using formal financial products supplied by regulated institutions. This is not
exclusive usage, as these individuals may also be using informal products.

❏ Informally served – Individuals who are not using any formal financial products but who are using one or more
financial product supplied from an informal source such as a savings club or informal money lender.

❏ Financially excluded – Individuals using no formal or informal financial product.

❏ Financial inclusion – Giving people access to appropriate financial products and services, such as savings,
transaction banking, credit and insurance, whether formal or informal.

54
50 This is the definition used by the Ministry of Labour, Sports, Youth and Gender.
Annex 2: Current financial education initiatives51
1. Financial education initiatives supported by banks

FINANCIAL FITNESS PROGRAME

Organisation Dedicated Source of funding Target groups Outreach and Material Current strategic Future plans and Geographical
financial education scale development and partnerships opportunities Coverage
programme delivery channels (provinces)

Zanaco Yes Bank’s CSR 1) Children and The current Eco Ventures Ministry of Collaboration All provinces
youth, outreach of the International, an Education, Science with Bank of
2) adults, including programme is American and Vocational Zambia and
Zanaco over 5,000 pupils, company, Training United Nations
employees, and 1000 employees, developed Children’s Fund
3) SMEs 685 small-scale Zanaco’s financial NGOs (Restless (UNICEF)
farmers and 1000 educational Development and
SMEs materials Camfed)

The current Sector

delivery channels associations
include schools, (ZNFU)
print media, radio,
farmer networks,
SME associations

ACCESS FINANCIAL EDUCATION PROGRAMME

Access Bank No Bank’s CSR Children Over ZMK Community SOS Village Work with other Lusaka
100 million in schools banks for a
educational Kamulanga High coordinated
support School approach on
financial education
World Vision

BARCLAYS FINANCIAL EDUCATION PROGRAMME

Barclays Bank No Bank’s CSR Village savings and Very small, figures Rural Plan International Work with other Copperbelt
PLC loans associations not provided communities banks for a Central
Junior coordinated Southern
Young people Figures not Schools Achievement approach on
provided financial education

BAZ FINANCIAL EDUCATION PROGRAMME

Bankers No Membership fees General public Very small, figures Media (television None Work with banks All provinces
Association of not provided and radio) to develop a
Zambia structured
financial education
strategy within the
banking sector for
general public.

Build on Zanaco
model

FNB FINANCIAL EDUCATION PROGRAMME

First National No Bank’s CSR Existing and Very small, figures One–on-one None Work with other Lusaka
Bank potential not provided banks for a
customers / bank coordinated
products and approach on
services financial education

55 51 Information collated in 2012 from interviews with organisations and from a stock-take study, 'Stock-take of Financial Education in Zambia: A
review of Financial Education Initiatives and Opportunities', M&N Associates, 2012. This report is available from the FSDP Secretariat on
request.
2. Financial education initiatives implemented by NGOs and international organisations

FINANCIAL EDUCATION FOR YOUNG WOMEN IN RURAL AREAS

Organisation Dedicated Source of funding Target groups Outreach and Material Current strategic Future plans and Geographical
financial education scale development and partnerships opportunities Coverage
programme delivery channels (provinces)

Camfed: An Yes DFID Financial Young women in Current outreach Uses own Zanaco Continue financial Luapula
international Education Fund rural areas is around 10,700 materials and education Northern
NGO that women trained in Zanaco’s financial programmes Western
promotes 8 districts in 3 education beyond current
education of girls provinces materials funding from
by providing (Luapula 3, DFID FEF.
scholarships Northern 3 and The delivery
Western 2) channels is
schools and own
developed
networks of
young women
and peer
educators

CHILDREN IN NEED FINANCIAL EDUCATION PROGRAME

Children Yes Children Children 15,000 children in Uses Aflatoun Ministry of Lusaka
International: An International less privileged program Education, Zanaco,
international communities in Basic Education
NGO with a Lusaka Teachers Union of
focus on children Zambia (BETUZ)

RESTLESS DEVELOPMENT PROGRAMME

Restless Yes Zanaco Young people 5,000 youths, Zanaco’s financial Zanaco; Provision of All provinces
Development Financial (11-29) 4,500 teachers in fitness materials MoESVT, financial education (except Southern)
(Formerly known education 13 colleges of Ministry of Labour, in rural areas,
as Students integrated with education, 11 Livelihood Quality Youth Sports and colleges and
Partnerships Life Skills communities in Compendium Gender, National teaching resource
Worldwide) methodology Central & (which takes Youth centres; TEVETA
delivered by Young Copperbelt financial education Development and Zambia
Zambian peer Provinces skills training to Council members National Service
educators) set up savings institutions (Youth
groups and small Empowerment);
scale businesses Informal Sector
Youth in Kabwe
markets;
linkage to private
sector institutions;
media campaign
and Financial
Education
Competition

JUNIOR ACHIEVEMENT PROGRAMME

Junior Yes Barclays Bank, Young people Small scale, figures Financial Basic Education Replicate, and Presence in all
Achievement Stanbic Bank and not provided education with Teachers Union of develop on a provinces but
Citi Group entrepreneurship Zambia (BETUZ) larger scale, JA’s main activity in
materials financial training – Lusaka
adapt materials to
fit target groups.

56
3. Financial education initiatives implemented by regulators

BANK OF ZAMBIA SUPPORTED FINANCIAL EDUCATION INITIATIVES

Organisation Dedicated Source of funding Target groups Outreach and Material Current strategic Future plans and Geographical
financial education scale development and partnerships opportunities Coverage
programme delivery channels (provinces)

Bank of Zambia No BOZ General public General public, Media (television, Banks Co-leadership of All provinces
figures not radio and print implementation of
provided media), the National
workshops, Strategy on
website, Financial
road shows, Education
commercial shows
PENSIONS AND INSURANCE AUTHORITY SUPPORTED FINANCIAL EDUCATION INITIATIVES
Pensions and No PIA General public General public, Media (television, Technical Advisory Invest in mass All provinces
Insurance figures not radio and print Group on awareness of
Authority provided media), Microinsurance insurance,
commercial shows especially for the
low-income
markets

Work with
insurance and
pensions
providers to
provide financial
education

Co-leadership of
implementation of
the National
Strategy on
Financial
Education

SECURITIES AND EXCHANGE COMMISSION

Securities and No FSDP General public General public, Radio and CDC Work in All provinces
Exchange figures not television and (introduction of collaboration with
Commission provided newspapers. capital markets LuSE to develop
into curriculum) and build upon
Engagement with existing tools to
universities. provide financial
education relating
Engagement with to the capital
schools, through markets.
CDC-introduced
capital markets Co-leadership of
into curriculum. implementation of
the National
Commercial Strategy on
shows Financial
Education

57
Annex 3: Action plan
1. Management and coordination

1.1 Process management: Establishment of Financial Education Coordination Unit (FECU) and
development of detailed management plan
Activity Lead Timeline Partners
implementing (Months from
agency launch date)
Set up of FECU BOZ 6 months • SEC
• PIA
• GRZ
• Financial Education Steering
Committee (FESC)

Develop detailed management plan FECU 9 months • FESC

for implementing strategy

MILESTONE 1: FECU set up and detailed management plan developed within 9 months

2. Stakeholder engagement
2.1 Stakeholder engagement: Initiating stakeholder participation
Activity Lead Timeline Partners
implementing (Months from
agency launch date)
Develop stakeholder engagement and FECU 9 months FESC
communication strategy

Implement stakeholder engagement FECU 9 – 60 months FESC

and communication strategy (including
workshops, newsletters, website,
meetings)

Build strategic partnerships with FECU Ongoing FESC

implementing partners

Secure funding for implementation of FECU Ongoing FESC

priority programmes

MILESTONE 2: Stakeholder engagement and communication strategy in place within 9 months

MILESTONE 3: 30% of funding secured for priority programmes within 12 months; 60% within 24 months;
and 100% within 36 months
MILESTONE 4: Implementing partners in place for priority programmes within 18 months

58
 3. Monitoring and evaluation

3.1. Establishment and implementation of monitoring and evaluation system

Activity Lead Timeline Partners
implementing (Months from
agency launch date)
Develop management information FECU 12 months • Implementing partners
system (MIS) • Donors

Train FECU and implementing FECU 18 months • Implementing partners

partners on implementation of M&E • Donors
toolkit and MIS

Implement M&E system FECU Ongoing • Implementing partners

Undertake and publish baseline FECU 15 months • FinMark Trust

surveys (FinScope and other survey) • World Bank
• Donors

MILESTONE 5: MIS in place within 12 months

MILESTONE 6: Survey results published within 15 months
MILESTONE 7: M&E system implemented within 18 months

59
4. Financial education programmes

4.1 Financial education for children

4.1.1 Financial education through the school curriculum
Activity Lead Timeline Partners
implementing (Months from
agency launch date)
Engage with, and seek agreement • MoESVT Done • Donors
from, MoESVT and CDC52 on • CDC • FSDP Secretariat
integrating financial education into the • FSDP WG on Financial
school curriculum Education

Identify and source funding for • FSDP 3 months • MoESVT

technical assistance in curriculum Secretariat • CDC
development • Donors
• MoF
• MLGHEEEP

Identify and engage experts or • FSDP 3 months • MoESVT

consultants to work with CDC and Secretariat • CDC
MoESVT in the development of the • Donors
curriculum on financial education • FSDP Secretariat
• MoF

Develop and integrate financial • CDC 9 months • Donors

education into curriculum and • MoESVT • UNZA (School of Education)
develop teacher and pupil resources • Donors
• UNZA (School of Education)
Integrate financial education into • CDC 12 months • Teacher training colleges
teacher training programmes • MoESVT

Build capacity of and train teachers to • CDC 12 – 60 months • Donors

effectively deliver financial education • MoESVT • UNZA (School of Education)
• Teacher training colleges
• MLGHEEEP

• CDC
On-going monitoring and evaluation • FECU 12 – 60 months • MoESVT
of financial education through the • Schools
curriculum

MILESTONE 8: Financial education integrated into curriculum by Q1 2013

60
52 The Ministry of Education is currently reviewing school curricula; the review process is expected to be completed in 2012.
 4.1.2 Financial education through extra-curricular activities
Activity Lead Timeline Partners
implementing (Months from
agency launch date)
Engage and negotiate with existing • FECU 9 months • MoESVT
organisations carrying out financial • Non-bank financial institutions
education (e.g. Zanaco, Restless • Banks
Development, JA, Camfed, Children • JA
International) to scale up extra- • Camfed
curricular financial education activities • Children International
• Restless Development
Engage and negotiate with relevant • FECU 9 months • Schools (private, public and
print and television media (e.g. community)
Education Post; and television media • Print and television media
which could promote children's
interactive television programmes)

Develop plan for scaling up extra- • FECU 18 months • MoESVT

curricular activities (including pilot • Donors
projects) • Non-bank financial institutions
• Banks
Build capacity of journalists and 18 months • JA
children's television presenters • Camfed
• Children International
Develop appropriate financial 18 months • Restless Development
education materials • Schools (private, public and
community)
Implement pilots for identified 24 months • Print and television media
initiatives

Review pilot initiatives and roll out 42 months

successful initiatives

On-going monitoring and evaluation • FECU 24 – 60 months • MoESVT

of financial education through extra- • Donors
curricular activities • Non-bank financial institutions
• Banks
• JA
• Camfed
• Children International
• Restless Development
• Schools (private, public and
community)

MILESTONE 9: Plan for scaling up financial education initiatives through extra-curricular activities developed
by mid 2013
MILESTONE 10: Pilot financial education initiatives implemented and reviewed by mid 2015

61
4.2 Financial education for the youth
4.2.1 Financial education in universities, colleges and other learning institutions
Activity Lead Timeline Partners
implementing (Months from
agency launch date)
Secure formal agreements with • FECU 12 months • MoESVT
universities, colleges and other • Universities
learning institutions interested in • Teacher training colleges
integrating financial education into • TEVETA
foundation courses • MLSYG
• Donors
Assess financial education needs for • Non-bank financial institutions
the youth in universities, colleges and • Banks
other learning institutions • Restless Development

Identify and source funding for

experts

Identify experts to work with the

MoESVT, universities, colleges and
other learning institutions in the
development of modules on financial
education for foundation courses

Engage experts to develop financial

education materials to incorporate in
universities and colleges curricula,
leveraging on existing financial
education materials

Develop training programmes for • MoESVT 18 months • MoESVT

lecturers and teachers • CDC • Universities
• Teacher training colleges
Build capacity of lecturers and • TEVETA
teachers to effectively deliver financial • MLSYG
education • Donors

Build and adapt existing materials and

develop new materials and toolkits to
be delivered through appropriate
channels such as clubs, local media,
social media and job portals

Engage, negotiate and enter into • FECU 24 months • Non-bank financial institutions
formal agreements with organisations • Banks
already carrying out financial • JA
education, or which could potentially • Camfed
do so, to scale up or initiate activities • Children International
for the youth in learning institutions

On-going monitoring and evaluation • FECU 24 – 60 months • Universities

of financial education programmes for • Colleges and other learning
the youth in universities, colleges, and institutions
other learning institutions • NGOs
• MLSYG
• Non-bank financial institutions
• Banks
• Donors

MILESTONE 11: Financial education integrated into the educational and training programmes of universities,
colleges, and other learning institutions by the end of 2013

62
 4.2.2 Financial education through youth development centres and other agencies
Activity Lead Timeline Partners
implementing (Months from
agency launch date)
Engage and negotiate with youth • FECU 12 months • NGOs
development centres or organisations • MLSYG
working with the youth • Non-bank financial institutions
• Banks
Secure formal agreements with • National Arts Council (NAC)
organisations already implementing • Churches and other faith
financial education programmes for based organisations
the youth, or which could potentially • Community leaders
do so, in youth development centres
and other agencies (e.g. churches)

Assess financial education needs for • FECU 18 months • NGOs

the youth reached through youth • MLSYG
development centres and agencies • Non-bank financial institutions
• Banks
Develop plan for providing and scaling • FECU 18 months
up financial education programmes for
the youth in youth development
centres and other agencies

Build on and adapt existing financial • FECU 24 months • NGOs

education materials and develop new • MLSYG
financial education materials for the • Non-bank financial institutions
youth in youth development centres • Banks
and agencies • Donors

Implement pilot programmes for the • FECU 30 months • NGOs

youth in youth development centres • MLSYG
and agencies (may include use of • Non-bank financial institutions
drama, local media, social media, • National Arts Council (NAC)
financial education toolkits, training • Churches and other faith-
programmes and peer educators) based organisations
• Community leaders
Review pilot programmes and roll out • FECU 48 months • Banks
successful initiatives • Donors

On-going monitoring and evaluation • FECU 30 – 60 months • NGOs

of financial education programmes for • MLSYG
the youth in youth development • Non-bank financial institutions
centres and agencies • Banks
• Donors

MILESTONE 12: A plan for developing and scaling up financial education initiatives for the youth in youth
development centres and agencies developed by mid 2013
MILESTONE 13: Financial education pilot programmes for the youth in youth development centres and
agencies are implemented and reviewed by the end of 2015

63
4.3 Financial education workplace programmes
Activity Lead Timeline Partners
implementing (Months from
agency launch date)
Assess financial education needs for • FECU 9 months • Banks
workplaces • ZIHRM and • Non-bank financial institutions
other • Industry associations
Develop a plan for financial education training 12 months • Trade unions
workplace programmes institutions • Private sector and public
(e.g. ZICA, sector employers
Develop financial education toolkits ZIBFS) 18 months • MLSYG
and workplace financial education • International Labour
training programmes, leveraging on Organisation (ILO)
existing materials where possible, and • Professional bodies, e.g. ZICA,
train trainers and other relevant staff ZIHRM and ZIBFS
• Other relevant training
Scale up existing financial education 24 months institutions
workplace training programmes • Employer associations
• Credit Reference Bureau
Pilot test of financial education toolkits 24 months • Competition and Consumer
and workplace financial education Protection Commission
training programmes (CCPC)
• Cabinet Office – human
Evaluate the pilot financial education 42 months resource and public service
workplace programmes and roll out management divisions
the successful ones • Lusaka Stock Exchange (LuSE)
• Zambia Electricity Supply
Corporation's (ZESCO)
Managing Change in Attitudes
Programme
• Donors

On-going monitoring and evaluation • FECU 24 – 60 months • ZIHRM

of workplace financial education • ZICA
programmes • Non-bank financial institutions
• Banks
• Industry associations
• Donors
• Private and public
organizations
• Implementing partners

MILESTONE 14: Plan for financial education workplace programmes developed by the end of 2012
MILESTONE 15: Financial education toolkits and workplace financial education training programmes piloted
by the end of 2013
MILESTONE 16: Financial education workplace programmes evaluated by mid 2015

64
 4.4 Financial education programmes for small-scale farmers
Activity Lead Timeline Partners
implementing (Months from
agency launch date)
Assess financial education needs for • FECU 18 months • Ministry of Finance’s Rural
rural areas (rural groups, small-scale Finance Programme
farmers etc) • Zambia National Farmers
Union
Develop a plan for financial education 24 months • Agribusinesses and input
programmes for small-scale farmers suppliers
• Organised groups, e.g. ZNFU
Design and implement pilot rural 30 months • Banks
financial education programmes, • Non-bank financial institutions
leveraging on existing financial • Ministry of Agriculture and
materials and channels where possible Livestock’s extension support
service
• Sub-sector associations (e.g.
Evaluate the pilot financial education 48 months cotton, tobacco, rice)
programmes for small-scale farmers • Ministry of Community
and roll out successful ones Development, Mother and
Child Health (MCDMCH)
• Fertiliser Support Programme
cooperatives
• NGOs working with small-
scale farmers
• Donors

On-going monitoring and evaluation • FECU 36 – 60 months • Implementing partners

of financial education programmes for • Donors
small-scale farmers • NGOs
• Agribusiness

MILESTONE 17: Pilot financial education programmes for farmers implemented by mid 2014
MILESTONE 18: Pilot financial education programmes for farmers evaluated by the end of 2015

65
4.5 Financial education programmes for MSMEs
Activity Lead Timeline Partners
implementing (Months from
agency launch date)
Assess financial education needs for • FECU 18 months • Non-bank financial institutions
MSMEs • Banks
• NGOs
Develop a plan for financial education • ZCSMBA
programmes for MSMEs • ZACCI
• Donors

Design and implement pilot • FECU 24 months • Non-bank financial institutions

programmes for MSMEs leveraging on • Banks
existing materials where possible; this • NGOs (Camfed, Restless
will include facilitation of partnerships Development)
between MSME associations and • ZCSMBA
financial education providers (financial • ZACCI
institutions and NGOs) • MSME umbrella associations
• Sub-sector associations
Evaluate pilot programmes for MSMEs 42 months • Zambia Development Agency
and roll out successful ones • Citizens Economic
Empowerment Commission
• Banks
• Non-bank financial institutions
• CCPC
• MLSYG
• MCDMCH
• Ministry of Commerce Trade
and Industry
• ZICA
• Association of Certified
Chartered Accountants
(ACCA) Zambia
• Women’s development
organisations e.g. Women
Entrepreneurs Development
Association of Zambia
(WEDAZ) and Women’s
empowerment groups under
the MCDMCH
• Donors

On-going monitoring and evaluation • FECU 24 – 60 months • Implementing partners

of the effectiveness of financial • Donors
education programmes for MSMEs • Banks
• NGOs

MILESTONE 19: Pilot financial education programmes for MSMEs implemented by the end of 2013
MILESTONE 20: Pilot financial education programmes for MSMEs evaluated by mid 2015 and successful ones
rolled out

66
 4.6 Financial education through teachable moments
Activity Lead Timeline Partners
implementing (Months from
agency launch date)
Engage and negotiate with • FECU 18 months • Non-bank financial institutions
organisations carrying out financial • Banks
education that can potentially develop • Payment Service Providers
materials for teachable moments • NGOs
(marriage counseling, pre and post- • Health care facilities
natal clinics, retirement, social cash • MCDMCH
transfer programme etc) • Ministry of Health
• Community leaders
• Churches and other faith-
based organisations
• CCPC
• Future Search
• Transport operators
• Donors

Design and pilot materials for • FECU 24 months • Non-bank financial institutions
teachable moments, leveraging on • Banks
existing materials where possible • Payment Service Providers
42 months • NGOs
Evaluate pilots and roll out successful • FECU • Clinics
ones • MCDMCH
• Ministry of Health
• Community leaders
• Churches and other faith-
based organisations
• CCPC
• Future Search
• Transport operators
• Donors

On-going monitoring and evaluation • FECU 24 – 60 months • Non-bank financial institutions

of financial education programmes • Banks
through teachable moments • Payment Service Providers
• NGOs
• Clinics
• Churches and other faith-
based organisations
• MCDMCH

MILESTONE 21: Pilot financial education programmes through teachable moments implemented by the end
of 2013
MILESTONE 22: Pilot financial education programmes through teachable moments evaluated by mid 2015
and successful ones rolled out

67
4.7 Financial education through edutainment
Activity Lead Timeline Partners
implementing (Months from
agency launch date)
Identify experts to work with media • FECU 12 months • FECU/FSDP Secretariat
organisations in integrating financial • Donors
education in appropriate television • ZNBC
and radio programmes • Muvi TV
• Radio stations (community, local and
national)
• Banks
• Non-bank financial institutions
• Financial sector associations (e.g. BAZ, IAZ,
AMIZ)
• CCPC
• Financial sector associations
• Financial services regulators (BOZ, PIA, SEC)
• NAC
• Universities and colleges
• Ministry of Information, Broadcasting and
Tourism (MIBT)
Identify experts to develop capacity of • FECU 18 months • Universities and colleges
the cultural section of the UNZA • UNZA
Language Department’s Theatre for • NAC
Development wing to deliver financial • Drama groups
education at traditional and cultural • Non-bank financial institutions
ceremonies • Banks
• Donors
Provide technical assistance to media • FECU 18 months • Non-bank financial institutions
organisations on integrating financial • Banks
education in media programmes • Financial service industry associations
• Donors
• ZNBC
• Muvi TV
• Community radio stations
• Donors
• CCPC
• Financial sector associations
• Financial services regulators (BOZ, PIA, SEC)
• NAC
• Ministry of Information, Broadcasting and
Tourism (MIBT)
Financially support the design of pilot • FECU 15 months • Media organisations
media programmes • Donors

Implement pilot media programmes • FECU 18 months • Media organisations

• Donors

Evaluate effectiveness of the pilot • FECU 42 months • FECU/FSDP Secretariat

media programmes and roll out • National Arts Council
successful ones • Donors
• ZNBC
• Muvi TV
• Community radio stations
• Non-bank financial institutions
• Banks
• Financial service industry associations
• Donors
On-going monitoring and evaluation • FECU 18 – 60 months • Implementing partners
of the impact of financial education • Donors
through edutainment programmes • Media organisations

MILESTONE 23: Financial education media programmes launched for pilot testing by the end of 2013
MILESTONE 24: Financial education media programmes evaluated by mid 2015 and successful ones rolled out 68
 4.8 Financial education website
Activity Lead Timeline Partners
implementing (Months from
agency launch date)
Identify experts to work with FECU in • FECU 12 months • NGOs
developing the website • CPCC
• Banks
Design and develop a website for • FECU 24 months • Non-bank financial institutions
consumers and stakeholders • Website developers and
internet service providers
• Financial services regulators
• Professional bodies
• Zambia Institute of Mass
Communication
• Zambia Information and
Communication Technology
Authority
• Ministry of Transport, Works,
Supply and Communications
• MESVT
• MIBT
• Donors

Launch the website • FECU 24 months • NGOs

• CPCC
Develop and roll out a campaign to • FECU 24 months • Banks
drive traffic to the website • Non-bank financial institutions
• Website developers and
internet service providers
• Financial services regulators
• Professional bodies
• Zambia Institute of Mass
Communication
• Zambia Information and
Communication Technology
Authority
• Ministry of Transport, Works,
Supply and Communications
• MESVT
• MIBT
• Donors

On-going monitoring and evaluation • FECU 24 – 60 months • Financial service regulators

of effectiveness of the website for • Donors
consumers and stakeholders • Financial education
implementing partners

MILESTONE 25: Develop and launch the financial education website by the end of 2013

69
 STRATEGY Milestone ‘12 ‘13 ‘14 ‘15 ‘16 ‘17
IMPLEMENTATION Activities
ASPECT Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
1.1 FECU set up and detailed management plan developed within 9 months M1
1. Strategy 1.2 Stakeholder engagement and communication strategy in place within 9 months M2
management and 1.3 30% of funding secured for priority programmes within 12 months; 60% within 24 months; and 100% within 36
M3
coordination months
1.4 Implementing partners in place for priority programmes within 18 months M4
2.1 MIS in place within 12 months M5
2. Monitoring and
2.2 Baseline surveys published within 15 months M6
Evaluation
2.3 M&E system implemented within 18 months M7
Financial education through curriculum
3.1 Financial education integrated into curriculum by Q1 2013 M8
3. Financial Education
Programmes for Financial education through extra-curricular activities
children 3.2 Plan for scaling up financial education initiatives through extra-curricular activities developed by mid 20133.3 M9
3.3 Pilot financial education initiatives implemented and reviewed by mid 2015 M10
Financial education in universities, colleges and learning institutions
4.1 Financial education integrated into the educational and training programmes of universities, colleges, and other
M11
learning institutions by the end of 2013
4. Financial education Financial education through youth development centres and other agencies
for the youth
4.2 A plan for developing and scaling up financial education initiatives for the youth in youth development centres and
M12
agencies developed by mid 2013
4.3 Financial education pilot programmes for the youth in youth development centres and agencies are implemented
M13
and reviewed by the end of 2015
Financial education workplace programmes
5.1 Plan for financial education workplace programmes developed by the end of 2012 M14
5.2 Financial education toolkits and workplace financial education training programmes piloted by the end of 2013 M15
5.3 Financial Financial education workplace programmes evaluated by mid 2015 M16
Financial education programmes for small scale farmers
5.4 Pilot financial education programmes for small scale farmers implemented by mid 2014 M17
5. Financial education 5.5 Pilot financial education programmes for small scale farmers evaluated by the end of 2015 M18
for adults Financial education programmes for MSMEs
5.6 Pilot financial education programmes for MSMEs implemented by the end of 2013 M19
5.7 Pilot financial education programmes for MSMEs evaluated by mid 2015 and successful ones rolled out M20
Financial education through teachable moments
5.8 Financial education programmes through teachable moments are implemented for pilot testing by the end of 2013 M21
5.9 Pilot financial education programmes through teachable moments evaluated by mid 2015 and successful ones
M22
rolled out
Financial education through appropriate media

6. Cross cutting 6.1 Financial education media programmes launched for pilot testing by the end of 2013 M23
financial education 6.2 Financial education media programmes evaluated by mid 2015 and successful ones rolled out M24
programmes Financial education website
6.3 Develop and launch the financial education website by the end of 2013 M25

Note: The implementation period in the Gantt chart runs from quarter 1 of 2012 to quarter 1 of 2017. The timing of activities and milestones will be adjusted accordingly once the National Strategy has been launched and the start and end dates are determined.

70
Annex 5: Logical Framework
Objectively verifiable indicators of
Intervention logic Sources and means of verification Assumptions
achievement
Overall goal
Financially educated population by 2030
Strategic objective Impact indicators Sources and means of verification Assumptions

People in Zambia have improved % change population saving for improved well National surveys including repeat FinScope Supply of appropriate financial services
knowledge, understanding, skills, being (e.g. income smoothing, retirement); % surveys. increases with demand created by the Strategy.
motivation and confidence to change population borrowing for wealth Baseline, midterm review (MTR) of pilot Consumer protection in place.
help them to secure positive creation and long-term assets (business, farm, initiatives and End of Strategy (EOS) Phase 1
financial outcomes for themselves education); % change population using financial (in year 2012, 2015 and 2017)
and their families by 2017 products effectively; % change population
seeking information from reliable sources; Financial education baseline survey in 2012.
changed levels of indebtedness for all major Other national supply side and national surveys
target groups of the strategy; all indicators such as Living Conditions Monitoring Surveys
mapped by province and district, rural and (LCMS), Labour Force survey, analysis of
urban, male and female. Increased funding to Census 2010.
financial education activities. Increased diversity
of financial education providers. Improved
effectiveness of financial education providers in
terms of reaching targets.

Components Outcome indicators Sources and means of verification Assumptions

1 Financial education for Improved knowledge and skills of financial Surveys in selected schools. Ministry of Education, Science, and Vocational
children education of teachers. Training (MoESVT) agrees and incorporates
financial education into curricula by 2012.

Children have improved knowledge of financial Surveys in selected schools. Teachers able and interested to teach financial
products, basic financial terms, budgeting and education and have adequate materials,
money management. especially in rural schools.

Children's confidence levels related to Secondary data related to technology based Girl children are positively encouraged to
technology based approaches for financial financial services. participate.
storage and transactions improved.

Increase in numbers of children seeking Before and after extra-curriculum programme Programmes reach remote rural areas and the
financial information other than from their evaluations. content is appropriate to areas where there is
family. no access to formal financial services.

2 Financial education for Changes in financial knowledge and skills of Pre and post financial education programme Universities, colleges, training centres
the youth lecturers, teachers, college and university surveys in selected universities, colleges and incorporate financial education into their
students. other learning institutions. curriculum.

Changes in financial knowledge and skills of Programme monitoring data – questionnaires

youth participating in financial education before and after training.
programmes.

Increase in % of young people using financial Survey of selected participants of

services such as opening bank accounts, buying programmes – before, after and later.
insurance, saving for productive purposes.

Increased investments by youth in productive Local partners available to implement youth

activities to improve earning ability – including development programmes especially in remote
education and business ventures. rural areas.

3 Financial education for Improved financial knowledge, skills of adult Questionnaires administered by programme Financial education providers provide
adults participants (salaried and formally employed) in providers, before, after and later. appropriate financial education to target
workplace programmes. groups, especially the financially excluded and
the indebted.

Increase in numbers of people who End of programme evaluations - follow-up of Availability of appropriate financial services,
participated in financial education programme participants. Compare with control group. especially in remote rural areas.
now using financial services such as opening
bank accounts, buying insurance, saving for
productive purposes and retirement as a result
of the programme.

Increased investment in financial education by Reports from partners to FECU. Financial education providers report to FECU
employers. and coordinate with it.

Increased provision and diversification of Reports from partners to FECU.

financial sector products especially for the
previously financially excluded.

Decreased use of loans for living expenses, and Questionnaires administered by programme
decrease in indebtedness. providers, before, after and later.

Increase in numbers of farmers who are Questionnaires administered by programme

planning for periods of shortage. providers, before, after and later.

71
 Expected results Output indicators Sources and means of verification Assumptions

1 Financial education for children

To help children gain knowledge and Financial education integrated in school Curriculum Development Centre (CDC) Curriculum review accepts
understanding of financial matters, together curriculum by mid 2014. report. financial education in school
with skills, confidence and responsible curriculum.
attitudes, as they move into adulthood.

financial education through the school Teachers' training materials developed. Ministry of Education, Science and Vocational
curriculum; Numbers of new and existing teachers Training (MoESVT) teachers training college
trained in financial education (basic, reports.
secondary,) and able to teach financial
education by 2015.
Number of students receiving financial MoESVT reports.
education in school, by grade, by gender, by
location in 2015.

financial education through extra-curricular Pages of print dedicated to financial education Financial education providers reports.
activities. for children. Hours of interactive TV
programmes with financial education
incorporated. Number of toolkits/games for
financial education for use in extra- curricula
activities by end of 2012.
Number of peer educators trained; number of Financial education providers reports.
school clubs formed; number of children
participating in financial education extra-
curricula activities, by gender, by location, year.

2 Financial education for the youth

To help the youth to gain knowledge and Financial education integrated in appropriate MoESVT, colleges and university reports. Private colleges and
understanding of financial matters, together curricula of core subjects used in universities, universities agree to
with skills, confidence and responsible colleges by mid 2014. participate in financial
attitudes, as they move into the workplace. education strategy.
Funding, availability of
Financial education in universities, colleges, Number of lecturers and college teachers MoESVT, colleges and universities reports.
suitable financial education
trade schools and learning institutions trained annually.
service providers
Number of students receiving financial
education in core subjects in colleges at
tertiary levels (male, female, rural, urban).
Numbers of students receiving financial
education through clubs and associations
using toolkits and other materials.

Number of students receiving financial

education through job portals such as the one
developed by the Ministry of Labour, Sports,
Youth and Gender.
Numbers of students participating in social
media and local media e.g. college and
university radio stations (e.g. Hone FM and
UNZA radio).

Financial education in youth development Numbers of formal agreements with Monitoring reports from partners and service
centres and other agencies organisations interested in implementing providers.
financial education programmes for the youth
in youth development centres and other
agencies.
Number of youth clubs and youth club
members participating in financial education
activities, listening to financial education radio
programmes, accessing financial education
print materials (urban, rural, male and female
by age).
Number of toolkits and relevant materials for
youth, including print and radio for financial
education developed and available for youth.
Number of facilitators in youth programmes
trained as trainers for financial education.

72
 Expected results Output indicators Sources and means of verification Assumptions

3 Financial education for adults

3.1 Financial education in workplace Number of toolkits available and Reports from financial education providers
programmes disseminated. providing workplace programmes.

To address the financial needs of salaried Number of trainers and peer educators Reports from financial education providers. Availability of partners.
employees with a view to enabling them to trained.
make more informed financial management
choices and to avoid over-indebtedness.
Number in workplace participating in financial Pre - and post-training assessments provided Availability of partners.
education workplace programmes. by workplace programme providers.

3.2 Financial education for Micro, Small and Medium Enterprises (MSMEs)

To improve financial management of those Number of toolkits available and Reports from financial education providers Availability of partners.
employed in the MSME sector, at both a disseminated. providing workplace programmes (NGOs,
household and business level industry associations, microfinance institutions
and other financial institutions).

Number participating in programmes (rural, Pre - and post-training assessments.

urban, out of work, informal and formal).

3.3 Financial education for small-scale farmers

To assist small-scale farmers to plan ahead Number of large agribusinesses and other Reports from financial education providers Availability of partners.
and to reduce their vulnerability to risks and relevant aggregators, and partners involved in providing rural finance programmes.
shocks delivery of financial education for farmers.
Number participating in rural-based finance
programmes that address their financial
education requirements.

Number of farmers trained in appropriate Pre - and post-training assessments.

financial education.

3.4 Financial education through teachable moments

To take advantage of moments when people Partners participating e.g. banks, relevant Reports from financial education providers Availability of partners.
are more likely to be receptive to financial government ministries and churches. undertaking pilot programmes for teachable
education to help them to gain relevant moments.
knowledge and skills in financial matters.
Numbers of relevant financial education Availability of partners.
materials developed and used (e.g. brochures,
toolkits).

Number of people receiving financial

education through appropriate services at
relevant teachable moments.

73
 Activities Means or inputs Sources and means of verification Assumptions

INSTITUTIONAL FRAMEWORK
1 Management and coordination

Set up institutional framework for strategy - Salaries and operational facilities available for Financial report - Bank of Zambia Funds are available
establish FECU coordination unit

Develop detailed management plan for Management plan in place FECU report
implementing strategy

Present to Financial Education Steering FESC approval FECU report

Committee (FESC) for approval

2 Stakeholder engagement

Launch of National Strategy Radio, TV and print media Reports from FECU Funds are available

Develop stakeholder engagement and Staff hours to produce stakeholder strategy Minutes of meeting Stakeholder buy-in
communication strategy document

Securing funding for implementation of Meetings with financial education providers Minutes of meeting
priority programmes

Financial education providers in place to Staff time to develop agreements with Agreements between main partners Funding in place for priority
implement priority programmes financial education providers programmes

3 Monitoring and Evaluation System

Develop Management Information System Consultants engaged MIS complete

(MIS)

Train financial education providers, partners, Training completed for participants Training report
and FECU using M&E Toolkit and MIS

Implement M&E system FECU and financial education providers M&E FECU reports Financial education
capacity providers provide adequate
capacity for M&E
Implement and publish surveys – (FinScope, Consultants engaged, surveys, reports,
baseline survey) stakeholder workshop

Implement and publish mid-term review and Consultants engaged, surveys, reports, Funds are available
end of strategy evaluations stakeholder workshop

74
 Activities Means or inputs Sources and means of verification Assumptions

PRIORITY PROGRAMMES
1 Financial education for children

Engagement with, and agreement by, Meetings held with relevant government FECU reports; minutes of meetings; MoESVT willing to review curriculum
relevant government ministries on ministries. technical assistance (TA) contract. and incorporate financial education in
integrating financial education into the school curriculum.
school curriculum.

Identification and engagement of consultants Technical assistance hired to develop FECU confirm consultant in place and Donor funds available to support CDC
to work with relevant partners in the curriculum for different grades; meetings funds available. and MoESVT.
development of the curriculum on financial held with relevant stakeholders
education. Technical assistance hired to
develop curriculum for different grades;
number of meetings held with relevant
stakeholders.

Develop draft financial education Technical assistance Draft curriculum agreed. Financial education included in new
curriculum. curriculum.

Consultative workshop with stakeholders. Workshop and facilitators. Commitments and disbursements
made to activity.

Integrate financial education into teacher TA hired to assist to develop toolkits for Toolkits for schools and teachers
training programmes. teachers of financial education programmes developed.
for schools, colleges and universities.

Build capacity of and train existing teachers Trainers, training materials and inputs to Teachers' teaching materials developed
to effectively deliver financial education. train teachers and facilitators. and in use in teacher training colleges;
numbers existing teachers trained
through MoESVT.

Engagement and negotiations with existing, Financial education providers. Funds in place. Financial education providers willing
and potential new, financial education and able to scale up.
provider organisations to scale up extra-
curricular financial education activities.

Develop plan for scaling up extra-curricular

activities.

2 Financial education for the youth

Engagement with, and agreement by, Meetings with relevant government Reports.
relevant government ministries on ministries.
integrating financial education into university
and college curricula.

Identification and engagement of consultants Technical assistance hired to develop Commitments and disbursements
to work with relevant government curriculum for different grades; meetings made to activity.
ministries on the development of the with government ministries.
curriculum on financial education. Technical
assistance hired to develop curricula for
different grades; meetings with relevant
government ministries.

Develop teaching materials for financial TA to develop training materials or toolkits. FECU reports; minutes of meetings; TA
education. Production of training materials. contract.

Build capacity of and train lecturers and Train facilitators for out-of-school and youth Financial education providers reports
teachers to effectively deliver financial programmes. to FECU.
education.

Development of appropriate financial Engagement and negotiations with existing Financial education providers reports Out-of-school and youth programmes
education materials for clubs and financial education providers to scale up to FECU. already established by partners.
associations, leveraging on existing financial extra-curricular financial education activities.
education materials.

75
 Activities Means or inputs Sources and means of verification Assumptions

PRIORITY PROGRAMMES CONTINUED

3 Financial Education for adults

3.1 Workplace programmes for financial education

Development of a toolkit, leveraging on TA to undertake training needs assessment, Training needs assessment completed. Availability of partners and ability to
existing financial education materials, and develop financial education materials for Commitments and disbursements take advantage of existing HIV/AIDS
training of trainers and peer educators adult programmes in the work place. made to activity. workplace programmes.

Train facilitators, peer educators and build Financial education providers reports Willingness of employers and partners
capacity of relevant professional bodies and to FECU. (employers’ associations, trades unions)
institutions in the design and delivery of to invest in financial education in the
financial education workplace programmes workplace.
and toolkits. Develop training materials.

3.2 Financial education for small-scale farmers

Development of training and other TA to develop financial education materials Commitments and disbursements Agribusinesses, input suppliers, relevant
programmes for small-scale farmers and for rural financial education programmes. made to activity. government ministries, and partners
delivery through large agribusinesses and understand benefits of financial
organised farming groups education for sector.

Training facilitators and peer educators Partners reports; minutes of meetings; Partners able and willing to include
training materials produced. TA contract. financial education in programmes.

3.3 Financial education for MSMEs

Financial education for MSMEs mostly in TA to develop materials for MSMEs. Commitments and disbursements
informal sector through microfinance Training materials produced and facilitators made to activity. Reports to FECU.
institutions, associations and other and peer educators trained. Relevant
groupings. partners in place.

3.4 Financial education through teachable moments

Financial education pilots through teachable Technical assistance to develop financial Financial education providers reports
moments education materials for relevant teachable to FECU.
moments.

Relevant partners.

Training materials produced and facilitators

and peer educators trained.

3.5 Cross-cutting financial education

programmes

Develop financial education messages in TA to develop financial education messages Commitments and disbursements Local partners available to lead on
relevant media, including TV, radio, print, in different media. made to activity. financial education in edutainment.
drama, internet based media, social
networking Broadcasters - local and national, air-time. Financial education providers reports Financial resources regular and
TV producers. to FECU. adequate.
Develop a financial education website
Design costs. Journalistic capacity in financial
education.

Journalists with financial knowledge and TV stations agree to use materials and
skills. broadcast.

Training of drama groups and playwrights to Availability of playwrights.

write dramas.

Consultants to design, and FECU staff to

manage, website.

76
Annex 6: Indicative budget
Year 1 Year 2 Year 3 Year 4 Year 5 Total Total
No. Description
ZMW ZMW ZMW ZMW ZMW ZMW US $
1 Financial Education Coordination Unit (FECU) costs
1.1 Personnel
1.1.1 Programme Coordinator 500 000 550 000 600 000 650 000 700 000 3 000 000 600 000
1.1.2 Communication Officer 500 000 550 000 600 000 650 000 700 000 3 000 000 600 000
1.1.3 Monitoring, Evaluation & Research Officer 500 000 550 000 600 000 650 000 700 000 3 000 000 600 000
1.1.4 Programme Officer 500 000 550 000 600 000 650 000 700 000 3 000 000 600 000
Sub total – Personnel 2 000 000 2 200 000 2 400 000 2 600 000 2 800 000 12 000 000 2 400 000
1.2 Stakeholder engagement
1.2.1 Stakeholder workshops and meetings 300 000 300 000 150 000 150 000 150 000 1 050 000 210 000
1.2.2 Website development and maintenance 100 000 25 000 25 000 25 000 25 000 200 000 40 000
1.2.3 Publications (newsletters, reports etc) 150 000 150 000 150 000 150 000 150 000 750 000 150 000
1.2.4 Other communication costs 75 000 75 000 75 000 75 000 75 000 375 000 75 000
1.2.5 Steering Committee sitting allowances 25 000 25 000 25 000 25 000 25 000 125 000 25 000
Sub total – Stakeholder engagement 650 000 575 000 425 000 425 000 425 000 2 500 000 500 000
1.3 Capital expenditure
1.3.1 Vehicles 250 000 25 000 25 000 25 000 25 000 350 000 70 000
1.3.2 IT hardware, IT software, furniture and fittings 150 000 50 000 50 000 50 000 25 000 325 000 65 000
Sub-total – Capital expenditure 400 000 75 000 75 000 75 000 50 000 675 000 135 000
Sub-total – FECU costs 3 050 000 2 850 000 2 900 000 3 100 000 3 275 000 15 175 000 3 035 000
2 Monitoring and Evaluation
2.1 Development of management information system 500 000 50 000 50 000 25 000 25 000 650 000 130 000
2.2 Training of FECU and implementing partners 150 000 100 000 100 000 50 000 50 000 450 000 90 000
2.3 Baseline and other surveys (includes cost for FinScope) 3 500 000 500 000 1 000 000 3 500 000 1 000 000 9 500 000 1 900 000
Sub total – monitoring and evaluation 4 150 000 650 000 1 150 000 3 575 000 1 075 000 10 600 000 2 120 000
3 Financial education programmes
3.1 Financial education for children
3.1.1 Technical assistance 1 500 000 1 000 000 250 000 250 000 250 000 3 250 000 650 000
3.1.2 Materials 750 000 750 000 500 000 500 000 500 000 3 000 000 600 000
3.1.3 Piloting financial education initiatives 1 000 000 1 000 000 0 0 0 2 000 000 400 000
3.1.4 Rolling out financial education initiatives 0 0 2 000 000 2 000 000 1 750 000 5 750 000 1 150 000
Sub total – Financial education programmes for children 3 250 000 2 750 000 2 750 000 2 750 000 2 500 000 14 000 000 2 800 000
3.2 Financial education for the youth
3.2.1 Technical assistance 1 000 000 750 000 250 000 250 000 250 000 2 500 000 500 000
3.2.2 Materials 375 000 375 000 250 000 250 000 250 000 1 500 000 300 000
3.3.3 Piloting financial education initiatives 500 000 500 000 0 0 0 1 000 000 200 000
3.3.4 Rolling out financial education initiatives 0 0 1 000 000 1 000 000 1 000 000 3 000 000 600 000
Sub total – Financial education programmes for the youth 1 875 000 1 625 000 1 500 000 1 500 000 1 500 000 8 000 000 1 600 000
3.2 Financial education for adults
3.2.1 Technical assistance 1 500 000 1 000 000 250 000 250 000 250 000 3 250 000 650 000
3.2.2 Materials 750 000 750 000 500 000 500 000 500 000 3 000 000 600 000
3.2.3 Piloting financial education initiatives 1 000 000 1 000 000 0 0 0 2 000 000 400 000
3.2.4 Rolling out financial education initiatives 0 0 2 000 000 2 000 000 1 750 000 5 750 000 1 150 000
Sub total – Financial education programmes for adults 3 250 000 2 750 000 2 750 000 2 750 000 2 500 000 14 000 000 2 800 000
3.4 Cross cutting financial programmes
3.4.1 Technical assistance 1 000 000 500 000 500 000 250 000 250 000 2 500 000 500 000
3.4.2 Materials 750 000 750 000 500 000 250 000 250 000 2 500 000 500 000
3.4.3 Piloting financial education initiatives 1 250 000 1 250 000 0 0 0 2 500 000 500 000
3.4.4 Rolling out financial education initiatives 0 0 2 000 000 2 000 000 2 000 000 6 000 000 1 200 000
Sub total – Cross cutting financial education programmes 3 000 000 2 500 000 3 000 000 2 500 000 2 500 000 13 500 000 2 700 000
Sub total – Financial education programmes 11 375 000 9 625 000 10 000 000 9 500 000 9 000 000 49 500 000 9 900 000
Grand total 18 575 000 13 125 000 14 050 000 16 175 000 13 350 000 75 275 000 15 055 000
Budget Notes:
1. This is an indicative budget for the implementation of the National Strategy on Financial Education for
Zambia over the initial five-year strategic period.

2. The FECU costs have been developed with initial consultations and inputs from the three financial services
regulators (BOZ, PIA and SEC).

3. The programmes costs have been developed taking into account existing market prices for some of the
relevant services such as media as well as budgets and expenditures of some of the existing financial
education initiatives.

4. The budget will be refined by FECU through further investigation of the financial requirements of the outlined
financial education programmes, monitoring and evaluation costs as well as the core costs.

5. Not all non-core costs are expected to be channelled through FECU as donors or any funding organisation
may support implementing organisations directly. The FECU will still play a coordination or fundraising role.

78
 FSDP Secretariat | Bank of Zambia
PO Box 30080 | Lusaka | Zambia 10101
Telephone: +260 211 228888 | 228903-20
Email: [email protected]