23-08-2023

Implementation Of Microfinance/rural Finance Policy In Zambia

The Ministry of Finance and National Planning of the Zambian Government hosted a delegation from the Malawian government from their Central Bank and Ministry of Finance for a peer learning visit on the implementation of the micro finance/rural finance policy in Zambia. FINCA Zambia was selected as one of the institutions that have been actively involved in the microfinance sector by providing tailored products and services to underserved clients.

The objective of the visit was to explore and understand the micro finance sector in Zambia with regards to the implementation of the microfinance/ rural finance policy and strategies, as well as regulatory framework and the roles of different stakeholders in the promotion of rural finance.

FINCA Zambia having worked closely with the Ministry of Finance (Zambia) and RUFEP on the implementation of the rural finance and expansion project, designed a digitized group savings product that was delivered to savings groups in rural areas. Therefore, the delegation sought to hear from FINCA Zambia on the challenges and opportunities of such a product and project targeting rural beneficiaries, milestones achieved, and lessons learnt.

The Ministry of Finance has recognized FINCA Zambia’s massive contribution to delivering financial products and services for the expansion of rural finance. The Malawian delegation expressed appreciation for the knowledge shared and expressed their interest to further reach out to FINCA Zambia.

FINCA Zambia continues to be the learning ground for digitized group savings and the strides it has made in the plight for financial literacy and inclusion.

In picture is Mr. Shadreck Chiluba Chairperson for Yangana Kusogolo Savings Group, explaining how FINCA digitized group savings platform (Pamo) works and how it has been beneficial to them as a group.