Emergency of Mobile Money helps Esnart Chinyanta save money for her family development
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By Patrick Soko
ESNART Chinyanta based in central province’s Kabwe district a member of women savings group Jesus Living Ministries Saving Group Support supported by Zitukele Self Help Group Consortium a business women selling fruits and vegetable at the market testifies that the emergency of mobile money has helped her save money for her personal and family development.
She explained that things were not easy before she embarked on saving money using mobile money it was difficult for to plan hence hand to month was the older of the day not until she joined a savings group were they taught about embrace the culture saving.
And when asked why not she could not utilize the banks she said “banks are for the people with more money, they ask a lot of questions and there are a lot papers to sign but with mobile it is easy you can easily save send and receive money” she said.
She is now able to support her three children to school year child
Chinyanta is a living testimony that financial inclusion has positive a impact in combating an individual’s poverty, as well as a wider impact on private sector development and financial sector stability in general.
This is due to more financial access point coverage and concerted government efforts to create an environment conducive to stir inclusion. Women are still more financially excluded, though, with only 2 out of 5 having access to formal financial services.
Chinyata falls in the context of 2 out of 5.
She owns a bank account and uses mobile services, such as kazang, to send money to her child, who is studying at university.
Nandini Harihareswara, is a Regional Technical Specialist, responsible for the implementation of the United Nations Capital Development Fund Mobile Money for the Poor (MM4P) Digital Finance country strategy in Zambia, she is concerned that women in the country remain financially excluded.
UNCDF works in Zambia to promote accessible financial services and create financial systems for sustainable and inclusive local development.
Today, UNCDF offers “last mile” finance models that unlock public and private resources, especially at the domestic level, to reduce poverty and support local economic development.
UNCDF works with public and private sector, leveraging technology and innovation, to meet the Sustainable Development Goals through the creation of a Digital Economy.
UNCDF is implementing the Mobile Money for the Poor (MM4P) programme, which is designed to focus intently on least developed countries (LDCs) where the commercial business case for digital financial services (DFS) might be challenging, but the needs of the population are great.
“Women in rural areas have low incomes meaning they troubles accessing financial services this could be that products on the market are not the right one because they have lower incomes,” said Harihareswara.
She said banks need to continue developing digital financial services that are conducive for women that will enable them to transact within the community and at the comfort of their seat.
“Financial service provider must bring their services closer by opening banking kiosks,” she added. “Many women in markets are discouraged from saving in banks, because it is time consuming and they cannot leave their businesses unattended for a long time.”
And in 2027 Zambia joined more than 30 countries to launch strategies for financial inclusion.
On November 8, 2017, the Government of Zambia disseminated three documents—the Strategy (referred to above), the Financial Sector Development Policy, and Financial Capability Survey Report.
All three documents are the product of extensive consultations with members of the public sector, private sector, civil society organizations, and academia.
By 2022, the financial inclusion strategy aims to meet its targets, such as an increase in Zambia’s overall financial inclusion rates—from 59 percent now to 80 percent in 2022 (this includes formal and informal financial services)—and an increase in formal financial inclusion from the current 38 percent to 70 percent.
It is also aiming for improving people’s physical access to high-quality financial services—such as bank branches, agents, and ATMs—so the number of financial access points per 10,000 adults increases from about 7 to 10.
