By John Chola
Bank of Zambia (BoZ) Deputy Governor for Administration, Rekha Mhango, has highlighted the critical need for gender-disaggregated data to shape policies aimed at improving financial inclusion in Zambia.
Speaking at the inaugural Financial Inclusion and Gender Data Workshop, Mhango emphasized that the availability and utilization of such data is essential for fostering inclusive economic growth, especially for women.
The workshop, attended by representatives from the government, financial service providers (FSPs), and various stakeholders, marked a significant step in Zambia’s drive to ensure equal access to financial products for men and women.
“The Government of the Republic of Zambia, through the National Financial Inclusion Strategy, has identified financial inclusion as a key strategy to enhance citizenry participation in the economy,” Mhango noted.
She emphasized that universal access to affordable and quality financial products is pivotal in bridging gender gaps and facilitating resilient economic growth.
Highlighting the progress made in recent years, Mhango cited findings from the 2020 FinScope Survey, which revealed that financial inclusion in Zambia increased from 59.3 percent in 2015 to 69.4 percent in 2020.
Similarly, formal financial inclusion rose significantly, with a notable narrowing of the gender gap.
While male adults showed higher financial inclusion at 71.2 percent, compared to 67.9 percent of females, the gender gap in formal financial inclusion reduced from 10 percent in 2015 to 5.8 percent in 2020.
These improvements, Mhango asserted, demonstrate the value of sex-disaggregated data in addressing disparities.
“The collection of sex-disaggregated data provides an opportunity for policymakers to develop policies that specifically target women’s financial inclusion,” Mhango said.
She also pointed out that the absence of such data could perpetuate existing gender biases and hinder efforts to close financial inclusion gaps.
Mhango urged financial service providers to take proactive steps in gathering and analyzing gender-specific data, which would enable the development of tailored financial products and services that meet the distinct needs of both men and women.
“FSPs are encouraged to conduct in-depth analysis and use the results for product development,” she said, adding that this would support policymakers in improving access to affordable and quality financial services for all Zambians.
As part of the BoZ’s 2024-2027 Strategic Plan, financial inclusion remains a top priority, with the central bank focusing on underserved and unserved communities.
“The Bank will continue to collaborate with key stakeholders to enhance the quality of gender statistics for a more inclusive financial system,” Ms. Mhango remarked.
The Deputy Governor concluded by reiterating the importance of the workshop in fostering collaboration among institutions, stating, “I trust that you will have fruitful deliberations, which will lead to enhanced cooperation amongst our institutions.”
The workshop is expected to provide a platform for stakeholders to share insights and strategies for improving the availability and use of gender data, ultimately contributing to Zambia’s sustainable development goals.
