Unbanked population in zambia pdf

Islamic banking has the potential to provide an alter. Between 2017 and 2019, the unbanked rate fell by 1. Current population survey, june 2015 unbankedunderbanked supplement file technical documentation cps15 this file documentation consists of the following materials. The numbers suggest a banked population close to 72%, which compares to regional rates ranging from 29% in zambia to 86% in namibia. The global findex database is the worlds most comprehensive data set on how adults save, borrow, make payments, and manage risk.

Our vision is to achieve universal access and usage of. Zambia world population zambia demographic dividend. Unbanked an individual who does not have access to affordable, convenient, secure financial services. This is according to the finscope zambia 2015 survey, which says the levels of formal financial inclusion have gradually increased in zambia from 23 percent of zambian adults in 2009, to 38 percent in 2015. Because account ownership is nearly universal in highincome economies, virtu ally all unbanked adults live in developing economies. Distribution of banked population by province provinces percentage of population percentage of banked population lusaka 14. Zambia nees to invest in the largescale development and promotion of these technologies and improve access to clean and affordable energy to the urban poor and rural areas. Zambia population by province, census year and inter censai growth rates zambia urban poplllation by town, census year and growth rate education housing stock, 1971 and 1978 end december the econornic aid of dac countries and international organiza tions to zambia, 19711980 official developrnent aid. For example, among workingage disabled households, unbanked rates were similar in 20, 2015, and 2017.

Current population survey, june 2015 unbankedunderbanked. Wbgs zambia financial inclusion support framework fisf program led by uzma khalil and siegfried. Improving financial inclusion in zambia bank for international. Additional information about the 2018 zdhs may be obtained from the zambia statistics agency, p. Is technology a game changer for financial inclusion for individuals in zambia. This increase was fairly widespread among segments of the unbanked population. Almost a year later, in june 2016, lusakatimes reported then minister of finance, honourable chikwanda stating that the unbanked population had reduced to 42% due to newly enacted policies. Financial inclusion and financial stability asian development bank. A slang term for people who do not use banks or banking institutions in any capacity. Data collection took place from july 18, 2018, to january 24, 2019. This file documentation consists of the following materials. In order to achieve this, the hypothesis to be tested are. The magnificent luangwa and kafue national parks have one of the most prolific animal population in africa.

In ghana, there is as high as about eighty percent 80% unbanked population. Imf study shows botswanas quantum leap in banking the unbanked. Up to 20 million unbanked adults in the region send or receive domestic remittances using cash or an overthecounter service, including 7 million in the arab republic of. Adolescents and youth dashboard united nations population fund.

Financial inclusion is a major issue in zambia, understanding what determines. Remarks by dr caleb m fundanga, governor of the bank of zambia, at the celpay mobile. Current population survey, june 2017 unbanked underbanked supplement file technical documentation cps17 this file documentation consists of the following materials. Zoona currently has 150 agents in 57 towns in zambia that provide transaction services for primarily unbanked consumers. Attachment 1 abstract attachment 2 overview current population survey attachment 3 overview june 2017 unbanked underbanked supplement attachment 4 glossary. Categories of microfinance institutions draft microfinance services bill, 2014 7 table 4. Attachment 2 overview current population survey attachment 3 overview june 2019 unbanked. Reforms and a large unbanked rural population are behind new strategies at zambias. Three percent of those unbanked in the united states had bank accounts in another country.

Financial development in subsaharan africa ssa is uneven and on average less advanced than in. Current population survey, june 2017 unbankedunderbanked. This series is similar to the census 2000 phc1 series. Executive summary financial inclusion world bank document. Attachment 1 abstract attachment 2 overview current population survey attachment 3 overview june 2015 unbankedunderbanked supplement attachment 4 glossary. Minister of finance alexander chikwanda says the unbanked population has reduced from 62 to 42 percent due to sound policies being pursued by the pf.

Results from the finscope zambia 2015 survey indicate that the country has so far attained 59 percent financial inclusion. In 2010 the moderate poverty rate in rural areas was 74 percent, more than double the urban poverty rate of 35 percent. In africa, the majority of the population has no access to banking services, with only 20% of african families having bank accounts2. Percentage of unbanked population in zambia by province 3 table 3.

Financial inclusion and development in the cemac international. Islamic banks role in serving the poor unbanked population. Finscope zambia is a survey carried out on a nationally representative. Many of the unbanked conduct their financial transactions exclusively in cash. Unbanked rates did not decline in recent years for a few segments of the population. Financial inclusion on the rise, but gaps remain, global. Still, the market potential for zambia is high given low levels of financial inclusion, high levels of mobile penetration, young population, and promising urbanrural. According to the 2019 revision of the world population prospects the total population of zambia is 17,351,708 in 2018, compared to only 2,340,000 in 1950. This report builds on a rich body of knowledge developed by the gsmas mobile money for the unbanked programme and provides key data to help mobile money practitioners, regulators and other industry partners to better understand the sector. Zambia makes steady progress in financial inclusion but many. Planning for lusaka has been inadequate due to insufficient resources at the lusaka city council lcc. It dominates the countrys urban system and accounts for 32 percent of the total urban population in the country. Beck, demirguckunt, and martinez peria 2008 report that fees can be as high as 20 percent of gdp per capita in malawi and uganda.

The proportion of children below the age of 15 in 2010 was 46. Building on our work in the mobile money for the unbanked programme, in 2014, the gsma launched the. Jun 26, 2019 its become a practical alternative in a region where more than 66 percent of the population is unbanked. Catering for the unbanked population in zambia speech by dr caleb m fundanga, governor of the bank of zambia, at the official opening of stanbic bank limiteds mazabuka branch, mazabuka town, 10 october 2006. Relatively high mobile phone ownership offers an avenue for expanding financial inclusion. A new report, half the world is unbanked pdf 714kb, provides an improved estimate of the size and nature of the global population that does and does not use formal or semiformal financial services. Since the surveyed unbanked are those living close to a banked household, our. Alfred hannig is the executive director of the alliance for financial inclusion afi. Examination of the status of financial inclusion and its. Finscope zambia main report the potential for mobile banking in. Pakistan has a massive unbanked and poor population. Vfz basic facts and figures as at june 30, 20 9 table 5. National financial inclusion strategy bank of zambia. Unbanked persons generally pay for things in cash or else purchase money orders.

One of the main reasons for this large unbanked population in africa is geographical inaccessibility. Major problems in the city include the lack of serviced land, speculation. This national financial inclusion strategy nfis provides a roadmap to further accelerate our financial inclusion journey in zambia by setting forth a series of. Overall, the population density in zambia is relatively low with the national. In north africa 20% of adults have an account at a formal financial institution ranging from 39% in morocco to 10% in egypt.

Current population survey, june 2019 unbanked underbanked public use data file. From 2019 to 2020, zambia experienced a population growth rate of 2. Nov 08, 2017 almost 40 percent of zambia s adult population are formally financially included, or over 3. Zambia has a wide range of renewable energy sources solar, hydro power, biomass, wind, geothermal and energy crops with great potential. Zambia demographic and health survey 2018 key indicators. One in four unbanked households in 2017 were very likely or somewhat likely to open an account, down from 37. Current population survey, june 2019 unbanked underbanked. Some unbanked 9% previously had an account, but say they 4cannot now qualify for one. Many fintech companies like pct in the uk are catering to the unbanked population in developed countries. Less than 1% of unbanked respondents picked high bank fees or initial deposits as their main reason, and only 0.

Because roughly twothirds of the population lives in rural areas, the countryside is home to 80 percent of zambias poor. The strategy was developed to build on the successes of zambia s first and second financial sector development plans fsdps, which ran into two successive fiveyeara cycles from 2004 to 2009 and from 2010 to 2014. The country is also endowed with various minerals and precious stones such as. Percentage of women, aged 2024, who were married before age 15. The cph2, population and housing unit counts, report series provides 2010 census and historical comparisons of the population and housing unit counts. Role of bank of zambia in financial inclusion data gathering. Land area measurements and population density also are provided. Population council one dag hammarskjold plaza new york, ny 10017 tel. The use of manual standalone models, in most cases excel. Friday, december 17th 2010 by nawa mutumweno there is a revolution in the zambian banking circles with cellphones being an integral tool in accessing ones account anywhere anytime, something that was a dream a few years ago. Serving the unbanked population according to huchzermer 2011, the unbanked or underbanked consumer segment represents a large, mostly untapped market for companies that offer financial services. It was implemented by the central statistical office cso in collaboration with the ministry of health moh of zambia. Zambia has some of the natures best wildlife and game reserves affording the country with abundant tourism potential for earning foreign exchange. Determinants of financial inclusion in zambia wiredspace.