ZAMBIA NATIONAL COMMERCIAL BANK ( ZANACO )
196 channels .” This is the result of what Ng ’ ambi would describe as a very “ aggressive ” campaign : “ Africa has a very interesting dynamic ; the financial inclusion rate is relatively low , with the exception of some successful markets like Kenya , Tanzania and Uganda . Zambia sits at around 59 % of the total financial inclusion . This inclusion includes regulated and non-regulated channels .” By non-regulated channels , Ng ’ ambi refers to the phenomena of ‘ Chilimbas ’ – village banking – where groups in rural communities invest collectively . This forms up to 20 % of the total financial inclusion and often goes missed by banks . “ Now , this is not regulated formally in Zambia , so it ’ s unregulated financial inclusion , which is pretty much a conventionaltype financial inclusion ,” he explains . “ But when you look at formal financial inclusion , through regulated entities such as Zanaco , we ’ re somewhere around 38-39 %. That ’ s relatively low if you look at the population .” This totals to around 6-9mn individuals who are currently excluded from regulated
JUNE 2020