Zambia Marks World Savings Day 2025, Urges Savings and Financial Vigilance
Zambia today marked the 2025 World Savings Day, highlighting the critical role of savings and investments in promoting financial security and national development. The event, which also included the presentation of Financial Literacy Awards, was graced by senior government officials, regulators, financial service providers, and cooperating partners.
Speaking at the event, Bank of Zambia Governor, Dr Denny Kalyalya, emphasised the theme for this year: “It’s more than just your savings, it’s your life.” Dr Kalyalya explained that saving is not merely postponing expenditure but a pathway to financial resilience, enabling individuals to manage emergencies, plan for education and healthcare, and secure retirement stability.
“Savings and investments empower individuals, support inclusive economic progress, and contribute to national development,” Dr Kalyalya said. He urged financial service providers to develop practical products that help Zambians build long-term financial resilience.
Governor Kalyalya also expressed concern over the rise of fraudulent schemes, particularly online money circulation schemes, which have led to significant losses for unsuspecting citizens.
He stressed the importance of financial literacy and vigilance, noting that individuals must ensure that they only engage with licensed financial service providers.
“Much like we secure our homes at night, we must protect ourselves from financial fraud. Supervisory authorities cannot fully safeguard those who engage with unlicensed providers,” Dr Kalyalya said.
He further warned against predatory practices by unlicensed online credit providers, advising the public to verify licensing status and report suspicious entities.
The Governor highlighted Zambia’s progress in financial inclusion, noting that the FinScope 2020 Survey recorded an increase in financial inclusion from 59.3% in 2015 to 69.4%.
He confirmed that the 2025 FinScope Survey is currently underway and will provide updated data to support targeted interventions and improve access to quality financial services.
Dr Kalyalya also commended recent initiatives by the Pensions and Insurance Authority, the Insurance Association of Zambia, and the Securities and Exchange Commission, which have significantly advanced financial literacy and encouraged uptake of insurance and investment products.
The event concluded with the presentation of Financial Literacy Awards, recognising individuals and institutions dedicated to promoting financial education across the country.
Dr Kalyalya extended his congratulations to the award recipients and nominees, celebrating their contribution to Zambia’s financially astute public.
