Zambia Pushes for Continuous Financial Literacy to Curb Scams and Debt
Governor Denny Kalyalya has highlighted the importance of promoting open and informed conversations about money, particularly among young people, during the launch of the 2026 Financial Literacy Week (FLW).
Speaking through his Chief of Staff, Freda Tamba, Dr Kalyalya said this year’s theme, “Smart Money Talks”, highlights the need to equip young people with the knowledge and confidence to navigate increasingly complex financial decisions.
“The theme recognises that young people face increasingly complex financial decisions. In that regard, talking about money is a powerful tool for building their financial confidence, resilience, and lifelong well-being,” he said.
The event, held in Chipata, marked the start of Financial Literacy Week, which is being commemorated from 16 to 22 March 2026.
The launch was officiated by the Eastern Province Minister, Simon P. Phiri, who was represented by Deputy Permanent Secretary Lewis Mwape. Also in attendance were key financial sector leaders, including Philip Chitalu, Namakau Ntini, and Mwindwa Siakalima.
Dr Kalyalya noted that despite over 13 years of financial literacy initiatives in Zambia, including annual commemorations and awareness campaigns, a significant proportion of the population still lacks basic financial knowledge.
He pointed to increasing cases of financial scams and poor financial decision-making, which have contributed to rising levels of over-indebtedness.
Dr Kalyalya further revealed that feedback from previous outreach programmes, including the Bank of Zambia’s “Go Cashless” campaign, indicates that current efforts are insufficient and often limited to periodic or reactive interventions.
“This feedback behoves us to find more effective ways of engaging the public on financial literacy matters,” he said.
The Governor commended the National Strategy on Financial Education (NSFE) All Ages Working Group for developing a framework aimed at ensuring continuous financial literacy engagement throughout the year.
He also called on financial regulators, service providers, and other stakeholders to support the implementation of the strategy.
Dr Kalyalya emphasised that strengthened collaboration among government institutions, financial regulators, international partners, and service providers is key to improving financial awareness and consumer protection.
He added that such efforts are expected to increase financial inclusion beyond the current 69.4 per cent by building trust in the financial system and promoting responsible use of financial services.
Dr Kalyalya also disclosed that the Ministry of Finance and National Planning, in collaboration with the Bank of Zambia and other stakeholders, has commenced the development of Phase III of the National Strategy on Financial Education, which is expected to be finalised by the end of 2026.
Following the launch, financial literacy campaigns will be conducted across all ten provinces from 17 to 22 March 2026. The Bank of Zambia has reaffirmed its commitment to supporting these activities and urged stakeholders to actively participate.
Dr Kalyalya concluded by expressing gratitude to all partners, including the Bankers Association of Zambia, the financial sector supervisory authorities, and the German Savings Bank Foundation, for their continued support in advancing financial education across the country.
