Economist Kelvin Chisanga has advocated for the inclusion of financial literacy into the education curriculum in a bid to expand the knowledge base. According to the recent Bank Of Zambia (BOZ) report, Zambia’s financial literacy rate stands at 46 per cent, a wide improvement that suggests public awareness.
Speaking in an interview with the Zambian Business Times, Chisanga observed that a significant gap still exists between financial knowledge and practical financial behaviour, with many people understanding basic financial concepts but struggling to apply them consistently in their daily lives. “Policymakers should integrate financial literacy into broader digital transformation programmes and educational curricula, because early exposure to financial concepts would better equip young people to navigate an increasingly digital economy,” he added.
However. Chisanga said initiatives under Smart Zambia and other digital development programmes present an opportunity to expose learners to practical financial realities and strengthen their financial decision-making skills from an early age. Before mobile money, online banking and digital lending platforms became part of everyday life, financial literacy was often viewed as a concern for bankers, accountants and business professionals.
Today, however, the ability to understand and manage money has become an essential life skill for every Zambian. While the country has made significant strides in expanding access to financial services, experts warn that gaps in financial knowledge continue to expose many citizens to poor financial decisions, debt traps and missed investment opportunities.
Despite the gains, Chisanga said several challenges continue to undermine efforts to build a financially informed population. One of the major obstacles, he noted, is the technological divide, which continues to limit access to financial technology for many people, especially those in rural and underserved communities.
“We need to promote the use of technology in financial services because financial technology is an emerging area that has the potential to transform financial inclusion,” he said. The economist also expressed concern over the low level of participation in investment products and capital markets, saying many citizens remain unfamiliar with opportunities available beyond conventional banking services.
He stressed the need to create a more robust financial market ecosystem that encourages individuals to invest and build longterm wealth. Chisanga further identified inadequate understanding of financial products and their terms and conditions as another critical challenge. With digital lending and insurance products becoming increasingly accessible through mobile phones, he said many consumers often sign up for services without fully understanding their obligations and associated costs.
“There must be continuous education and after-sales information to help people fully understand the products they are using, including loans accessed through mobile phones and other digital platforms,” he said.
Chisanga further stated that financial education initiatives currently being implemented by institutions such as the Bank of Zambia and other stakeholders are commendable, but more sustained efforts are needed to achieve meaningful behavioural change.
“We appreciate activities such as Financial Literacy Week, but financial education should not be limited to one commemorative period. It must be a continuous process throughout the year,” he said. Chisanga also called for stronger collaboration aimed at making financial education more practical and responsive to changing market conditions.
He said learning programmes should focus on real-life financial experiences rather than relying heavily on theoretical approaches. “The government must champion innovation and create a flex ible ICT environment that supports development and financial inclusion. We need to prepare citizens, especially young people, for the changing financial landscape,” he concluded
Article by Karen Ngulube
