Musokotwane: Financial Services Must Reach Rural Zambia

Finance and National Planning Minister Dr Situmbeko Musokotwane has called for financial services to be accessible to all Zambians, particularly those in rural and underserved communities.

Dr Musokotwane said financial inclusion is a key pillar of economic empowerment, enabling smallholder farmers, micro and small enterprises, women, and youth to participate fully in the economy.

While acknowledging progress in expanding access to financial services, the Minister emphasised that rural areas remain underserved.

The Minister made the remarks in a speech delivered on his behalf by Ministry of Finance Accountant General Nsandi Manza at the launch of the Financial Inclusion for Resilience and Innovation Project in Lusaka.

Dr Musokotwane said the project aligns with national priorities and will foster innovation and private sector participation to broaden economic opportunities.

International Fund for Agricultural Development (IFAD) Country Director Edith Kirumba said the seven-year initiative aims to strengthen financial access and resilience for rural populations in Zambia.

Ms Kirumba explained that the project will employ a blended financing structure, drawing funds from IFAD, the Zambian government, the private sector, and development banks.

Ministry of Finance Acting Permanent Secretary for Economic Management and Finance Akapelwa Imwiko revealed that IFAD has allocated $30 million, with total project costs reaching approximately $49.8 million through domestic co-financing.