BARCLAYS Bank Zambia (BBZ) on Tuesday launched its US$500,000 banking on change partnership with Plan Zambia International (PZI), an initiative focused on providing access to basic financial services to more than 10,500 people in Chibombo and Mazabuka districts.
Speaking during the launch in Chibombo, BBZ acting managing director Bedah Salasini said the initiative was aligned with its community commitment to supporting financial inclusion, entrepreneurship, education and helping people acquire sustainable livelihoods.
Globally, BBZ and PZI have partnered to launch banking change, a three-year global community investment programme aimed at lending support and supporting financial inclusion through the development of savings-led community finance activities.
“In Zambia, our $500,000 partnership with Plan Zambia International is focused on providing access to basic financial services for over 10,500 people in two districts of Chibombo and Mazabuka.
“This partnership also provides a great opportunity for both parties to complement Government efforts in addressing issues relating to providing access to savings-led finance to thousands of people,” Mr Salasini said.
The project would be conducted through a tested methodology of a community based savings called the Own Savings for Asset and Wealth Creation (OSAWE), which means ‘don’t fall.’
As opposed to hand outs, the initiative allowed communities to mobilise their resources from which they could borrow and invest in various micro enterprises to sustain their lives.
Through the joint efforts, BBZ and PZI aimed at improving impact by pioneering innovations in community finance methodology as well as increase financial inclusion through piloting further financial services products and channels.
“Our partnership with Zambia will go a long way in helping to reduce poverty levels and improve access to financial services for marginalised people, including those affected by and living with HIV and AIDS,” Mr Salasini noted.
“To do this effectively, our community investment focuses on four key areas namely; youth development and education, financial inclusion, preventive health and environmental sustainability. We believe that investing in these areas provides us with the best opportunity to support sustainable solutions in our communities,” he said.
PZI country director Tim Budge said his organisation had been implementing community based micro-financing programmes since 2007 in all its operational districts namely Mansa, Chadiza, Chibombo and Mazabuka.
“Currently the programme has 11,540 participants with a total of K1.5 billion mobilised through personal savings. Barclay’s support in this initiative will help us increase the outreach in two districts of Mazabuka and Chibombo in the next three years to a target of 10,500 direct beneficiaries,” Mr Budge said.
[Times of Zambia]