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2017 Financial Literacy Week Awards

The National Organising Committee of the Financial Literacy Week Awards held the Governor’s Financial Literacy Week Awards ceremony on 30th may 2017. 

In his remarks, Pensions and Insurance Authority (PIA) Registrar, Mr. Martin Libinga said financial education remains one of the key cornerstones in the development of the financial sector and Zambia has over the last years made strides in this regard.

However, he said that research still showed that knowledge on pensions and insurance industry matters remains low.
 
“The 2015 Finscope revealed that most Zambians lack information on pensions and insurance and this is one of the reasons why people do not participate in the sector. In addressing this challenge, the PIA has identified consumer education as one of its key objective in the 2016-2018 strategic plan and has devised various strategies aimed at increasing awareness in the sector ," said Mr. Libinga.

He said consumer education also helps to protect pension scheme members and insurance policy holders as they become aware about their rights and obligations.  

On financial inclusion, Mr. Libinga said the Authority would continue to support industry and had so far approved a number of  micro-insurance products.

“This has helped in ensuring that low income earners who would ordinarily not afford traditional insurance products. Similarly, the authority is working on developing micro-pensions, which will be aimed at the informal sector who currently not covered in the pension’s structure are covered,” said Mr. Libinga. 

And speaking during the same event,  Bank of Zambia Governor, Mr. Danny Kalyaya said that the financial services sector remained an important sector to the Zambian economy with annual contribution to Gross Domestic Product (GDP) of about 3 percent over the last three years. 

“With concerted efforts on financial inclusion and financial literacy awareness programmes, the financial sector is bound to grow and increase its contribution to GDP even further. You will agree with me that this development can provide a solid base for reducing poverty especially if the source of growth is diversified,” said Mr Kalyaya. 

During the ceremony, 26 individuals and institutions were awarded and winners included Mr. Webster Twaambo of Professional insurance in the individual category for the role he has played in raising awareness on insurance through his weekly column in the Times of Zambia which he has been running for the last five (5) years. Mr. Twaambo has also written a book on insurance titles “Basics of Insurance”.

Other winners from the insurance industry were Madison Group (Madison General Insurance, Madison Life and Madison Asset Management) for their complemented efforts culminating into a wide outreach during the Financial Literacy and Madison Life under the Innovative category for their micro insurance product “Tilitonse” which costs K1 per day making it affordable even for low income earners.

The Governors Financial Literacy Week awards recognizes individuals and institutions for their effort in financial education during the Financial Literacy Week and throughout the year.