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Stanbic Bank Zambia and development organisation CARE Zambia have signed a memorandum of understanding to help women entrepreneurs, savings groups and underserved communities access formal banking services and financial skills, the organisations said on Monday.
The partnership will support CARE beneficiaries and community groups to open bank accounts, access financial services and receive financial literacy and financial capability training.
It will also promote women’s economic empowerment through Stanbic’s Anakazi proposition, which offers financial solutions, networks and opportunities aimed at women and their businesses.
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“Women are already making an extraordinary contribution to Zambia’s economy. They are building businesses, creating jobs, supporting households and investing back into their communities,” Eunice Mundla, Stanbic Bank Zambia’s head of personal and private banking, said.
Mundla said the partnership would help entrepreneurs strengthen their businesses, improve financial confidence and access tools needed to expand.
CARE Zambia Country Director, Chikwe Mbweenda, said the partnership would connect more women, entrepreneurs and community groups to financial knowledge and formal banking services.
“By partnering with bank, we can help connect more women, entrepreneurs and community groups to financial knowledge, banking services and opportunities that support business growth,” Mbweenda said.
The partnership comes as financial inclusion and access to finance for women, youth and small businesses remain key areas of focus for Zambia’s economic development.
The two organisations said the partnership would help beneficiaries transition from informal savings and business activities into the formal financial system and create opportunities for businesses to grow.
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