Banking on Women: How Zambian Financial Institutions Are Shaping the Future

By: Subulwa J. Sitimela

Banking on Women: How Zambian Financial Institutions Are Shaping the Future

There’s a quiet but significant shift happening in Zambia’s financial landscape, and it’s hard to miss. Walk into any bank today, and you’ll notice products like Her Banking, Anakazi banking, and services specifically tailored for women. These are more than just marketing gimmicks—they’re strategic moves based on a growing realization: women are not only a large part of Zambia’s population, but they are also becoming increasingly vital to the country’s financial ecosystem.

Women as Zambia’s Economic Drivers

Let’s take a step back. Women make up 51.1% of Zambia’s working-age population and head nearly 29% of households nationwide. While historically underrepresented in formal employment, the tide is turning. Female participation in formal financial services has surged from 19.8% in 2009 to 58.6% in 2020. When you include informal financial services, that figure jumps to an impressive 67.9%.

These numbers matter. They show that women are no longer just participants in the financial system—they’re becoming a driving force. From entrepreneurs to breadwinners, their role in the economy is expanding. Financial institutions are paying attention.

Strategic Moves by Banks

So, why are banks in Zambia rolling out women-centered products like hard banking and Anakazi banking? It’s simple: they’re thinking long-term. Banks have realized that while women’s financial inclusion might not yet rival men’s, it is growing steadily. By creating products that cater to women now, they are positioning themselves to grow alongside this key demographic.

For example, some banks are offering discounted fees for women-led businesses, preferential loan terms, and financial literacy programs. These aren’t just incentives—they’re investments. By making it easier for women to save, borrow, and manage money, banks are laying the groundwork for a loyal customer base that will expand as women’s financial influence increases.

What’s Driving This Shift?

1. Population Dynamics: Women already make up a slight majority of Zambia’s population. With nearly half of the population under the age of fifteen, it’s clear that decisions made today will shape tomorrow’s economy—and women are central to that future.

2. Household Leadership: With more women heading households, their role in managing family finances is more pronounced than ever. This means banks that cater to women are effectively reaching entire families.

3. Economic Participation: Women’s formal employment and entrepreneurial activity are growing. The creation of women-specific financial products reflects the recognition of their increasing economic contribution.

The Role of Financial Inclusion

Despite this progress, women still face barriers to financial inclusion. Many remain in informal employment or rely on informal financial services due to limited access to formal banking. However, initiatives like women-centered banking are chipping away at these barriers.

Digital banking tools are another game-changer. Mobile money platforms, for instance, have provided women in rural areas with access to savings and credit services that were previously out of reach. Financial institutions are recognizing that meeting women where they are—literally and figuratively—is key to capturing this market.

Why It Matters

This isn’t just about banking; it’s about shaping the future of Zambia’s economy. As more women gain access to financial resources, they can invest in education, healthcare, and businesses, driving development for entire communities. Banks that understand this aren’t just making business decisions—they’re making decisions that will influence Zambia’s economic trajectory.

What Can We Learn?

It’s fascinating to see how financial institutions are connecting the dots. They’ve studied the statistics, observed the trends, and acted decisively. They know that by supporting women now, they are building a foundation for future growth.

But it also raises some questions:

• How can we ensure that this growth in financial inclusion reaches rural women and those in informal employment?

• What role should government policy play in supporting women-centered financial initiatives?

• Are these products designed to evolve as women’s financial needs grow?

As Zambia continues to navigate the “Great Wealth Transfer” and rising financial inclusion among women, these are the conversations we need to have. The decisions banks make today are shaping not just their futures, but the future of our economy.

What do you think—are we doing enough to prepare for this shift? Or is there more we can do to ensure no woman is left behind?

Author: Subulwa J. Sitimela (Portfolio Management, Expert in Commercial Banking)