Indo Zambia Bank Ltd - Zambia
Financial literacy refers to the set of skills and knowledge that allows an individual to make informed and effective decisions with their financial resources. For women entrepreneurs, financial literacy is important in ensuring sound credit and debt management as well as making financially responsible decisions for themselves and for their businesses. In short it is a stepping stone to financial stability. Financial literacy skills can be obtained in several ways, ranging from reading to training.
Why is financial literacy important for women entrepreneurs?
Women entrepreneurs often lack financial skills and knowledge to get their business off the ground or to the next stage of growth.
Financial literacy helps the women and youth entrepreneurs understand how to access finance, how lenders and micro-lenders operate, and an awareness of sound credit management practices are some of the issues that need to be addressed to empower them
Name of Institution:
Indo Zambia Bank provides financial literacy services on record keeping, importance of saving money with the bank, various bank services and products available, financial management in addition to working with the women’s groups. The bank has a Self-Help Group scheme to finance women’s groups and this scheme has been operational since October 2008.
Enrollment Procedure / Requirements
There is no enrollment procedure as existing and prospective customers undergo financial literacy advisory services at the time of making inquiries for accessing the credit products and other bank services and products. A resource person is also on hand to provide one-on-one advisory services. There are also periodic visits to business units and meetings of women’s self-help groups.
Cost: This service is free of charge and with the planned creation of a digital platform, the bank hopes to make information available online for entrepreneurs to access regarding financial literacy training and advisory services.
- Preparation of financial records, quality of financial data, formats for financial data capturing;
- Suitability of products and services requested;
- Financial forecasting and management;
- Business management; and
- Information required for different types of products and services and relevance of such information.
Other areas of training
E-banking training provided to the Ministry of Finance and Ministry of Home Affairs by the bank though its IT Department. The bank provides training on request to customers.
Services which are beneficial to women entrepreneurs
- Provision of after sales services;
- Financial literacy and advisory services at public gatherings like conferences seminars and workshops, on invitation; and
- Trade fair and show exhibitions where the bank provides advisory services and explains the bank’s products and services to women and youth.
Ms. Karen Mutale Chilando
Manager, Credit and Head of Corporate Credit
Plot No. 6907, Cairo Road
P. O. Box 35411 Lusaka
Tel: +260 211 229164 Ext 142 / +260 211 225080 / +260 211 224653
Tel/Fax: +260 211 238959
Mobile: +260 976943364
Email: firstname.lastname@example.org & email@example.com