Kalyalya calls for financial inclusion of SMEs

By Staff Reporter

Bank of Zambia Governor, Denny Kalyalya says financial inclusion strategies that do not give adequate attention to the small and medium enterprise (SME) sector, are unlikely to succeed.

Speaking when he officially opened the Alliance for Financial Inclusion (AFI), 12th SME Finance Working Group and 14th Financial Inclusion Strategy Peer Learning Group meetings, Kalyalya said that the fact that the SME sector accounts for a significant portion of any economy makes it an obvious target for enhancing financial inclusion.

“There is need for policy makers to critically look at every challenge that is seen to be standing in the way of achieving financial inclusion goals, with a view to finding a solution,” he said.

Kalyalya said that without appropriate policy interventions that facilitate access to financial services to the disadvantaged, the vulnerable segments of society will remain trapped in the vicious cycle of poverty.

He said access to financial services was an enabler for achieving the goal of inclusive societies where citizens take part in the socio-economic development of their countries.

And AFI deputy executive director, Norbert Mumba has encouraged policy makers to urgently strengthen the existing national strategies and frameworks for support to micro, small and medium enterprises.
Mumba has further called for the building of strategies and policies that are responsive and able to mitigate the impact of climate change.