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ENTREPRENEURSHIP

Kwacha Fish and Chips (Living in the Legacy)

Opening the event, the UNCDF Regional Technical Specialist multiple income streams to meet the financial needs of the
remarked “This is an exciting time for women in Zambia as family. Across all income levels, mothers take on various
well as for digital finance. As financial service providers are part-time jobs in the formal or informal sector in order to
increasingly looking to expand their customer base, they meet household expenses and support their children. 65%
may find the keys to unlocking a critical customer segment – of mothers run their own business, typically in an informal
women, through this research. Perhaps financial services can setting, as their primary income, while 27% have an additional
help ease the ‘labour pains’ of being a Zambian mother.” side business. Zambian mothers need DFS that address
the challenges they face in accessing more-productive
The keynote address at the research launch was given by Dr. markets and dealing with seasonal inconsistencies, that allow
Tukiya Kankasa-Mabula, Deputy Governor of Administration flexibility in payments and that help them save and reduce
at the Bank of Zambia. Expressing the commitment of the risk.
Central Bank to improving financial inclusion for all Zambians,
with a focus on women who are largely excluded from the Mothers may be the key to unlocking education payments
formal financial system, Dr. Kankasa-Mabula noted that, via DFS
“The UNCDF report clearly highlights what we at the Bank Across all income levels and geographies, mothers valued
of Zambia have always believed, that women should not be education—both their own and that of their children—and
type cast into a singular model, but should rather be seen saw it as a means to improve their family’s welfare. Even
as individuals with independent needs. Not recognizing this when women had to halt their education, 31% stated that
individuality leaves an untapped market that could otherwise they aspire to either improve their education or ensure their
contribute to the bottom line for financial service providers children are educated. The desire to learn and be educated
and increase financial inclusion.” could provide another pathway for financial service providers
to help women become more financially literate and save
Understanding the needs, wants and aspirations of Zambian towards education goals. This motivation, coupled with the
mothers time-poverty of mothers, make them potentially very good
champions and providers-of-feedback for education-focused
he research findings indicate that the financial lives products.
of Zambian mothers are dynamic and multifaceted,
which means they require diverse financial services What next?
at various times in their lives. Some of the key Calling the DFS ecosystem to act on the insights shared
Tfindings shared at the launch event were that all from the research, DFS Expert Zerubabel Kwebiiha Junior
mothers save but mostly at home. noted that the Zambian market did not necessarily need
“pink products” targeting only women, but rather a review
63% of Zambian mothers save. 38% do so at home, while of existing digital finance products that meet the needs of
29% use mobile money. Of those that primarily store money mothers as outlined in the study followed by the creation of
at home, 69% were rural inhabitants. Living expenses, marketing strategies that effectively target mothers.
emergencies and school fees rank as the top three Leveraging the findings from the research, UNCDF will be
savings motivators, indicating that savings products that organizing a design sprint in Q2 2019 and inviting interested
help mothers reach these goals could serve an important DFS providers and FinTechs to participate and work towards
pathway for introducing financial services. Zambian mothers’ the design and implementation of DFS products and
aspirations to save, even small amounts for various expenses marketing strategies tailored to suit the characteristics and
and emergencies, present an opportunity for DFS providers needs of women, thereby contributing to the advancement of
to help formally bank them by offering affordable, accessible digital financial inclusion in Zambia.
and easy-to-use products that help them reach their goals.
Mothers are the original ‘gig economy workers’ and rely on

17 The Africa We Want