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The German Sparkassenstiftung for International Cooperation has been operating in Zambia since 2012 through a partnership with the Bank of Zambia (BoZ) and collaborations with other regulators like the Pensions and Insurance Association (PIA) and the Security and Exchange Commission (SEC).
The Bank of Zambia (BoZ), together with the other regulators, is mandated to lead the nation’s financial education agenda. To achieve this agenda, BoZ has, in partnership with the German Sparkassenstiftung, developed and implemented the National Strategy for Financial Education (NSFE). To fulfil this national aspiration, the Bank of Zambia (BoZ) and the German Sparkassenstiftung for International Cooperation signed a Memorandum of Understanding (MoU). The objective of the MoU was to reduce poverty of excluded and disadvantaged parts of the Zambian population through improving access to financial services and enabling participation in economic activities. Both parties agreed to provide fundamental knowledge on financial services to various target groups in Zambia that include children, youth and adults under the NFIS and NSFE framework.
The German Sparkassenstiftung for International Cooperation Zambia took the leading role in the organization of the World Savings Day and Financial Literacy Week initiatives in Zambia.It also works closely with local partner organisations and trainers to strengthen the basic financial education in Zambia by delivering hundreds of trainings to small businesess.
The German Sparkassenstiftung for International Cooperation Zambia operates within the framework of the Head Office in Bonn, Germany. The foundation of German Sparkassenstiftung is the German Savings Banks Finance Group, a group of hundreds of retail banks, associations, and specialized financial institutions, committed to provide financial services particularly to people of all social backgrounds and to small and medium-sized enterprises (SMEs).