Zambia’s Financial Sector can be classified into the following main categories:
In recognition of the strategic importance of the development of the financial sector, Government devised and formulated policy mechanisms for addressing the identified obstacles within the framework of the Poverty Reduction Strategy Paper (PRSP) whose implementation started in 2002. In June 2004 the Financial Sector Development Plan (FSDP) covering the period 2004 – 2009 was approved.
The FSDP is both a vision statement and a comprehensive strategy to address the current weaknesses in the Zambian financial system. It is aimed at guiding efforts to realise the vision of a financial system that is ‘stable, sound and market-based and that would support efficient resource mobilisation necessary for economic diversification and sustainable growth.’ The governing bodies for the main categories in the financial services sector are members of the Financial Sector Development Plan steering committee.