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Access to financial services in Zambia

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  • de Luna Martinez, Jose
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    Abstract

    Despite the deep financial sector reforms undertaken in Zambia in the early 1990s, the expected benefits of establishing a market-based banking system has not materialized. In 2005 the banking system continued to be small and underdeveloped. Credit to the private sector by banks represented only 8 percent of GDP in 2005, which is slightly lower than the level registered in 1990. As in the early 1990s, only large corporations and a few small- and medium-size enterprises have access to credit in 2006. Moreover, less than 8 percent of Zambia's adult population had a bank account in 2005. And despite the open door policy to foreign financial institutions, which has been in place since Zambia's independence, only a few new banking products have been introduced by foreign banks to serve the needs of households and firms. This paper analyzes the factors that have prevented the development of a large and inclusive banking system in Zambia and highlights possible actions that may help improve access to finance in Zambia in both the short and long terms.

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    Bibliographic Info

    Paper provided by The World Bank in its series Policy Research Working Paper Series with number 4061.

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    Date of creation: 01 Nov 2006
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    Handle: RePEc:wbk:wbrwps:4061

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    Related research

    Keywords: Banks&Banking Reform; Financial Intermediation; Financial Crisis Management&Restructuring; Corporate Law; Banking Law;

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    1. Enrica Detragiache & Poonam Gupta & Thierry Tressel, 2006. "Foreign Banks in Poor Countries: Theory and Evidence," IMF Working Papers 06/18, International Monetary Fund.
    2. de la Torre, Augusto & Gozzi, Juan Carlos & Schmukler, Sergio L., 2007. "Innovative experiences in access to finance : market friendly roles for the visible hand ?," Policy Research Working Paper Series 4326, The World Bank.
    3. Anjali Kumar, 2005. "Access to Financial Services in Brazil," World Bank Publications, The World Bank, number 13821, October.
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