KALONDE NYATI, Lusaka
GOVERNMENT has called on financial cooperatives to operate within the confines of the law and urged men to take an active role in savings groups to complement women’s efforts in providing for household needs.
Minister of Finance Bwalya Ng’andu observed that some financial cooperatives are operating without following regulations for financial service providers and have ended up being pyramid schemes defrauding unsuspecting members of the public.
“Some financial cooperatives have tried to combine the cooperatives model with savings groups and village banking model without following rules that govern the formation of savings groups,” Dr Ng’andu said.
He said this yesterday when he officiated at the Zambia Institute for Policy Analysis and Research (ZIPAR) and Rural Finance Expansion Programme (RUFEP) dissemination meeting of study findings on “Why men and youth shun savings groups and the state of financial cooperatives in CLICK TO READ MORE