An Evaluation of the Central Bank’s Role in Promoting Financial Access and Protection for Youth in a Mid Income Country

Abstract

Purpose: The purpose of the study was to evaluate the Central Bank’s role in promoting financial access and protection for youth for the period 2020-2023. The Central Bank has a focus on financial inclusion for children in its strategy and sought to develop a financial inclusion strategy under strategic direction number five (5). Materials and Methods: Non-probability sampling technique was employed using a sample of 60 employees of the Bank of Zambia. A mixed method embedded design was applied. Data was gathered via a questionnaire and interviews. Descriptive analysis was employed to analyze quantitative data whereas thematic analysis approach was used to analyze qualitative data. Findings: The findings show that the Bank of Zambia has not done fairly well in offering digital financial services for the youth, except from engaging in financial literacy. Furthermore, another major discovery in this research is positive impact that financial technology had because of its services which made access to financial services easy and that people no longer needed to visit the bank branch but used Internet. In terms of interim performance of the Bank of Zambia, this study discovered that the bank has not done much. The barriers to financial inclusion for young people include lack of financial literacy and lack of appropriate financial products. Conclusion: An evaluation of the central bank’s role in promoting financial access and protection for youth was done using an explanatory sequential mixed-methods design. This mixed-methods design provides interesting insights into establishing the state of implementation of Strategic direction 5. The conclusion drawn is that promotion of financial literacy and financial empowerment, particularly for children has not happened and as such the strategic direction has not complimented the National Financial Inclusion Strategy (NFIS) objective to improve the quality and availability of financial products and services for minors. Recommendations: This study recommends among other things to increase financial capability in the provision and demand for young financial services and products, engage in increased sensitization and education of both supply and demand side players.

Keywords: Financial products and services, youth, children, financial literacy, financial inclusion.

DOI: 10.7176/EJBM/17-7-09

Publication date:August 31^st 2025