Most Zambians lack access to financial services, according to a survey released by the country's central bank on Wednesday.

The survey, conducted by the Bank of Zambia (BoZ), says access to formal financial services such as banks is low at 22.4 percent.

It found out that the use of bank products by adult Zambians is low with 78 percent of people having never had a bank account.

The survey further indicates that women have higher levels of financial exclusion at 68.4 percent compared with 64.4 percent for men.

Among the reasons for low access to financial services are lack of regular incomes for most people due to high unemployment levels, the high cost of banking services and distance to financial institutions, especially for people in rural areas.

BoZ Governor Caleb Fundanga said at the launch ceremony that the survey was conducted to measure access to and use of financial services so as to help policy makers and financial service providers to develop strategies that will lead to the expansion and improvement of financial access by the majority of Zambians.

"The findings of the survey will help us fully understand the financial landscape and allow us to expand accessibility to financial services in Zambia necessary for reducing poverty," Fundanga said.

Source: Xinhua