The Swedish International Development Cooperation Agency (SIDA), a government organization that manages approximately half of Sweden’s budget for development aid, recently signed an agreement with Financial Sector Deepening Zambia (FSDZ), a Zambian nonprofit organization that “provides information, innovation, and impact to increase financial inclusion”[4] local development organization that also operates in Kenya, to “build the financial capabilities of women and youths and reduce the gender gap”[1] as well as to increase financial inclusion in Zambia.The agreement, which is known as Women’s Financial Inclusion (WIN), is in effect for three and a half years from June 2016. SIDA will be providing the project funding, and FSDZ is responsible for project management and execution. WIN is valued at approximately SEK 28.4 million (approximately USD 3.4 million).
The Swedish Ambassador to Zambia, Henrik Cederin, explained that “there are four key interventions proposed under the WIN Agreement including; i) increased financial inclusion and capabilities of young Zambians; ii) increased financial capabilities and uptake of financial services for rural women’s farming activities and household expenditures; iii) increased uptake of financial services and support services including financial education for women owned and operated [small, medium enterprises] SMEs; and iv) results and learnings disseminated widely in Zambia and sub-Saharan Africa”[2].
As of 2016, SIDA manages approximately SEK 43 billion (approximately USD 5 billion). No financial information on FSDZ is available.
By Imke Herholdt, Research Associate
About Swedish International Development Agency (SIDA)
The Swedish International Development Agency (SIDA) is a government organization that operates under the auspices of the Swedish Foreign Ministry. SIDA administers approximately half of Sweden’s budget for development aid. As of 2016, SIDA manages approximately SEK 43 billion (approximately USD 5 billion). SIDA is headquartered in Stockholm and cooperates with other Swedish government agencies, NGOs and international organizations such as the United Nations, the European Union and the US-based World Bank Group.
About Financial Sector Deepening Zambia (FSDZ)
Founded in 2013, Financial Sector Deepening Zambia (FSDZ) is a development organization that “seeks to expand and deepen the financial market throughout Zambia”[4]. FSDZ works with local financial service providers, policy-makers and stakeholders within civil society with the aim of expanding the country’s financial sector, deepening financial inclusion, and improving access to financial services for small and medium-sized enterprises (SMEs), small-holder farmers and low-income households. No financial information on the organization is available.
Sources and Additional Resources
[1] The Post: SIDA, FSDZ sign K36m deal to enhance financial inclusion
[2] fsd Zambia: Swedish Sida and FSDZ sign Women’s Financial Inclusion Agreement
[3] MicroCapital Universe Profile: Swedish International Development Agency (SIDA)
[4] FSDZ
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