What are the sources of financing for education in Zambia?

Louis Nkengakah

12 months ago

What are the sources of financing for education in Zambia? The National Strategy on Financial Education for Zambia sets out the framework for improving the financial education of the Zambian population. The primary objective of the Strategy is to empower Zambians with knowledge, understanding, skills, motivation and confidence to help them to secure positive financial outcomes for themselves and their families by 2017.

The development of the Strategy was commissioned by the Bank of Zambia and was co-funded by the UK’s Department for International Development’s (DFID’s) Financial Education Fund (FEF) and by FinMark Trust. The development of the Strategy was overseen by the Financial Sector Development Plan (FSDP) Financial Education Working Group, with technical support from FinMark Trust.

This Strategy outlines the priority financial education programmes for Zambia, together with the principles which will be employed in implementing them. The contents of the Strategy take account of information and views provided by stakeholders, including at two stakeholder workshops held in October 2010 and November 2011, an analysis of the FinScope Zambia 2009 survey findings1 and a stock-take study.

How is education financed in Zambia?

The sources of financing of education in Zambia are:

Government: The government is the largest source of funding for education in Zambia. In 2021, the government allocated 18.7% of its budget to education. This funding is used to pay for teachers’ salaries, school infrastructure, and textbooks.
International donors: International donors also provide significant funding for education in Zambia. In 2021, the United Kingdom, the United States, and the European Union were the largest donors to Zambian education. This funding is used to support a variety of programs, including teacher training, school construction, and scholarships.
Private sector: The private sector also contributes to the financing of education in Zambia. Some private companies provide scholarships to students, while others donate money to build schools or support educational programs.
Individuals: Individuals can also contribute to the financing of education in Zambia by donating money to schools or educational organizations.

The following are some of the challenges in financing education in Zambia:

Limited government resources: The government of Zambia has limited resources to invest in education. This is due to a number of factors, including high levels of poverty and unemployment.
Inadequate infrastructure: Zambia’s education system is facing a shortage of classrooms, teachers, and textbooks. This is making it difficult to provide quality education to all students.
High costs of education: The cost of education in Zambia is rising, making it difficult for some families to afford to send their children to school.

Despite these challenges, the government of Zambia is committed to improving access to quality education for all Zambians. The government is working to increase funding for education, improve infrastructure, and make education more affordable.