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Effects of Financial Regulation of the Performance of Micro Finance Institutions (MFI) in Zambia: A Case of Micro Finance Zambia Limited
(University of Lusaka, 2025) KAKUNGU, Ngela
The 2008 debacle in the global financial systems brought into focus the issues of proper regulation of the key players and sub-sectors in the financial markets, especially the MFIs. This research seeks to examine the effects that financial regulations have on MFIs, taking Micro Finance Zambia Limited as the subject of analysis. Basing the research on the tenets of micro- and macro-prudential regulation, the research demonstrates how regulation maintains the stability of the economy, protects the interests of stakeholders, and fosters sound financial practices, though at the cost of slowed financial activity. This paper also looked into other factors that define performance to assess their impact on the
operations of MFIs, including market structure and liquidity. Using a descriptive research design, this study sought to establish the level of engagement of students in the study of the chosen subjects, with a 102-participant response representing a 98% response rate from participants who were given questionnaires. It is established that financial regulations play a major role in determining the performance of Micro Finance Zambia Limited through the way governance is structured, risk controlled, and the fostering of stability. Other factors that were established to influence financial status included the market structure and microfinance liquidity, which are affected by environmental characteristics such as corruption, legal origin, and economic policy, among others, hence complicating the achievement of microfinance regulation goals. The study concluded that Zambia’s financial regulations act as both constraints and resource factors to MFIs. Although compliance may adversely affect financial performance in the short run, it is anticipated to bolster institutionalization and long-term performance. It is suggested that MFI operations should be adjusted to financial regulations, market structures should be used to improve performance, and liquidity should be effectively managed to support growth. These measures are important in promoting the stability and efficiency of the microfinance sub-sector in supporting the parliamentary economic development objectives for Zambia.
The Impact of Public Health Expenditure on Health Outcomes in Zambia
(University of Lusaka, 2025) SAELA, Nawa
Government health expenditure is critical in enhancing the health and welfare of human capital as well as promoting economic growth. Thus, the objective of this study was to examine whether public expenditure allocations to the health sector improves health outcomes in Zambia. Zambia’s public health spending has been increasing in both nominal and real terms. It increased from K2.7 billion in 2015 to K23.2 billion in 2024 (MoFNP, 2024). The country also made steady progress in reducing under five mortality rates from 75 deaths per 1,000 live births in 2014 to 42 deaths per 1,000 live birth in 2024 (MoFNP, 2022; ZDHS, 2024). Therefore, it was imperative to investigate whether the improved health outcomes as measured by the decline in under-five mortality could be attributed to increased public health spending. To achieve its objectives, the study used the co-integration technique and the Vector Error Correction Model (VECM) considering that most economic variables are characterized as non-stationary thereby yielding spurious regression results. After achieving stationarity, the model was then estimated using the Ordinary Least Squares (OLS) method on annual time series data for under-five mortality rates (dependent variable), per capita public health spending, per capita income, immunisation (against measles), and total fertility rates for Zambia for the period 2000 to 2021 obtained from the World Bank Database (World Development Indicators). While the limitations of this study are acknowledged and results may be interpreted with caution, this study did not find evidence that per capita public health expenditure improves health outcomes in Zambia. Instead, the results provide evidence that per capita income and total fertility rates are key determinants of health outcomes in Zambia. Specifically, the elasticity for per capita income was found to be -0.29, implying that a 10 percent increase in per capita income results in a 2.9 percent reduction in under-five mortality. This study points to the fact that the Government of Zambia should implement policies aimed
at promoting sustainable economic growth considering the impact of real per capita income on health outcomes. Additionally, Government should endeavor to increase its budgetary allocations to the health sector to a minimum of 15% of the national budget in line with the Abuja Declaration in order to improve health outcomes.
Determining the Factors Influencing Credit Card Usage in Zambia: A Case of ABSA Bank Zambia
(University of Lusaka, 2025) NYIRENDA, Natasha Tatiana
There are many factors which affect electronic banking adoption among financial institutions especially in developing countries, so this study was done to identify them with reference to credit card usage by banks in Zambia. According to Jensen (2003), other countries in Africa, except South Africa, house their Internet infrastructure only in major cities-with the result that accessing most services cannot be done through echannels, due to culture since such technology is still a new innovation in people's life and made useless with culture. This researcher used three main specific objectives such as; the extent of income levels affecting the usage of credit cards in Zambia, the influence of financial literacy on the usage of credit cards in Zambia, availability of digital infrastructure and its effect on credit card usage in Zambia, and the effect of credit card awareness on usage. The researcher used descriptive research design of study under quantitative approach in order to better analyse the study. With the help of primary and secondary data collection instruments such as questionnaires and documentary analyses, the required data were collected. The study revealed that several factors in adoption and use of credit card exist, but analysed factors income level and credit card awareness as well as credit card costs under its usage. These account for usage for purposes of acquiring goods both in the country and outside. Using the correlation co-efficiency model developed by Spearman The statistical data regarding the association between Absa Bank Zambia customers' use of credit cards and their level of financial literacy is provided in Table 4.7. The results show that income level has a high positive correlation with credit card usage of 0.598, with a sig of.000, which is less than 0.01; the sample size is 370, and the significant level is 0.01. Researchers determine that variables are connected when the significance level (sig.) is below the threshold. It is therefore concluded by the researcher that there is a statistically significant correlation between factors affecting the usage of credit card and usage of Credit Cards by Clients of Absa Bank Zambia, implying that they are many factors which affect the adoption and usage of Credit Cards.
An Evaluation of the Impact of Statutory Reserve Requirements on Economic Stability in Zambia: A Macroeconomic Perspective (2023Q1 – 2024Q2)
(University of Lusaka, 2025) NAKAWALA, Natasha
This study examines the impact of Statutory Reserve Ratio (SRR) adjustments on economic stability in Zambia from 2013Q1 to 2024Q2. Economic stability is assessed through four macroeconomic indicators: inflation rate, exchange rate, interest rates, and GDP growth. The study aims to analyze the relationship between SRR adjustments and inflation, examine their impact on the exchange rate, assess their effect on interest rates, and evaluate their influence on GDP growth. The Vector Error Correction Model (VECM) was employed, preceded by stationarity tests using the Augmented Dickey-Fuller (ADF) test and cointegration analysis via the Johansen test. The findings indicate that SRR adjustments have statistically significant effects on macroeconomic variables both in the short and long run. In the short run, an increase in SRR led to a rise in GDP, an increase in inflation, and a depreciation of the exchange rate, suggesting limited immediate stabilizing effects. However, in the long run, SRR adjustments contributed to economic stability by promoting GDP growth, reducing inflation, increasing lending rates, and stabilizing the exchange rate. The study focuses on the 2013Q1–2024Q2 period to capture a full cycle of monetary policy adjustments, including multiple SRR changes implemented by the Bank of Zambia in response to varying macroeconomic conditions. This period provides a comprehensive dataset for evaluating both short- and long-term impacts of SRR adjustments. The findings have key policy implications for central bank decision-making. A carefully calibrated SRR policy can enhance economic stability by balancing inflation control, exchange rate stability, and economic growth. The study recommends that monetary authorities complement SRR adjustments with other policy tools to mitigate unintended consequences on credit availability and investment. Future research could explore how SRR interacts with broader fiscal policies to improve macroeconomic outcomes.
Assessment of the Causes and Effect of Unaccounted - for - Stores in Selected Statutory Public Sector Organisations in Zambia
(University of Lusaka, 2025) KASHIMOTO, Natasha
Public sector organizations in Zambia have serious problems with accountability and efficiency due to unaccounted-for stocks. Investigating the connection between inventory management techniques (i.e., receiving and inspection, record
management, storage procedures, and inventory internal controls) and unaccountedfor stores allowed this study to determine their causes and consequences. Two hundred and ten supply chain experts made up the sample for this correlational study. We used a 5-point Likert scale structured questionnaire to gather data, and then we used Pearson correlation analysis to see whether there were any connections. The results revealed a negative relationship (𝑟 = −0.58; 𝑝 = 0.01) between receiving and inspection practices and unaccounted-for stores, indicating that improved receiving processes reduce discrepancies. Positive relationships were observed between record management (𝑟 = 0.65; 𝑝 = 0.001), storage practices (𝑟 = 0.40; 𝑝 = 0.045), and inventory internal controls (𝑟 = 0.72, ; 𝑝 = 0.011) with unaccounted-for stores. These findings highlight that robust record-keeping, proper storage practices, and strong internal controls are essential for minimizing inventory discrepancies. Improving storage conditions, investing in sophisticated record management systems, enhancing inventory internal controls, and upgrading receiving and inspection processes are among recommendations made in the report. To improve public sector inventory management even further, future studies should compare techniques across African nations, examine the impact of organizational culture, and focus on technology
integration.
Keywords: Unaccounted-for stores, inventory management, receiving and inspection, record management, storage practices, internal controls, public sector, Zambia