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Amid a surge in financial scams, the 2025 Financial Literacy Week has kicked off with a strong focus on educating individuals on scam detection, responsible investing, and financial security.
For the first time in history, the national awareness campaign was launched outside Lusaka, with this year’s activities taking place in Mazabuka, Southern Province
The initiative, celebrated alongside Global Money Week, runs under the theme: “Think Before You Follow, Safeguard Your Money.”
Speaking at the launch event at Mazabuka Girls Secondary School, Pensions and Insurance Authority (PIA) Registrar and Chief Executive Officer, Namakau Ntini, raised alarm over the devastating impact of scams, noting that some victims have lost their entire savings and pensions, leading to extreme distress.
“Scammers are on the rise, with some people losing everything. Sadly, we have even seen cases where victims have taken their own lives after falling prey to these schemes. Financial literacy has come at the right time,” Ntini said.
Her concerns were echoed by Securities and Exchange Commission (SEC) Chief Executive Officer, Phillip Chitalu, who cautioned against blindly following investment schemes without due diligence.
“Many people fall victim to scams because they invest without thinking—they just follow. The first investors usually see huge returns, but those who join later are the ones who suffer losses. We are here to spread awareness and promote productive investments that grow the economy,” Chitalu stated.
Bank of Zambia (BoZ) Governor, Denny Kalyalya, in a speech read on his behalf by BoZ Director of Finance, Freda Tamba, warned against rising financial scams, including pyramid schemes, cyber fraud, and phishing attacks.
“We urge individuals to be mindful of the financial risks in today’s digital world. Fraud, cyber-attacks, and pyramid schemes are rampant. Always engage only with licensed financial service providers and be extremely cautious when sharing personal financial information,” Kalyalya advised.
He also encouraged the public to scrutinise investment opportunities before committing funds, emphasising the need for financial discipline and awareness.
“Be vigilant against unsolicited emails and offers that seem too good to be true. Protect yourself from scams by staying informed,” he added.
Southern Province Permanent Secretary, Naman Moonze, emphasized that financial illiteracy was a key driver of fraud, particularly with the rapid rise of digital transactions.
“There is no easy money. You must work for it, plan for it, then spend. We cannot grow the economy if we are financially illiterate and do not know how to save,” Moonze stated.
With financial scams on the rise, regulators are urging Zambians to verify investment platforms, engage only with licensed financial entities, and adopt cautious financial habits.
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