Government to put up policy measures to foster financial sector

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Government to put up policy measures to foster financial sector

Livingstone, June 1, ZANIS ——-Government says it  will continue to put in place  policy measures that will foster the growth of the financial sector in the country to enhance good cooperate governance.

Southern Province Permanent Secretary Bernard Namachila said government recognizes the role private financial sector play in economic development and would continue to support the private sector- led growth favourable for both local and foreign investment.

 Speaking at the ‘Meet the customer’  event organized by Indo-Zambia Bank in Choma yesterday, Mr Namachila expressed confidence that Choma and the entire Southern province stands to benefit from the notable developmental linkages and product offering from the bank.

He noted that since 2012 when the bank opened its doors to the community, the bank has seen growth  with the branch’s total business mix already close to KR5 million (K5 billion) translating to about 28 per cent in only ten months of its operations.

Mr Namchaila said this growth will significantly enable the bank to play a further enhanced role in the economic arena of the country including, attracting foreign direct investment,  direct deposits of
revenues of passport and citizenship, special micro lending targeting vulnerable among other roles.

He also noted that Indo Zambia Bank will employ a multi segment approach in Choma with special attention to Small and Medium Enterprise (SMEs) adding this was critical in uplifting welfare of
people and delivery of sustainable development.

“Iam also glad to note that Indo-Zambia Bank in Choma will employ a multi segment approach with special attention to SMEs and this is critical because it has the potential to foster tangible economic
gains thus uplift the welfare of our people and ultimately deliver sustainable development,” said Mr Namachila.

“And I wish to invite the business fraternity and Choma residents and other parts of the country to take advantage of the support and services offered by banks such as Indo-Zambia to increase their
participation in the robust economic activities of the country,” he said.

Mr Namachila also said the entry of the bank has enhanced competition in the provincial capital which he noted has accorded the people access to increased range of financial product services.

The Permanent Secretary also implored the bank to extend its various social responsibility programmes to communities of Choma and beyond.

And Indo Zambia Managing Director Shankardas Gupta said it was desirable to open a branch in Choma to actively take part in the economic activities and developments unfolding in Southern province.

Mr Gupta said the bank’s concerted efforts will be to support agriculture and the SMEs sector which are a source of employment for the women and youths.

He explained that the bank which has a network of 21 branches will also help to mobilise Self-help groups of poor people in Choma so that the bank could improve their living standards.

“We have been closely following the economic activities of this area which are being driven by tourism, unprecedented infrastructure development, increased agriculture production and we believe that through our branch here we can supplement government’s efforts in promoting and nurturing inclusive growth and development in the town and beyond,” said Mr Gupta.

The total business mix of the bank in Zambia now stands in the excess of K2.1 Billion (about US$ 4 Billion).