Financial accessibility is key to socio-economic development

Bank of Zambia (BoZ) Bank Supervision Director Norbert Mumba has said access to finance is critical in securing socio-economic development for people in the country.

 

Mr Mumba said government wants to secure positive development for Zambia through increased access to financial services.

 

Mr Mumba was speaking to ZANIS in Lusaka today at the AB Bank Zambia official Kalingalinga branch opening ceremony.

 

He said the setting up of the bank in areas like Kalingalinga was critical in reducing the cost of financial services by Zambians and has since praised the bank for its decision.

 

And Munali area Member of Parliament Nkandu Luo has said people in her constituency stand to benefit from the newly established branch because they will not have to go to town or other places to access banking services.

 

Professor Luo who is also Minister of Chiefs and Traditional Affairs stated that having a bank in the area is a step in the right direction.

 

Meanwhile, Ministry of Finance Deputy Minister Keith Mukata has called on banks to establish branches in rural areas especially in the newly created districts.

 

Mr Mukata said the banking and financial services sectors are among the major drivers of economic development.

 

The deputy finance minister added that government was working tirelessly to translate economic growth into sustainable benefits not only for profit making organisations but for all citizens especially those living on less than a dollar a day.

 

And the AB Bank Chief Executive Officer (CEO) Michael Berleon says it is the bank’s desire to increase its reach in the country by establishing at least two branches a year.

 

Mr Berleon said the bank had already identified some zones where to open up branches adding that the bank currently has 10, 000 clients, 200 staff and about 3,000 outstanding loans for Micro Small and Medium Enterprises (MSMEs)

 

AB Bank Zambia Limited is a registered Commercial Bank in Zambia and a member of the Access Holding network which specialises in Microfinance Banking.

 

The Main targets of the bank are the Micro, Small and Medium Enterprises as well as the low income earners.