Finance Bank sets aside K20m for SMEs loans

Finance Bank
Finance Bank

FINANCE Bank Zambia Limited (FBZ) has offloaded K20 million from its current loan book for onward lending to the local Small Medium Scale Enterprises (SMEs).
FBZ managing director and chief executive officer Barkat Ali said the bank’s loan book has been growing steadily and is currently standing at over K1 billion.
Finance Bank has continued to support economic development through the provision of loans and advances to various sectors of the economy including SMEs.
“Our loan book is growing steadily and is currently standing at over K1 billion of which nearly two per cent is to the SMEs,” Mr Ali said.
He said in Ndola that, the bank has recorded significant growth in the number of active customers from 105,000 in January 2012, to over 150,000 in March 2014, highlighting  growth of 43 per cent.
“Arising from the growth in customer numbers, the banks deposit base which is an important measure of performance, has grown from K798 million in December, 2011 to over K2 billion in December, 2013,” Mr Ali said.
In this regard, Finance Bank already invested K20 million towards the branch expansion programme which has seen its foot prints grow by six new outlets from 49 in 2011 to 55 in 2014.
FBZ has also invested K8 million towards new product developments aimed at increasing banking solutions and providing added features such as life assurance products.
Mr Ali said the institution was committed to ensure that customers are guaranteed access to quality banking services across all the  eleven provinces of Zambia.


Times of Zambia