Financial institutions challenged to create awareness on financial matters.

Kapiri Mposhi District Commissioner, Beatrice Sikazwe has challenged financial institutions to create awareness on financial matters amongst the general public.

 

Ms. Sikazwe has also implored financial institutions to design products tailored to suit people engaged in small economic enterprises such as marketeers.

 

The DC noted that financial institutions have a key role to play in educating the public on financial matters and the culture of saving.

 

She stated that financial institutions such as Banks should make every effort to interact and create financial literacy amongst the people.

 

Ms. Sikazwe said this when she officially opened the new Zambia National Building Society (ZNBS) Kapiri Mposhi Branch.

 

She noted that most Zambians especially those in the rural areas have little knowledge on how they can utilize financial institutions to enhance savings.

 

“Financial exclusion is not because the institutions are not reaching all corners of the country but because we are not aware about the available products that these institutions are offering so banks should go out to the people and pass on their knowledge,” Ms. Sikazwe said.

 

Meanwhile, Ms. Sikazwe has requested ZNBS to ensure that its customers in rural areas also benefit from the mortgage facility that the institution was offering for people to own decent housing.

 

Recently government recapitalized ZNBS to the tune of K165 Million for disbursement of mortgages to Zambians.

 

And ZNBS Director- Banking and Operations Fanwel Chibuye said his institution has intensified provision of information aimed at increasing knowledge on the importance of saving through its various banking products.

 

Mr. Chibuye said ZNBS has also set out to expand its branch networks in the country and was engaged in periodic review of its products in order to move with latest trends.

 

He said through its Product Development Committee, the Bank was  looking at conceptualizing  products that will be tailored to respond to specific needs of groupings engaged various economic activities such as agriculture in Kapiri Mposhi.

 

“we are aware that economic activities in this part of the country is biased towards agriculture in this regard ZNBS does carry out reviews of the product offering  and make necessary adjustments  to carter for these groupings to unlock opportunities and create sustainable wealth for all our customers”, Mr. Chibuye said.

 

And Mr. Chibuye said ZNBS decided to move to a new building in order to enhance its service delivery to its grown customer base in Kapiri Mposhi district.

 

He said the institution has also embarked on refurbishment of all its branches in the country.