Speaking during the official launch of the first ever Kwacha denominated Barclays Bank credit card in Lusaka last evening, Bank of Zambia Governor Dr. Michael Gondwe says the Central Bank appreciates the role Barclays Bank plays in the banking sector as it was the first bank to introduce ATMs.
Dr. Gondwe says the credit card launched is a very prominent product in many developed countries across the world and that it will add value to Zambia’s economy.
He says despite these cards not being common in developing countries such Zambia, the central bank is proud to see the banking sector responding well to banking services challenges.
He says the initiative by Barclays Bank should potentially contribute to an increase in the number of people holding credit cards and taking advantage of the range of benefits that can be derived from their use.
Dr. Gondwe adds that with the growing emphasis on trade within the regional groupings like SADC and COMESA, plastic money in the form of credit cards, is increasingly becoming a very practical way of facilitating settlement of cross border transactions, and therefore should promote inter and intra-regional trade among member countries.
And Barclays Bank Zambia Managing Director, Saviour Chibiya, says the credit cards offer benefits ranging from purchasing goods and services which a customer can pay for at a later date to bringing in the element of convenience that eliminates the need of carrying large sums of money when one travels.
Mr. Chibiya states that credit cards are not only important for individuals and businesses; but are also an important aspect of continued economic growth.