• BANK of Zambia Governor Michael Gondwe receives a gift from Finance Bank Zambia managing director and chief executive officer Barkat Ali, while out-going Copperbelt Permanent Secretary Stanford Msichili looks on. This was during the official opening of Finance Bank Jacaranda Branch and the launch of a new product-Makumbi Banking in Ndola yesterday. Picture by CHATULA KAMPO
By CHATULA KAMPO –
BANK of Zambia Governor Michael Gondwe has implored financial institutions to increase the extension of credit to viable businesses and Small and Medium-scale Enterprises (SMEs) to rural areas.
Dr Gondwe said SMEs in rural areas lacked access to credit to enable them start and grow businesses.
He said increased access to financial services was critical in improving income-generating opportunities and living conditions of the people.
Dr Gondwe urged financial institutions to continue investing and expanding their businesses in order to reach out to a large population in the country.
He said this yesterday during the official opening of Finance Bank Jacaranda Branch in Ndola and the launch of a new product – Makumbi Banking at the shopping mall, some three kilometres from the Zambia International Trade Fair arena.
Jacaranda becomes the 55th branch in the Finance Bank Zambia network.
“As the regulator, we will ensure active and meaningful participation in the financial sector in our economy.
“We will continue to facilitate viable branch expansion and the introduction of new and innovative financial products that will tap saving and channel them into investment,” he said.
Finance Bank Zambia managing director and chief executive officer Barkat Ali said the financial institution had recorded a growth of 43 per cent as at March, this year.
He said the bank had set aside over K30 million for branch expansion, refurbishment and installation of new Automated Teller Machines (ATM) countrywide.
Mr Ali said Makumbi Banking was a simplified web-based banking that would enable customers to access banking services using mobile phones, Ipads, and computers, as well as ATMs and point-of-sale machines.
