CHIKWANDA

By JULIUS PHIRI
 –
ACTING Republican President Alexander Chikwanda has directed banks to spearhead Zambia’s revolution of sustainable development.
Mr Chikwanda, who is also Finance Minister said, when commissioning the new National Savings and Credit Bank (NATSAVE) branch in Chipata yesterday, that Government -sponsored financial institutions  availed more meaningful commitments and access to loan facilities.
He said some of the Government lending institutions had staff costs which did not reflect sensible lending activities.
“I am now directing all the banks to offer flexible banking systems in giving of loans to our people,” Mr Chikwanda said.
He said Government would do everything possible to encourage banks to aim at a wider outreach.

He said the culture of savings in the country needed to be cultivated and strengthened, adding that  savings were crucial and essential prelude to investment.
Mr Chikwanda said the levels of investment in any country were determinants of development and said Zambia’s development had stalled because of exceedingly low levels of investment.
He said Government, would in a few weeks, embark the capitalisation of the bank to equip it in order to bring its information technology status to the levels of other banks.
He said NATSAVE had made a commendable decision to open a branch in Chipata.
NATSAVE Board chairman, Chiselebwe Ng’andwe hailed Government for the visionary leadership and recognition of financial inclusion which was a key strategy to stimulating economic development, especially in rural areas.
He said NATSAVE was grateful to the Government for recognising the bank as a key player in the promotion of financial services, especially in rural areas where private sector investment was sluggish because of profit considerations.
Dr Ng’andwe said the bank was willing to deepen its presence  in the Eastern Province and other rural provinces through its ambitious branch expansion programme.