By MAIMBOLWA MULIKELELA
 –

BARCLAYS Bank has launched Zambia’s first ever Kwacha denominated
credit card on the market that will enable the cardholder to purchase goods and services and pay for them at a later date.
Bank of Zambia (BoZ) governor Michael Gondwe said the launch of the
first credit card in Zambia would contribute to sustainable growth of the
banking sector.
Dr Gondwe said affordable and innovative banking solutions play a
critical role towards sustainable growth of the financial sector and
that of the economy.
He said the central bank was committed to empowering the Zambian
people through the provision of affordable, accessible and convenient
banking services.
Speaking at the launch of the credit card in Lusaka on Wednesday
evening, Dr Gondwe said credit cards had a long-established history of
extensive usage around the world.
Dr Gondwe said despite the cards not being common in developing
countries including Zambia, the Central Bank was happy that the banks
were making a transition by offering affordable payment
solution.
“Let me challenge all commercial banks to work towards introducing
credit cards. We are keen to promote the use of non-cash and more
efficient payment systems for convenience, flexibility and security,” he said.
Dr Gondwe said this was one of the instruments that could contribute to
the promotion of financial inclusion.
With the growing emphasis on trade within the regional economic groupings like the Southern Africa Development Community (SADC) and Common Market for Eastern and Southern Africa (COMESA), plastic money in the form of credit cards are becoming common.
“Let me assure the public that we at the Bank of Zambia are firmly focused on ensuring that affordable interest rates prevail in the market consistent with the policy of increasing access to loan funds,” Dr Gondwe said.
Meanwhile, Barclays Bank managing director Saviour
Chibiya said the bank had a vision of making customers’ lives much
easier.
Mr Chibiya said credit cards revolutionised consumer spending
habits and changed the face of business.
Credit cards offer benefits ranging from purchasing goods and services
that one can pay for at a later date to bringing in the element of
convenience that eliminates the needs of carrying large sums of money
when traveling.