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Barclays targets unbanked population

Barclays targets unbanked population
By Chiwoyu Sinyangwe
Wednesday January 30, 2008 [03:00]

BARCLAYS Bank of Zambia (BBZ) managing director Zafar Masud has observed that the unbanked population in the country has remained big despite “tremendous” growth in the financial sector. In an interview in Lusaka, Masud said there was need to intensify education campaigns among the sector of populations that remained uncaptured by the banking sector.

He said the growth of the financial sector in the country would be meaningless if the majority of the local people did not participate in the “tremendous growth the sector has been recording in recent times.”

“The overall performance of the economy has continued to be bright and financial sector which is obviously the determinant of this growth is bright,” Masud said. “But of course compared to this growth, the unbanked population is still very big and this would restrain further growth in the sector.”

Masud said BBZ had embarked on an aggressive campaign to go into the unbanked market to help bridge the gap.
“We are working on a plan to tap into the unbanked market and I think what is key is to educate people on the benefits of banking,” Masud said.

“I think it is going to be key to bring the unbanked population into the banking cycle, and without achieving that, further growth will always be restrained, and that is why as Barclays, we have to go into the unbanked market which remains our focus.”

Masud, who was recently appointed to head BBZ also said the future of the country’s financial sector looked bright.
“I have absolutely no doubt in my mind that the way things are going in Zambia, the banking sector will be a different ball game altogether in the next two to three years,” said Masud.

Labels: BARCLAYS BANK

posted by MrK @ 5:52 AM