Barclays Bank to expand microfinancing by 2010

Barclays Bank to expand microfinancing by 2010
By Bright Mukwasa
Monday March 17, 2008 [03:00]

BARCLAYS managing director Zafar Masudi has said the bank is targeting to become the largest microfinance institution in the next two years. In an interview after the tour of Lusaka city market on Saturday, Masudi said Zambia had lots of opportunities for the creation and development of microfinance projects. Masudi said the bank was in the process of finalising a plan for the microfinance projects.

“We’re in the process of finalising the plan for the microfinance projects and our target is to become the largest microfinance bank in two years time (2010),’’ said Masudi.

He said the microfinance development programmes were crucial to the existence of the bank.

Masudi said the bank had already done preliminary planning to the development of microfinance projects and was likely to start implementing the programme in the third quarter of 2008.

He disclosed that the bank would move swiftly and strategically in taking up existing opportunities on the market and eventually capitalise on them.

Masudi further said the Zambian banking market had a promising and impressive growth, which gave the bank a lot of enthusiasm in terms of its expansion programmes.