Maravi

Magande links financial sector growth to positive response

Magande links financial sector growth to positive response
By Chiwoyu Sinyangwe
Wednesday June 25, 2008 [04:00]

Finance minister Ng’andu Magande yesterday said the sustainability of the current strong growth of the financial sector in Zambia is dependent on positive response from local people. And Barclays Bank Zambia (BBZ) board chairman Jacob Sikazwe said there was need to devise ways of reducing the use of cash in most transactions in the country.

During the official opening of the University of Zambia (UNZA) branch, the 77th in the bank’s expansion programme, Barclays Bank head of Southern Africa Zafar Masud also said BBZ decided to open a branch at UNZA to provide easy access to finance for most students.

Magande said in recent times, the country was witnessing a strong commitment by BBZ and other banks to contribute to the development of the local financial and capital markets.

“I wish to appeal and encourage Zambians to embrace the culture of banking, as well as that of saving, by utilising the facilities being brought into our communities. Barclays Bank and others will only be encouraged to expand these services if you use them. It is from such active relationships that banks will consider assisting you when need arises,” he said.

Magande urged the students to develop a culture of saving while they remained at school as a way of developing the spirit of entrepreneurship.
“For you students, opening an account now and leaving a small balance of your allowance every month will be a positive reference when you leave campus and you want to venture into business,” said Magande.

Earlier, Sikazwe said there was need to reduce the use of cash in transactions as the country’s economy continued to register strong indicators for growth.
He observed that at the moment the local economy was highly cash-based.
“I am sure the finance minister is working hard that we transform this economy to move away from cash, to plastic money so that we can use credit cards to buy, to sell and to pay for school fees and that is the challenge,” said Sikazwe.

And Masud said: “Our objective by opening a branch is to make banking services more convenient to the university community because we fully understand the busy nature of scholarship both on the part of students and academic staff.”
Finance Bank Zambia also has a branch at UNZA.

Labels: BANKING, MAGANDE

posted by MrK @ 4:07 AM