Maravi

Mine closures will hit NATSAVE, says Chabu

Mine closures will hit NATSAVE, says Chabu
Written by Florence Bupe
Wednesday, February 11, 2009 9:40:59 AM

NATIONAL Savings and Credit Bank (NATSAVE) business development manager Cephas Chabu has said the bank’s operations will be affected by the closure of mines on the Copperbelt.

In an interview, Chabu said the customer transactions had been negatively impacted on as a result of the challenges being experienced in the mining industry.

“The fact that copper prices are still down means that layoffs are likely to continue and our business growth will be affected as employment levels decline,” he said. “Some of the people affected by job losses, especially on the Copperbelt, are our clients.”

Chabu said the ongoing global economic recession would also affect the bank’s operations, although to a lesser extent.

“Our participation in the international market and our imports are minimal, and so we’re not really affected by external shocks, but in the long run, we expect that there will be an indirect effect on our clientele base,” he said.

Chabu said the bank was instituting measures to mitigate the impact of the prevailing economic challenges.

He disclosed that the bank would open additional branches as way of cushioning operational hiccups in affected areas.

“We are expanding our outreach to address the shocks we are faced with,” said Chabu.

And NATSAVE employees have been awarded a 15 per cent salary increment across the board and an additional 10 per cent for rural based employees as hardship allowance. This followed negotiations between the Zambia Union of Financial Institutions and Allied Workers (ZUFIAW) and NATSAVE management to have workers’ conditions of service improved.

Labels: BANKING, GREAT DEPRESSION II, MINING, NATSAVE

posted by MrK @ 9:40 AM