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Women are better at servicing financial obligations – Kapwepwe

Women are better at servicing financial obligations – Kapwepwe
By Joseph Mwenda
Tue 09 Mar. 2010, 04:20 CAT

FINANCE deputy minister Chileshe Kapwepwe has said women are better at servicing their financial obligations than men despite having less access to financial service products.

During the Bank of Zambia (BoZ) Women Entrepreneurs Awards on Sunday evening at the Mulungushi International Conference Centre, Kapwepwe noted that only 11.6 per cent of Zambian women had access to financial services through banks.

“Access to finance is a particular issue for women entrepreneurs at all stages of business development, in spite of the good record that women are much better than men in servicing their financial obligations,” she said.

Kapwepwe said studies conducted under the financial sector development plan (FSDP) indicated that levels of access to financial services remained low.

“Only one third of Zambia’s adult population was reported to have access to financial services or products while only 11.6 per cent of women were banked compared to 17.5 per cent of banked men,” she said.

She challenged banks and financial institutions to play their role in order to facilitate growth of businesses, which she said were largely dependant on loan facilities.

“Facilitating equitable and easy access to finance is key to unlocking the entrepreneurial potential amongst our women. No nation can expect to succeed in the global economy of the 21st Century if half of its people lack the opportunity and the right to make the most of the God-given potential,” said Kapwepwe.

About 15 financial institutions awarded women entrepreneurs for their outstanding performances in their various businesses.

Among the outstanding recipients was a former Zambia Airways airhostess Chiboshi Amusaa who was awarded by Madison Premier finance for having successfully opened business houses across the country despite having been unemployed since the demise of the government-owned airline.

Barclays Bank awarded Charity Chilatu for managing to borrow and repay her loans on time, Standard Chartered Bank awarded Mannase Zulu for being the youngest entrepreneur and Mariah Nkonde for being a marketeer for 20 years.

Mariah has enrolled in grade eight and Standard Chartered Bank would give her a loan to expand her business. Development Bank of Zambia awarded Veronica Rider for establishing Kansanshi Hotel in Solwezi while Pan African Building Society awarded Joyce Chileshe for having dealt with the bank for a long time.

FINCA Zambia, First Alliance Bank, CETZAM, Zanaco, Banc ABC, Microbankers Trust, Indo Zambia Bank and First National Bank also awarded various deserving entreprenuers.

Labels: BANKING, CHILESHE KAPWEPWE, WOMEN

posted by MrK @ 6:53 PM