Maravi

Zanaco's expansion impresses Gondwe

Zanaco's expansion impresses Gondwe
By Gift Chanda
Wed 07 Mar. 2012, 11:59 CAT

BANK of Zambia Governor Dr Michael Gondwe has commended Zanaco's footprint expansion following its privatisation. Officiating at the launch of the Zanaco Easybanking centre in Lusaka on Monday, Dr Gondwe said Zanaco, which is partly owned and managed by Netherlands' Rabobank, has increased its footprint to 199 from a mere 42 since privatisation to cover 74 districts across the country.

The government is investigating the 2007 sale of a 49 per cent stake in Zanaco Bank to Rabobank.

Dr Gondwe said Zanaco's distribution size currently stands at 59 branches, 121 outlets at Zampost offices and another nine agencies in far-flung areas of Chilubi and Shangombo.

"Bank of Zambia as a regulator of financial institutions in the country is proud of such achievements," he said.

"I am particularly proud to note that Zanaco has gone many steps further in ensuring they bring banking services closer to the people of Zambia through initiatives such as the strategic relationship with Zambia Postal Services Corporation (ZAMPOST)...The provision of financial services to the majority of our people, especially those in rural and peri-urban areas as well as small and micro entrepreneurs..."

Dr Gondwe was optimistic that the Easybanking centre marked a significant cheaper alternative to conventional branch-based banking due to its 'one stop shop' setup.

Earlier, Zanaco board vice-chairperson Chintu Mulendema said Zanaco believed that financial inclusion was critical in Zambia's development.

"We also believe that every individual should be empowered to be active players in driving the economy of Zambia. As a result we are committed to ensuring that we bridge the gap between the 40 per cent of people who have access to financial services and those who do not," said Mulendema.

"Our commitment has seen us bring financial services closer to Zambians living in both rural and urban Zambian."

Labels: BANKING, ZANACO

posted by MrK @ 2:32 PM