Africa, Asia trade corridors to boost Zambia's economy - Melu

Africa, Asia trade corridors to boost Zambia's economy - Melu
By Henry Sinyangwe
Thu 21 Mar. 2013, 14:00 CAT

MIZINGA Melu says the growing trade corridors between Africa and Asia will further boost Zambia's economy. During the 'Over the counter Bankassurance launch' with African Life Assurance on Tuesday evening, Melu said the bank was adapting to the change in the growth of Zambia's economy. She said she expected the Zambia economy to continue growing at over 7 per cent.

"Zambia's economy has been growing faster over the last five years than at any time in history. And Standard Chartered, as a global company operating in Zambia, is adapting to this change. In fact, adapting to change and to our customers' changing requirements, is something we have been doing successfully in Zambia for 107 years," Melu said.

She said responding to customers' local requirements and local conditions was a hallmark of the bank in Zambia.

Melu said the bank remained unique in its presence and capabilities across its customer segments.

"By meeting our customers' current business requirements and working to meet their future requirements, our strategy has been focused on growing our networks and deepening our relationships," Melu said.

She said the bank was targeting to increase insurance penetration to 10,000 customers in the next five years.

"We started with 199 customers in 2009, to a staggering number of 3,400 in 2012. We hope to increase insurance penetration to 10,000 more bankassurance customers through our ever expanding branch network of 24 outlets," Melu said.

She said the introduction of insurance policies had solidified the bank's standing as a 'one-stop shop' for financial solutions.

Melu said the partnership between the bank and African Life Assurance underscored the value and benefits that customers stood to realize from the blend of expertise and synergy.

And African Life Assurance managing director Gary Corbit said his organisation which currently had 700 young employees aimed to expand to all districts of the country.

Corbit said African Life Assurance would aim to continue providing best services.