'Zambians' participation in economy glaringly absent'
By Misheck Wangwe
Thu 06 Feb. 2014, 14:00 CAT
ALEXANDER Chikwanda says the participation of Zambians in the economy is glaringly absent, largely on account of there being no institutions of development of various entrepreneurs that can turn to capital requirements.
And Chikwanda, who is finance minister minister and currently acting president, says President Michael Sata is in control of the country and in full command of the PF development agenda aimed at mitigating the levels of poverty among the citizenry.
Speaking when he opened the Natsave Lumwana branch yesterday, Chikwanda said the government was capitalising the bank so that it could modernise and have adequate resources to lend at reasonable rates.
And Bank of Zambia Governor Dr Michael Gondwe said there was increasing paradigm shift in consumer behaviour facilitated by developments in information technology and communication sectors.
"A survey conducted in 2009 established that only 37 per cent of the population uses formal and informal financial services, while 63 per cent are financially excluded. This is due to lack of physical access to financial service providers. It is important that financial institutions strive to bring financial services close to the public," Dr Gondwe said.
And NATSAVE managing director Cephas Chabu said the bank would continue to offer the required financial solutions to rural populations in the country.
Meanwhile, Chikwanda told Patriotic Front told Patriotic Front officials who attended the opening of the Natsave branch that useless squabbles among some party officials should not be allowed to divide the ruling party.
Chikwanda said with the PF, the country's interests would always be bigger than any individual's interests.
He said everyone in the PF must set an example of selflessness and tolerant leadership.
"If we become a party driven by useless squabbles and divisions, we are not going to attract anyone from other parties to join us. What will be the attraction? What will be the incentive or the purpose of other people joining us if you are always quarreling? Your responsibility is to guide our people in development tasks. We want you to show leadership," Chikwanda said.
He said President Sata's desire was to have party officials that would discuss issues in an honest manner and settle all differences amicably.
"You must learn how to maximise tolerance and accommodation of each other's opinion. People will always have differences. Even if you belong to the same mother and father, it's normal to differ, but what is important is to resolve those differences. Party officials, I want you to know that these things called affection, loyalty and respect are a reciprocal; if you don't respect people, they will not respect you and if you don't love people; they will not love you," Chikwanda said.
Labels: ALEXANDER CHIKWANDA, BOZ, CEPHAS CHABU, MICHAEL GONDWE, NATSAVE
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Financial services are blood to the econmy - Gondwe
By Misheck Wangwe in Mpongwe
Sat 29 June 2013, 14:01 CAT
BANK of Zambia governor Dr Michael Gondwe says the country desires favourable financial services that will significantly contribute to the fight against poverty and reduce income inequality between the rich and the poor.
Speaking when he opened the National Savings and Credit Bank (NATSAVE) Mpongwe branch yesterday, Dr Gondwe said that financial services play an important role in improving income-generating opportunities and overall improved living conditions among households.
He said better access to finance not only increases economic growth, but also helps to fight poverty.
"The role that financial services play in an economy is sometimes compared to the significant role that blood plays in the human body. It should be stressed that no economy can function efficiently without good financial products and services," Dr Gondwe said.
He said the opening of the branch by NATSAVE in Mpongwe was expected to spur economic growth and contribute to ease the access to financial services which had for a long time been a hindrance to economic development in the district.
Dr Gondwe said the bank had continued to implement the Financial Sector Development Plan that would address various weaknesses in the Zambian financial system, among them being the low financial intermediation and limited access to finance.
"BoZ has incorporated financial inclusion as part of its current strategic plan in which it has undertaken to achieve financial inclusion to 50 per cent of the population by 2015 from the level of 37.3 per cent. The rationale for this objective is that it responds to the need to bring the poor into the financial system and thereby avail them the opportunities to financial access and growth," Dr Gondwe said.
NATSAVE board vice-chairperson Fred Siame said the bank had in the recent past opened Chavuma branch in North-Western Province and Kalabo in Western Province, and plans were underway to open the Lufwanyama branch next month, all in an effort to meet the financial needs of the people in rural areas.
Siame said the bank was confident that the NATSAVE branches that had been opened would stimulate the districts to achieve the much needed development.
Bank managing director Cephas Chabu said the bank's resolve was to continue making a difference in the lives of the people both in the rural and urban areas by banking the unbanked and creating access to financial services through the opening of branches and delivering affordable financial products.
Labels: MICHAEL GONDWE, NATSAVE
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Financial services are blood to the economy - Gondwe
By Misheck Wangwe in Mpongwe
Sat 29 June 2013, 14:01 CAT
BANK of Zambia governor Dr Michael Gondwe says the country desires favourable financial services that will significantly contribute to the fight against poverty and reduce income inequality between the rich and the poor.
Speaking when he opened the National Savings and Credit Bank (NATSAVE) Mpongwe branch yesterday, Dr Gondwe said that financial services play an important role in improving income-generating opportunities and overall improved living conditions among households.
He said better access to finance not only increases economic growth, but also helps to fight poverty.
"The role that financial services play in an economy is sometimes compared to the significant role that blood plays in the human body. It should be stressed that no economy can function efficiently without good financial products and services," Dr Gondwe said.
He said the opening of the branch by NATSAVE in Mpongwe was expected to spur economic growth and contribute to ease the access to financial services which had for a long time been a hindrance to economic development in the district.
Dr Gondwe said the bank had continued to implement the Financial Sector Development Plan that would address various weaknesses in the Zambian financial system, among them being the low financial intermediation and limited access to finance.
"BoZ has incorporated financial inclusion as part of its current strategic plan in which it has undertaken to achieve financial inclusion to 50 per cent of the population by 2015 from the level of 37.3 per cent. The rationale for this objective is that it responds to the need to bring the poor into the financial system and thereby avail them the opportunities to financial access and growth," Dr Gondwe said.
NATSAVE board vice-chairperson Fred Siame said the bank had in the recent past opened Chavuma branch in North-Western Province and Kalabo in Western Province, and plans were underway to open the Lufwanyama branch next month, all in an effort to meet the financial needs of the people in rural areas.
Siame said the bank was confident that the NATSAVE branches that had been opened would stimulate the districts to achieve the much needed development.
Bank managing director Cephas Chabu said the bank's resolve was to continue making a difference in the lives of the people both in the rural and urban areas by banking the unbanked and creating access to financial services through the opening of branches and delivering affordable financial products.
Labels: BANKING, MICHAEL GONDWE
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