Government has commended Zambia National Building Society for the important role it has continued to play in the financial sector.
Speaking during the launch of the refurbished ZNBS Solwezi branch, North-Western province minister Dawson Kafwaya said since its inception over 45 years ago, the institution has promoted socio-economic growth of the country through the provision of mortgage financing and other financial services such as short-term personal loans and savings products to Zambians.
Mr. Kafwaya said the official opening of the newly refurbished branch which cost ZNBS K1 milliom was a testimony of the society’s continued fulfillment of its objectives of top-class service delivery.
“Just a month ago, the institution was launching the women’s mortgage promotion which was received with great excitement by the women of Zambia as it was aimed at promoting women’s access to mortgage finance.
“And now, the facelift done to Solwezi branch signifies the importance that ZNBS attaches to its customers in Solwezi and the surrounding areas,” said Mr.Kafwaya.
He said Government had noted with excitement the development at ZNBS following the recent recapitalization of the institution to a tune of K165 million in the 2014 national budget.
Mr.Kafwaya observed that Solwezi was a fast growing economic hub and predominantly mining region providing the country’s economic mainstay.
“The town has seen the coming in of massive investment in the last 10 years and is well positioned for entry of financial players into the space, and ZNBS has this opportunity to tap into this market and contribute meaningfully to the development of this town by providing a wide range of products for people to choose from,” said Mr. Kafwaya.
The provincial minister reiterated Government’s commitment to ensuring that a conducive environment was created for all financial sector players to operate and provide financial services and create financial awareness so as to achieve 50 percent financial inclusion by 2016.
And Bank of Zambia (BoZ) regional director Fabian Hara said Government and the central bank has engaged financial service providers in a bid to foster a reduction in the cost of credit.
Mr. Hara said although interest rates have declined over the years, there was still need for financial service providers to engage in innovation and practices that reduced costs and consequently lower interest rates .
“We therefore believe that ZNBS as well as other financial service providers are able to reduce the cost of their services. This will no doubt benefit clients and enable them to be productive and contribute to the general economic welfare of the country.” Mr. Hara said.
Meanwhile, ZNBS managing director Joseph Chikolwa said Government’s commitment to improving infrastructure in the country especially the road network will help the business community and the citizens to have access to various services including financial services.