Financial laws to undergo review, says Chikwanda


GOVERNMENT intends to amend an array of laws in the banking and financial sector in order to harmonise them and provide services for the marginalised in rural areas, 


Finance Minister Alexander Chikwanda has said.

Mr Chikwanda said the amendments would include the Movable Property Interest Security Bill aimed at helping the marginalised especially in rural areas to easily acquire loans.

Speaking when he officially opened the 34th  National Savings and Credit Bank (NATSAVE) branch in Mpika in Muchinga province, Mr Chikwanda said government would also review and harmonise the Banking and Financial Services Act, Bank of Zambia Act and the  Pension and Insurance Act.

“These Acts will provide a good platform for a well coordinated and supportive legal framework to better support financial inclusion,” he said.

Mr Chikwanda said he was pleased that NATSAVE was doing fine in terms of depositors.

He observed that 90 per cent of people who were accessing loans were paying back which destroyed the myth that Zambians were poor at paying back loans.

He said the Patriotic Front would continue taking financial services in rural areas.

Mr Chikwanda said in order for the nation to develop Government would take development to all parts of the country.

He said the PF Government under the leadership of President Edgar Lunga would continue taking development to all parts of the country while some political parties’ agenda would remain insults, violence, malice and hate speech through one media house.

And NATSAVE managing director Cephas Chabu said the opening of a branch in Mpika was a demonstration of PF Government’s consistent passion for rural development.

Mr Chabu said establishment of an outlet in Mpika would help farmers access different financial products that NATSAVE had.

He told the residents in Mpika to make use of NATSAVE

Meanwhile, Bank of Zambia (BoZ) director and of Non Bank Financial Institutions,  Supervision Departments Visscher Bbuku said BoZ would continue to support financial institutions in mobilising savings to grow the economy but that it could be achieved when customers had access to suitable and cost-effective financial services.

He said BoZ was also committed to increasing the level of financial inclusion in the country through expansion of services outlets.

Mr Bbuku said BoZ had implemented a regulatory framework for agents banking to permit Financial Service Providers to contract third parties to provide certain financial services on their behalf without having to put up brick and motar.

“This model will therefore increase financial inclusion to the majority of the unbanked Zambians at affordable cost to both the FSP and the customer,” he said.

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