High interest rates worry Chikwanda


COMMERCIAL banks in Zambia have been challenged to offer simple, affordable products and services to their customers.

Finance minister Alexander Chikwanda said he had been concerned with high cost of services and borrowing, especially the high interest rates.

Officially opening the Finance Bank Mansa branch yesterday, Mr Chikwanda said his Government would like to see commercial banks offer affordable products and services to their customers.

“I am fully aware that high interest rates impact negatively on the economic activity and therefore would like to stress Government commitment to mitigate this impact by managing our finances more prudently in the hope of reducing interest rates,

“ This way financial service providers can then pass the benefit of low interest rates to micro, and medium enterprises,” he said.

Mr Chikwanda commended Finance Bank for introducing children’s’ and pensioners accounts which he said was going to cultivate the culture of savings in the children as they became adults of tomorrow.

He also said the savings out of pension funds would create entrepreneurship among retirees that would see them through their lives.

And some residents expressed gratitude to Finance Bank management for bringing a second branch to Mansa in addition to the one in Samfya.

Categorized | Business

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