Zambia Army Commander Lieutenant General Sitali Dennis ALIBUZWI has said the Army remains committed to supporting home grown Banks considering the huge benefit they plough back on the local market.
He said the Army will offer the necessary platform required to market Zambia Industrial Commercial Bank (ZICB) products to both military and civilian personnel.
The Army Commander said this today when Zambia Industrial Commercial Bank Chief Executive Officer Mr Ignatius MWANZA called on him at his Office at Army Headquarters in Lusaka.
Lt Gen Alibuzwi explained that Army personnel have accounts with various Commercial Banks of their choice and have obtained loans from such Banks and other financial institutions. He added that most of the loans were payroll guaranteed while others were recovered directly by the Banks.
He however expressed concerns with some Banks and other financial lending institutions for advancing loans to personnel beyond their 40% take-home threshold. He was also concerned with high interest rates on loans, which he observed make loans unattractive to many Army personnel. He urged the Zambia Industrial Commercial Bank to take advantage of the competitive financial market and provide loans at an affordable interest rate, adding that affordable loans are an effective marketing strategy.
And ZICB Chief Executive Officer Mr Ignatius MWANZA said the Bank is aiming at promoting mortgage products to clients and support the commercialization of medium and small enterprises in the country. He said ZICB, being a local bank, needed support and partnership in promoting the financing of long-term local corporate projects for industrialization.
Mr Mwanza said in order to realize the Bank’s mission of supporting customers’ wealth creation and growth through provision of customer-centric banking solutions to the Bank’s chosen segments in support of commercialization and
industrialization of the Zambian 24/7 economy, the Bank has opened various digital platforms such as, Mobile banking where one can make transfers, pay bills, buy airtime, and wallet with fund transfer capabilities. Others are eTax-(make tax payment Online), eNAPSA – Online NAPSA returns and eNHIMA among others.
Mr Mwanza revealed that in the quest to expand the market, ZICB has partnered with the Ministry of Agriculture through the farmer input support program (FISP), ensuring that the local farmers benefit from Government initiatives. He said ZAMTEL, MTN, AIRTEL and Digital pay Go are some of the partners who have added value to the Bank’s market expansion. He added that Zoona is also the Bank’s other partner whose foot Soldiers help farmers in far-flung areas access FISP.
He is optimistic that ZICB will enter into a Memorandum of Understanding (MOU) with the Zambia Army to allow the Bank provide loans, mortgages and other financial products to Army personnel.
Credit: Zambia Army