The proposed NAPSA bill is likely to promote home-grown entrepreneurship, competition in the banking sector and enhance economic self empowerment among Zambians. It will also help bring alternative investment finances which will help citizens to venture into various income generating activities for a genuine quality life style.
Undeniably, the proposed NAPSA Act will buttress competition in the banking sector and also improve the livelihoods of Zambian citizens. Its a good bill and timely because the life expectancy of Zambians which is somewhat cited to be below the 65 years retirement age, therefore its important that the principal beneficiaries they too participate in the enjoyment of their return on their labour investment effort.
However, there is need for increased investment and financial literacy campaign so that the beneficiaries can acquire business skills and knowledge on how to spend the money and generally management of wealth creation. NAPSA may even require to establish a business development and support services unit and provider investment mentorship programme. Certainly the commercial bank lending rates in the medium to long terms are likely to go down once the NAPSA Act comes into play.
