Melo News | Thursday, July 25, 2024 | Lusaka
President Hakainde Hichilema announced the official commissioning of the new First Capital Bank Limited Head Office on Church Road in Lusaka today, emphasizing the significant contribution of this milestone to the nation’s growth and the expansion of the banking sector. He highlighted the private sector’s success as a testament to the economy’s stock of assets, with the banking sector averaging 4.3% growth over the past 20 years.
President Hichilema stressed the vital role of banks in enabling the nation’s economic activity by providing tangible solutions and affordable credit for businesses and entrepreneurs. He commended First Capital Bank for its successful operations in Zambia over the past decade and for establishing a regional presence in five additional countries.
The President also emphasized that First Capital Bank is not only a Zambian financial institution but also a SADC bank, expressing the government’s readiness to assist Zambian businesses like First Capital in overcoming any challenges they may face in entering the SADC market. The goal is to grow not only the Zambian economy but also the SADC economy.
President Hichilema expressed satisfaction in the fact that the bank’s majority shareholding is held by Zambians and that it is registered with the Citizens Economic Empowerment Commission. He also praised the Head Office’s “green-rated” architectural design, which incorporates energy efficiency and solar power, aligning with the shared vision for alternative energy solutions.
In light of the El Niño-induced drought adversely affecting energy efficiency, the President emphasized the importance of businesses emulating First Capital Bank’s initiative in generating their own power. This, he said, would help allocate scarce electricity to critical sectors like mining and agriculture.
