Q FM Africa's Modern Radio
BOZ Deputy Governor Bwalya Ng’andu
Bank of Zambia (BOZ) Deputy Governor Bwalya Ng’andu says the move by Finance Bank to open an agency at Rusangu University in Monze is welcome because it not only brings banking services closer to the people but also increases commercial banking presence.
Speaking during the opening of the FBZ Rusangu University agency today, Dr Ng’andu says the move is also in line with government’s objective of increasing access to financial services under the financial inclusion agenda which is spearheaded by the Central Bank through the financial sector development programme (FSDP).
Dr. Ng’andu notes that Finance Bank has an ambitious branch expansion programme which is inspiring as it will enable the public to safely save their monies.
He says it is clear that there is a substantial amount of money which is currently held outside the financial system because banking services are not too easy to access or the nearest providers of banking services are just too far away.
He states that alongside the deposit mobilization effort, FBZ must become an effective financial intermediation agent translating deposits into investment capital to support the business activities of the people of Monze.
And speaking at the same function, FBZ Managing Director Bhakti Ali says the bank’s deposit base has grown from K1.940 billion as at December 2013 to over K2.470 billion as at 31st December 2014.
Mr. Ali stresses that this has been possible because of the faith and confidence which customers have and continue to show in the bank.