Q FM Africa's Modern Radio
Vice President Inonge Wina has implored banks and other financial institutions to develop innovative products tailored for the marginalized and economically excluded sections of society particularly women.
Speaking during the disbursement ceremony of loans worth K3.2 million to 85 women’s self help groups under the Indo Zambia Bank micro credit scheme in Lusaka today, Ms. Wina notes that despite the entry of new banks and expansion of products and services by market players, there are still several parts of the country and numerous segment of the society where formal financial services are still unavailable.
Ms. Wina says the innovative scheme by Indo Zambia bank has the potential to reduce income inequality between the rich and the poor and also contribute to wealth and job creation in the country.
Inonge Wina
She has encouraged the women and the communities at large to form organized groups and make full use of the Indo Zambia bank micro lending scheme through self help groups in order for them to realize their visions and grow their businesses.
Ms. Wina notes that the major secret behind the success of the Indo Zambia bank micro credit scheme can be explained by the waiving of the collateral and guarantee requirements which proved to be barriers for marginalized groups in the past.
The Vice President has since urged other banks and financial service providers to emulate Indo Zambia bank.
And speaking earlier, Indo Zambia Bank Managing Director Shankardas Gupta says the Bank’s initiative is an effort to answer the government and the Bank of Zambia’s continued call for enhanced grassroots focused financial inclusion.
He adds that the initiative also supplements government’s efforts in poverty reduction and employment creation as the beneficiaries are empowered with sustainable self employment.
And Bank of Zambia Deputy Governor for Administration Dr. Tukiya Kankasa Mabula says the bank of Zambia has expanded the financial inclusion agenda to integrate gender mainstreaming in financial inclusion strategies so as to increase women’s access to finance and financial services.