Indo Bank Zambia thinks big for economically disadvantaged women

Indo Zambia Bank Administration and Public Relations Manager Herbert Tembo

Indo Zambia Bank is planning to roll out its micro-credit programme which aims at providing affordable loans to economically disadvantaged women.

The programme is helping bridge the financial gap among poor communities through provision of loans to women’s clubs and inculcating in them, a culture of saving.

Indo Zambia Bank Administration and Public Relations Manager Herbert Tembo has told QTV Business News at the just ended Agriculture and Commercial Show that the programme is currently in Lusaka and Chisamba and that the bank want to take it to other provinces so that more women can benefit.

Mr. Tembo says the bank has realized that SMEs are the backbone of growth and thus the need to empower them with finances so that they can help in the growth of the country.

Mr. Tembo says the programme encourages women to make groups and access the loans and that they can pay the loan at a later stage saying this has proved to the bank that it is helping women to be financially stable in communities.

He explains that the rate of interest for the loan is concessionary, and has no security as the self-help groups are required to deposit their savings with the bank.