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Alba Iulia
Monday, February 17, 2020

Zambia’s long-term economic prospects remains positive-Standard Chartered Bank

Economy Zambia's long-term economic prospects remains positive-Standard Chartered Bank

Standard Chartered Bank chief executive officer for Africa and the Middle East, Sunil Kaushal (L)
Standard Chartered Bank chief executive officer for Africa and the Middle East, Sunil Kaushal (L)

STANDARD Chartered Bank has rated Zambia as being among the top four markets whose long-term economic prospects have remained positive.

Visiting Standard Chartered Bank chief executive officer for Africa and the Middle East, Sunil Kaushal said the bank will continue to demonstrate its firm commitment to Zambia through investment in its banking systems and digital platforms.

“Investing in Africa, and indeed Zambia, to make it a regional powerhouse is a key priority in the bank’s new strategy. As such, Standard Chartered is set to enhance its digital capabilities, technology platforms and wealth management solutions in Zambia over the next few years,” Mr Kaushal said in a statement issued in Lusaka yesterday.

Standard Chartered, which has a rich 150-year history in Africa, is set to enhance its digital capabilities, technology platforms and wealth management solutions in Zambia over the next few years.

“We celebrate 110 years in Zambia; we remain fully committed to our partnership with the Zambian private and public institutions and to providing world-class products, services and banking innovation to our clients. This country is one of the markets which will receive additional investments to enhance our capabilities,” Mr Kaushal said.

He cited the current replacing of its automated teller machines as demonstrating the bank’s determination to provide 21st century smart banking solutions to meet the changing needs of its clients.

The bank pledges to remain the leading bank in Zambia, supporting key sectors of the economy, including mining, agriculture, telecommunications and major service industries and bringing in the continued much-needed capital and innovative financing solutions to support growth, diversification and job creation.

The bank is also enhancing its wealth management proposition, including Bancassurance products offered through the partnership with African Life Assurance.

Commenting on the visit, Standard Chartered Bank Zambia chief executive officer Andrew Okai said: “Mr Kaushal’s visit affirms that Zambia’s long-term economic prospects are recognised by the Standard Chartered Bank Group. While 2015 was a challenging year, we remain positive about the country’s long-term economic prospects. We will continue to support our valued clients through the changing economic landscape.”

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  1. There is a bunch of haters who don’t want to hear this perspective because the only way they win is by signing doom and gloom songs. The outlook for the smart people of the Zambian Enterprise has never been brighter.

    The fundamentals have always been strong and our better days lie ahead. Just keep the flame burning to the right hand, the future is in our hands. Let’s stand and sign of Zambia … proud and free!!

    • This must be the only country where people pray for misfortune, to achieve political mileage.
      They love to hear the country will face a fuel shortage and even predict the shortage on account of rumours of a contaminated feedstock consignment that Government has rejected. By estimating a replacement shipment they can already conclude a shortage will occur and quickly they announce the prediction.
      This is a country where a food shortage will be predicted with tremendous glee and anticipation because it will show how incompetent Government has been in failing to bring about the normal rainfall.
      And when in anticipation of the shortage Government announces measures to import maize, the opposition cried foul because it will be denied the opportunity to prove its prediction.

    • @B R Mumba, Sr
      I hope you know what “long-term” means? It doesn’t mean tomorrow. For PF, unfortunately, the gauntlet can not be ‘long-term.’

    • That long term prospect will be good only WHEN PF are kicked out. Otherwise Zambia is doomed under the #PartyForChronicFlipFloppers.

  2. Standard chartered bank is s bussiness looking for favorable investments, might as well ask shopright how happy they are in Zambia.

  3. Only people on social media don’t see the many economic opportunities in Zambia. People are building houses, small construction companies are thriving, Banks are giving out loans to small businesses and most are doing well, it may not be smooth sailing, but things are moving.
    A foreigner will today get into Zambia, see an opportunity, thrive and 5yrs later you will still be on social media complaining, insulting each other. Wise up.
    Dont be fooled. Zambia is not poor. No political party will come in and dramatically change your (personal) social and economic status for the better.
    Good luck.

    • Zambia is wealthy but PF are ruining the economy with 300% electricity tariffs, over 20% inflation, a useless depreciating Kwacha, and massive debt. If you think a political party cannot ruin a country just see what has happened to Brazil and the looting at Petrobas. Or Argentina which has defaulted on international loans. Both are good countries that have been mismanaged into the ground.

  4. Zambia economic bench marks still remain strong despite these challenges being faced now. The country economic propect is still bright. VIVA PF and ECL.

    • Don’t expect the unborn baby to be on ECL’s score card. Voters go by the number of empty plates on the table today, not by the sound of an empty promise for a feast tomorrow.

  5. The fundamentals that create this positive outlook have been built up over a long period of time. Leaving management to Kadansa & his Minister of Plenty (q.1984) will destroy these benchmarks. Ask EAZ, chamber of mines, MAZ, ZACCI, Dhodia’s fimofimo,etc they will tell you the same.

  6. The long term? Sure, Zambia still has plenty of land, a good climate, lot’s of water, and other natural resources. The work force isn’t that reliable or educated, corruption abounds, government debt has skyrocketed, and the power deficit will take years to sort out, but in the “long term” there’s plenty of time to deal with all that.

    What really matters, however, especially when life expectancy is just 57 years, is the medium and short term. Not so long ago, those looked pretty good too!

  7. Remember Archimedes: “Give me a fulcrum and a place to stand; I can, with a lever, long enough, move the whole world.” That’s what long-term means. In the long-term, anything is possible. The challenge is, we are never there. We are always in the here and now. The trick is to find Archimedes’ ‘place where to stand,’ in the universe. Great and splendid though that sounds, it’s void; merely a platitude.

    • Are you sure that this is what Archimedes said at a time when people thought the world was flat and later on Galileo was excommunicated from the Roman Catholic Church for saying that the earth goes around the sun and not the other way round.? I can’t argue, I was not there. The finality of death even Matty P, my contemporary, is gone. Death is the one thing that will happen 100%.

    • @Meimatung
      You are plain wrong. Stop misusing your classics education on an Economic forum. Economic projections ARE very relevant as a tool to plan and invest in any economy. If you want to invest would you grab a book from the classics shelf and look for a quotation or would you head to Bloomberg to seek economic projections on the Best In Show performers?

  8. While critical political leaders are whining and growling, here is an investor who says Zambia’s long term economic prospects are positive. No amount of negative political rhetoric on the international front will influence investors’ perception of the positive macroeconomic factors under the hard working administration of ECL. Despite the current challenges, under this administration, Zambia is headed for economic BOOM!

    • @Microscope. This is the nature of politics. “Man west, man east, man north, man south”, it is everywhere. In America, when Obama took over, the American economy was on its knees caused by the greediness of the bankers but you have the republicans claiming that Obama has made the economy worse despite it being one of the best performing economy in the west and they want to make America great again. Learn to live with it, this negativity, and may the best man win the elections based on merit and not on -ism.

  9. Paying Tax enables the Government of the Republic of Zambia to attend to the Health needs of People in Kaputa. To pay a Civil Servant in Mufumbwe. To pay meal Allowances for CBU and Unza Students.
    By Apologizing to Fred Mmembe , a known Tax Dodger, A Defrauder of Government Banks, an Economic Saboteur, and the embodiment of Thievery on a Grand Scale, the UPND Leader Hakainde Hichilema is telling us what he means by Fiscal Discipline. What a Shame! We have people , International Bankers who understand what is going on with our Economy – and not this Impostor who wants to perpetuate Mmembe’s hold on the people of Zambia. August 11 , 2016 Mmembe’s thieving empire and his proxies should fall.

    • Economic projections ARE very relevant as a tool to plan and invest in any economy. If you want to invest would you grab a book from the classics shelf and look for a quotation or would you head to Bloomberg to seek economic projections on the Best In Show performers? Zambia is among the runners for Best in Show. Desirable.

  10. How can they have economic prospective’s when they have uneducated politicians some without a grade 12? It’s like a blind person leading the blind. It cannot and will not work. The president is a vision-less person with no leadership so what do you expect! When you have a government full of Kambwili’s is a recipe for disaster.

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