Minister of Finance Alexander Chikwanda has called on banking institutions to lower the interest rates and effectively contribute to poverty eradication.
Mr Chikwanda says currently the high interest rates have reduced and pre-empted the economy growth prospects.He said this when he officially opened a new Indo-Zambia Bank branch in Mungwi district.
Mr Chikwanda said it is clear that banks play a critical role in the development of the country’s economic growth.
Paramount Chief Chitimukulu has praised government and Indo-Zambia bank for bringing financial services closer to the people in rural areas.
Indo-Zambia Bank Managing director Maheshkumar Bansal said the banking facility has continued to invest and expand its services and products because of the confidence that it has in the Zambian economy.
Speaking at the same function bank of Zambia director for non financial institutions supervision Visscher Bbuku urged commercial banks in the country to expand their services and products to rural areas.
And Northern Province Minister Freedom Sikazwe said the opening of the bank in Mungwi district will enable people in the area to be productive while reducing poverty levels.