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Alba Iulia
Monday, January 20, 2020

Zambians’ savings ratios are very low, it’s below 20% of GDP-Stanbic

Economy Zambians' savings ratios are very low, it's below 20% of GDP-Stanbic

Mazabuka General Hospital has a new mothers’ shelter, thanks to Stanbic Bank Zambia
Stanbic Bank Zambia has called for the need to promote a savings culture in the country if it’s to achieve much-needed growth.

“We all need financial security as individuals and we need to create a culture of saving in Zambia, because one of the challenges we have in our economy, is that our savings ratios are very low. We are below 20% GDP of savings. If we compare ourselves to countries like China they are at 44%, Dubai 34%,” said Stanbic Bank Zambia Chief Executive Charles Mudiwa.

Mr. Mudiwa said this during the launch of Stanbic’s new Achiever Banking service, which is a product that is designed to help clients to save and have access to resources, as well as support on lifestyle options.

“As we develop as a country, our savings ratio has to go up. Because that is the money that we use to finance and to grow the country. So, we want to encourage the country to save. We are producing products that actually encourage you to save and have access to resources and looks after your lifestyle,” he said.

“And our Achiever Banking is our new and improved offering that has been tailored to provide simple and easy banking solutions for our salaried customers in the middle market. This is an account that redefines our customer’s banking freedom, offering them greater banking convenience and elevating them to the next level will at the same time providing financial protection and peace of mind,” added Mr. Mudiwa.

“At Stanbic Bank, we value our customers and endeavor to provide banking solutions that are relevant to the market in which we operate.”

The new product was launched by Permanent Secretary for Special Projects at Cabinet Office Dr. Ronald Simwinga, who noted the important role banks play in facilitating the development of savings plans and are instruments of the government’s monetary strategy.

“Banks are also cardinal for promoting entrepreneurship especially for private sector participation in economic development,” he said. He further commended Stanbic Bank for its sustainability policy which has supported the growth of key sectors of the economy.

“As government, we always look forward for the banks conducting their business in Zambia, to improve service delivery in the banking sectors doing so, will inevitably propel other economic sectors towards enhanced efficiency and productivity,” Dr. Simwinga added.

Achiever Banking is offering added benefits to encourage a culture of savings, added Mr Mudiwa. “We are providing our customers with relevant banking solutions to ensure that all your needs are met quickly and efficiently through our wide range of digital channels.”

The account also has added funeral cover to compliment government’s efforts in helping workers meet funeral expenses.

With Stanbic Bank’s Achiever Banking, you’ll have simpler, easier, smarter banking solutions to help you plan and live a smarter life.

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  1. It is better to spend your cash elsewhere than to let the banks suck it. What with ZRA now interested in all bank accounts? Soon that less than 20% will go much lower.

  2. Banks must market products that will offer tangible benefits to clientele. Bank services that will be cost efficient for salaried clientele to afford with attractive returns. When this is done a lot more people will be encouraged to save. With the value of the kwacha buying less goods and services coupled with low interest rates on savings, one would rather keep money in hand than at bank.

  3. How do you compare Zambia to countries like China whose economies are far much above Zambian’s which is in tatters. These thieves came into power on the premise of putting more money in people’s pockets but instead they are stealing from our pockets, bank accounts everywhere you put lay your money. Where do you get money to save?

  4. Start with attractive interest rates. Banks feast on people’s money so why bank it. Its better I invest in an asset that put in a bank where if you save and went away for years, you would find all your money gone and debt waiting for you in service fees.

  5. Zambian banks are thieves.I’m charged more than 150 per month.Who can put money in the bank?Now it’ll be home bank.To make things worse Bank of zambia won’t allow pipo to withdraw more than 25 thousand kwacha.Banks will collapsed soon.In Zambia banking systems are not everywhere.It won’t be busy to do transactions.The banking sector is heading in the bad direction

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