Finance Minister Felix Mutati
Finance Minister Felix Mutati

Finance Minister Felix Mutati has directed the Bank of Zambia to reopen Intermarket Bank as soon as possible.

The Bank of Zambia late last year took over Intermarket Bank for breach the Financial Regulations Act.

And Mr. Mutati has urged financial and lending institutions to make financial services cheap and affordable to the common man.

Speaking during the launch of the 2017 financial literacy week in Lusaka today, Mr. Mutati said affordable financial services to the ordinary Zambian will help in the country’s economic development.

And speaking at the same event, Bank of Zambia Governor, Denny Kalyalya said financial inclusion and savings are key to economic development and therefore should be encouraged by all stakeholders in the sector.

Meanwhile Bankers Association of Zambia Chairperson Charles Mudiwa has called on Zambians to adopt the culture of saving.

He says a rise in saving ratios is likely to impact positively on the lending rates.

Mr Mudiwa has since commended the ministry of general education for the role it’s playing in educating young people on financial literacy.

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15 COMMENTS

    • Yaba kwena a country where a minister or president makes decisions based on politics and not professional discipline.

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    • mutati must also deal with banks excitement of taking people to the so called Credit Reference Bureau(CRB) which excited bankers are using to fix and embarras people that got loans. CRB must create a framework under which a person can be listed. with so many companies closing up, banks should use common sense to restruture such individuals rather than scandalise them.

      The other week a judge had to award huge sums of money to a company that was stupidly list by Stanbic bank. so what has this loon behavior benefited stanbic bank. Barclays bank is also another notorious bank that lists customers that are paying but may be missed a month or two.

      These banks go to CRB under the cover of the night to list pipo there. its like the police listing you under INTERPOL yet you not fugitive you…

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  1. Lungu and Rupiah have received the corruption payments and free shares from the owners of the Bank – so they are now eager to have the Bank re-opened.
    The profitable Bank had been closed at Rupiah Banda’s call even if it had done no wrong….and now that they have received the bribes, they are giving orders to have the bank re-opened. Only a drunkard or a crazy person would leave their money in that Bank which is under Rupiah Banda’s stranglehold.

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  2. Bank of Zambia has no clout even on the African continent .I always see South African, Kenyan and Nigerian central bank governors featured on Wall Street Journal but never Zambia.

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    • These are bigger economies than ours – what is the BOZ Governor going to talk about at such a forum?

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  3. Hon Minister I think the ‘reopening’ of a bank once closed for failing to meet the prescribed financial thresholds is not a politicians call but has legal and financial implications. You might not be aware and we know you are being lobbied by the new financiers of Intermarket bank but they are many questions unanswered. Are depositors funds safe can one withdrawal money and above all how do the new shareholders intend to ensure they is no run on the bank? Please meet with the monetary experts to get the full story thanks..2021 Zambfo

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  4. How do expect people to save when they are barely surviving? Zambians are amongst the most taxed individuals in the world. PAYE, ZNBC, VAT, now increasing ZESCO. Ni game yabwanji?

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  5. There is still a long way in this Project but it has to start with you politicians also as Strong pfm requires end to end financial literacy If you have politicians who can interpret Financials then the costs to citizens and public in spending’s and policy will be minimal

    Financial literacy can also be enhanced if Financial information from institution such as yours is presented in a user friendly given the needs and level of literacy

    Transparency in pricing and accounting presentations of reports shown also be reviewed in line with the Financial literacy If you walk into the credit bureau at Mukuba and see the content to really understand how…

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  6. how literacy the Financial sector is, you can see how much needs to be done more

    Financial literacy should also start with the basics as in saving, which is being done, but there is more emphasis on microfinance business environment though literacy in this has not achieved the social benefit one would hope to see in many people

    It needs also starts with bankers themselves especially when you watch ZNBC programmes Literacy should really improve Simply finger tips not like the sought TREYNOR BLACK RESULT SOUGHT OF THING or be a HENRY FAMA or FRENCH

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  7. I realise you still have a long way In Zambia both with the Banks, institutes and regulators but its good BOZ and MOF programme The best may be is to do away also with regulatory capture of these institutions and allow created to run this programmes

    See you in October,2017 my last post///

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  8. I think the Minister deficient in supervisory policy literacy.

    The decision to close or reopen sits with the regulator not the Ministry.

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  9. Who is the regulator and supervisory The two in market structures and regulations should be and need to be separable That is also healthy for Financial literacy It should be at formation and regulation if depth and stability is to be at the core

    Wealthy Creation and Financial planning with longevity of incomes should be more emphasised for Zambians Often when you see the stanch art or other sponsored You here more of ICHILIMBA TYPE or simply crowd funding initiatives without talking about in detail the alternative methods including technical analysis on ZNBC The same is on recent SEC ””UNITS”‘ on ZNBC You can see some lapses and see the thinking…

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  10. You can see that people are trying but we look to this new generation of YOUNG ones may be even the older putting much efforts You will need to do another restructure of the curriculums and banking/Investments structure from regulatory to supervisory environments and tech people the new methods in FINTECH and also other Online Financial literacy

    I think that was my last post///

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