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Alba Iulia
Tuesday, June 2, 2020

Economic prospects in Zambia are improving-FNB

Economy Economic prospects in Zambia are improving-FNB

FNB Makeni Branch in Zambia
FNB Makeni Branch in Zambia
First National Bank (FNB) is optimistic that improvement in economic fortunes will spur higher economic activities in Zambia that will lead to enhanced wealth creation and sustained growth path.

FNB corporate affairs manager Luke Njovu said FNB believes that prospects in Zambia are improving.

Mr Njovu cited high copper production and improvement in electricity supply as some of the fundamentals expected to boost activity in the primary sector.

“Accordingly, we anticipate that gross domestic product will climb to around four percent this year and five percent next year. We further anticipate that inflation will remain in single digits to boost real income growth,” Mr Njovu said this in an interview at the just-ended Agricultural and Commercial Show.

He said the bank has had an exciting eight years of doing business in Zambia that culminated in being awarded the Bank of the Year award for 2016.

“While we have scored tremendous achievement in our formative years, we are even more excited at the prospects for the future, both for our business and for the Zambian economy as a whole,” he said.

And interpreting this year’s theme: Creating a green economy, Mr Njovu said the bank is focusing on agriculture and digital platform.

He said the bank is keen on supporting all key sectors of the Zambian economy with the agriculture sector having a portfolio of US$100 million.

Mr Njovu said now all transitions are performed on electronic platforms citing Zambia Revenue Authority tax contribution, e-National Pension Scheme Authority pension contribution platform and online banking for customers.

“In an effort to digitalise the bank’s platform…all our statements are issued free of charge to customers and can be accessed on the online platform. We have also zero-rated the FNB application, customers view their account details and make transactions free of charge,” he said.

Mr Njovu said the bank has also reduced on paper demand for new customers wishing to open accounts with FNB.

He said the bank has gone into partnership with oil-marketing companies to create a plateform where the public can pay for their fuel using VISA cards.

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