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Alba Iulia
Monday, July 6, 2020

Bankers Association of Zambia encouraging Zambians to embrace a culture of saving money

Economy Bankers Association of Zambia encouraging Zambians to embrace a culture of...

Bankers Association of Zambia (BAZ) Executive Officer Leonard Mwanza is encouraging Zambians to embrace a culture of saving money as it is a pathway to a bright future for both individuals and households.

Speaking during a media briefing at the Financial Sector Deepening Zambia (FSDZ) offices ahead of the World Savings Day that falls on October 31, Mwanza stressed the need for citizens to take keen interest in saving their incomes as it is a prerequisite for financial stability, domestic resource mobilization and economic growth.

The World Savings Day is an annual event that aims at fostering a saving culture towards preparing for and being able to meet the financial obligations associated with key life events such as education, employment, accommodation, emergencies.

“Zambians should embrace a culture of saving money as it is a pathway to a bright future for both individuals and households” Mwanza said

And Non- Bankers Association acting Director Musapenda Phiri says the Association will conduct a nationwide awareness exercise between 6 and 10 October 2017 aimed at motivating and explaining to people the benefits of saving money.

Mr. Musapenda added that the benefit of saving and planning early is to accord individuals a free mind at a point of retreat from work.

“The Association will conduct a nationwide awareness exercise between 6 and 10 October 2017 aimed at motivating and explaining to people the benefits of saving money” Musapenda said

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7 COMMENTS

  1. Instead of encouraging savings we need to encourage investment by the citizenry. Encourage formation of cooperatives and affordable lending rates. Not savings when there’s nothing to save. Economies develop when cash flow is liquid not solid.

    • kikikikikikikiki……with the introduction of linking TPIN to personal bank accounts, savings are bound to go down and it’s one move government will regret.

  2. The current environment cannot and will not encourage people to save because of high bank charges incurred by savers. In most developed nations you only incurr charges only if you are in overdraft. You are never charged, for example for using ATM.
    Organisations like yours should instead focus your attention/energy on speaking with the banks on how they can eliminate most of these unnecessary charges because they are just exploiting/stealing from the masses. These customers have no proctection not even from their government. Anyway Lungu does not keep his stolen money in Zambia and does not care about Zambia but for himself and fellow bandits.

  3. Mr Mwanza, please note that there is no point in banking when banks are charging so highly. The acts of Standard Chartered bank who charge K55.00 monthly. You can imaging how much they rake if they have a client base of 1million customers, a good K55m every month. This is beside the charges for withdrawing and depositing, credit card, management fees, quarterly charges. They have swept my account. They are in jackpot. And you say “culture of saving” Are you a beneficially as well?

  4. How can you save money in the bank account for example you are earning 4000 kwacha per month and you have the following expenditures :
    1.Rental – 1000
    2.Electricity – 300
    3.Water – 150
    4.School fee – 1000 for two Children per month, I thank private schools who are complementing government effort here in Kanyama where children population is growing faster than the government schools.
    5.Transport – 8* 30 Day’s = 240 kwacha commuting to work.
    6.Food for 30 days – 1310
    Sure how much can you save please, economists help me. What we need as citizens is a system that can empower us through cooperatives formation in small cells,policy formation to guide those cells and then help maintain savings. At individual level only those who are doing fraud,corruption and other ill activities…

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