The United Bank for Africa (UBA) has pledged to work with the government in achieving its aspiration to increase the volume of copper production from 800,000 metric tonnes to three million metric tonnes by providing affordable banking services.
Bank Chief Executive Officer, Obeta Chinedu, said such an ambitious aspiration by the government needs a robust banking sector for its full realisation.
Speaking when he opened the bank’s seventh branch in Solwezi district of North-western Province yesterday, Mr Chinedu said UBA decided to register its presence in the area due to its strategic location.
He said the location will enable UBA serve diverse communities in North-western Province.
“We consider our President’s vision to increase the volume of mining production from 800,000 metric tonnes to three million tonnes between now and 2030. So in the light of that, there is a need to have a bank that will support this vision and businesses about this. So UBA is coming to support this vision,” he said.
Mr Chinedu further said one of the objectives of UBA was to decentralise banking while providing excellent customer driven solutions.
He noted that with over 70 years of operation, the bank was one of Africa’s leading financial institutions with operations in 20 African countries and some global centres in London, Paris, New York and Dubai.
“Our business strategy is built on being the bank of choice for businesses across Africa by using our extensive network across the continent. As Africa’s global bank, we are positioned to facilitate inter-African trade and be the pivot for the inflow of investment capital through our diverse range of financial products and services,” he said.
And Solwezi Mayor, Remmy Kalepa, has called on financial institutions and stakeholders to work together to address barriers that hinder financial inclusion.
Mr Kalepa said financial inclusion was critical as it had a significant impact on economic growth and promotion of financial stability, which he said leads to greater investment and employment opportunities.
He said with a lot of scamming happening in the country, it was encouraging that there were reliable banks where people would transact freely without fear of being scammed.
“The government has been advocating for financial inclusion to guarantee that all businesses and individuals in Zambia have access to useful and affordable financial services that meet their needs such as savings, credits, payments and transactions,” he said.
Meanwhile, North-western Chamber of Commerce and Industry President, Kayula Lombanya, implored government and other stakeholders to promote policies and strategic objectives that aimed at creating an economy that was resilient and supported small and medium enterprise growth while meeting the needs of national and multinational companies.
“Small businesses depend on financial institutions in several ways, especially in the early stages of operating. One of the most common ways these businesses need help is through affordable access to finance,” she said.
