A NEW commercial bank has opened its doors on the Zambian market with a base rate of 19 per cent for the local currency, the Kwacha while nine per cent is for the United States dollar loans.
The bank has pledged to offer credit facilities for working capital, term loans for new projects, expansion and diversification of existing projects, and export finance.
The International Commercial Bank (ICB) of Malaysia would launch its first user-friendly account, the Sungapo account, where depositors would not require any minimum balance but only a small amount for opening accounts.
The bank is offering export-import finance, motor vehicle loans, project finance, letters of credit, bank guarantees and customised credit facilities to the small and medium-scale enterprises.
According to a media release by the bank’s board chairperson Bornwell Chiyabi, the bank also has a current account product for small and medium scale entrepreneurs while the other one is for non-governmental organisations, churches and other non-profit institutions.
ICB offices are situated at the corner of Great North Road and Washama Road in Villa Elizabetha, near ZRA.
ICB chief executive officer Madhava Murthy said the new products would be launched soon.
[Times of Zambia]
Base rate 19% nothing new,BOZ has actually failed to monitor banks in Zambia.I have never seen a regular pleading with banks to reduce base rates while threatening that microfinance organisations will be allowed to take deposits.
Simply put conditions on the monies these banks borrow from BOZ
What a great week in Zambia! MMD is a working government!
Sounds great and promising. I hope to make use of the enterprise facilities as the Zambian banks have too much red tape making it hard for the local business person to expand. I am all for supporting Zambian businesses but if you want us to choose doing business with you over foreigners then you need to compete at their level. Same as with communications, very eager to see what Lapgreen will offer business customers in terms of broadband and fixed lines and its performance. Making striving as business in Zambia as easy, not a luxury.
These are the gains and opportunities you don’t risk with a legion of discombulated fanatics impulsively admiring for our country failed utopian socialism.
The future for every hardworking Zambian is very bright but getting dimmer and dimmer for those trapped in an insulting menu Sata has been giving them that the more they rehearse insulting RB and MMD, the brighter their future. They are trapped in utopia when the country and progressives are mutually moving forward. Every noble Zambian is saying yes to 5 more years of MMD consolidating these exponential gains.
zambians r always complaining waat thaa fuucck
Go on PF government this is what development can bring to a country which has a working government.Bama Luka Ba MMD will just continue to be amazed at the fast track developments coming to Zambia. Viva Pf and Sata.
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Ba MMD ni Ba ma Lukula chabe.this is what they failed to do in 20 years of their rule. Thank you PF government.
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