Time Posted: March 23, 2013 9:29 am
Finance Minister Alexander ChikwandaFinance Minister Alexander Chikwanda
Government has registered a micro finance institution which will be charged with the responsibility of disbursing affordable credit to public service workers at a lending rate not exceeding 5 percent.
Finance minister Alexander Chikwanda disclosed this when he officially opened the National Servings and Credit Bank Chavuma Branch in Chavuma today.
Mr. Chikwanda explained that the public service micro finance institution which will be operational soon is meant to trigger a downward movement in interest rates.
He said the innovation is in response to some private micros finance institutions that have formed curtails to manipulate the cost of banking services and credits thereby making abnormal profits.
Mr. Chikwanda explained that access to financial services is a major driver to the economic development for any district.
He said the opening of Natsave Bank is a major development to Chavuma as it is the first banking service since the establishment of the district in 1997.
Mr. Chikwanda also revealed that government through the ministry of finance has released KR 150 million for various developmental projects in North-Western Province.
He named some of the projects to be undertaken as the completion of the Solwezi general hospital, upgrading of roads in Mwinilunga and Solwezi, construction of office blocks in Ikelenge and Chavuma among others.
And Bank of Zambia (BOZ) Governor Michael Gondwe stated that it was unfortunate that micro finance institutions have for a long period of time concentrated only along the line of rail.
Dr. Gondwe said the trend has disadvantaged many people living in rural areas as it is hard for them to access financial services.
He urged micro finance institutions to open more branches in rural districts if financial inclusion is to be achieved
Meanwhile, NATSAVE Board chairperson Chiselembwe Ngandwe said the bank will remain a significant development catalyst in the district.
Mr. Ngandwe also disclosed that plans are underway to open more branches in rural districts countrywide in order to ensure that its mandate of taking developmental to rural areas is achieved.
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