FOR IMMEDIATE RELEASE
OCTOBER 30, 2020
‘FINANCIAL INSTITUTIONS MUST DO MORE TO HELP THE PUBLIC SAVE’ – STANBIC CEO
Mr Gabaraane says savings are a critical source of investment capital as well as an important buffer against unforeseen financial challenges.
LUSAKA, ZAMBIA – The head of Zambia’s largest bank, Stanbic, has challenged financial institutions to increase the role they play in the country’s quest to build a savings-conscious society.
Stanbic Bank Zambia Chief Executive Leina Gabaraane says financial institutions have an obligation to promote financial literacy and help forge a culture of saving in the country through public awareness programmes coupled with specially designed products and services.
Speaking ahead of World Savings Day on Saturday (October 31), he said: “Financial institutions must do more to create an environment where every Zambian can save and invest in a better future for themselves and their family. Whether you are saving for education, investment, or a dream wedding, it is the responsibility of banks and other financial institutions to facilitate that through market relevant products.”
The bank chief explained that saving had a multitude of benefits including acting as a cushion to unforeseen financial challenges.
“COVID-19 has had a huge impact on people’s finances following the partial lockdown the country was forced into to help slow the deadly virus’ spread. And as businesses closed and economic activities slowed, thousands of people lost their income,” said Mr Gabaraane.
“However, with effective savings, one can accumulate enough money to sustain them comfortably for a period while they get back on their feet. A loss of income does not have to mean loss of basic needs like sustenance and shelter.”
“At Stanbic, we constantly work to demonstrate just how seriously we take the need for a saving culture at all levels of the economy by developing several savings options designed to suit every customer’s need and financial capacity.
“We have invested heavily in not only making the banking experience as efficient and pleasant as possible for our clients during this trying period, but also incentivised saving through competitive interest rates on certain accounts.”
“An engrained saving culture will serve as a vital tool in retaining the gains made in achieving universal financial inclusion through the National Financial Inclusion Strategy 2017-2022 as it promotes the use of financial services at both the informal and formal level. “It is for this among other innumerable reasons that sector players must increase their involvement in building a society that values saving.
“Our economy needs to achieve sustainable growth; our people deserve financial freedom, and a robust saving culture is a critical ingredient to attaining both. At Stanbic, we believe with concerted efforts, this can be realised sooner, rather than later.”
About Stanbic Bank Zambia
Stanbic Bank Zambia is part of the Standard Bank Group, Africa’s largest bank by assets.
Standard Bank Group reported total assets R2.3 trillion (about USD163 billion) at 31 December 2019, while its market capitalisation was R277 billion (USD20 billion).
The group has direct, on-the-ground representation in 20 African countries and in 5 global financial centres. Standard Bank Group has more than 1 100 branches and 9 000 ATMs in Africa, making it one of the largest banking networks on the continent. It provides global connections backed by deep insights into the countries where it operates.
Stanbic Bank Zambia is the largest bank in Zambia by balance sheet and provides the full spectrum of financial services. Its Corporate and Investment Banking (CIB) division serves a wide range of requirements for banking, finance, trading, investment, risk management and advisory services. Corporate and Investment Banking delivers this comprehensive range of products and services relating to: investment banking; global markets; and global transactional products and services.
Standard Bank’s corporate and investment banking expertise is focused on industry sectors that are most relevant to emerging markets. It has strong offerings in mining and metals; oil, gas and renewables; power and infrastructure; agribusiness; telecommunications and media; and financial institutions.
Stanbic Bank Zambia’s Personal and Business Banking unit (PBB) offers banking and other financial services to individuals and small-to-medium enterprises. PBB serves the increasing need among Africa’s small business and individual customers for banking products that can meet their shifting expectations and growing wealth.
For further information, go to http://www.stanbicbank.co.zm/
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