Zambians should diversify – Stanchart

By BUUMBA CHIMBULU
ZAMBIANS should start diversifying investments in different types of assets and industries to mitigate investment risks, the Standard Chartered has advised.
Bank Head of Wealth Management, Olusegun Omoniwa, said while thinking about saving, it was important to ensure that investment risks were mitigated.
Ms Omniniwa explained that this could be done by diversifying investments in different types of assets, industries, geographies and even currencies.
“The key to successful investing is to start early, invest regularly and invest for the long-term by staying committed, while mitigating the investment risk by diversifying investments in different types of assets, industries, geographies and even currencies,” she said in a statement.
Ms Omniniwa stressed the importance of starting saving and investing early for people to meet their personal, long-term and financial goals.
Last week, the bank joined the nation in commemorating the 2020 Financial Literacy week under the theme “Be Money Smart to Live a Better Life.”
Making full use of digital communication channels, Standard Chartered advised that starting to save and invest early was key to meeting long term financial goals.
“We all have goals – short term, long term, personal and financial goals. It is important to plan for them accordingly by knowing your saving and investment options.
“You do not need to have thousands of dollars to start investing – you can put away small amounts at a time every month and this can make a huge difference over time,” Ms Omniniwa said.
Ms Omniniwa advised clients and the public on the convenience, safety and security of utilising its digital banking channels for easier and more convenient banking.
She said the Bank’s SC Mobile App, which hosts Zambia’s first-ever fully-fledged digital bank, provided over 70 banking service requests via smartphone.
Clients, Ms Omniniwa explained, did not need to physically visit a branch to perform their financial transactions.
“The SC Mobile App is superior in that one can open a Savings and Current account within 15 minutes without ever walking into a branch.
“Standard Chartered digital bank accounts offer zero minimum balance, zero monthly management fees and the Debit card is delivered to the client for free at any location across Zambia,” she said.