IZB COMMITS 38% CREDIT PORTFOLIO TO SMES

Thu, 21 Sep 2017 14:10:25 +0000

By Buumba Chimbulu

INDO Zambia Bank (IZB) portfolio for Small and Medium Enterprises (SMES) currently stands at K400 million which is approximately 38 percent of the bank’s total credit portfolio.

IZB managing director, Maheshkumar Bansal , said the bank was supporting local entrepreneurs and in turn making significant contribution to the growth and development of the economy’s SME sector which created employment opportunities.

Mr. Bansal also said the bank’s micro lending scheme currently stood at K4 million with  a further K2 million being currently in the pipeline for disbursements.

He explained that these loans were disbursed to various women’s self-help groups with over 2,000 beneficiaries.

“This successful micro lending scheme to women’s self-help groups is yet another example of the bank’s contribution towards employment creation as the beneficiaries are empowered with sustainable self-employment,” Mr. Bansal said.

He was speaking yesterday in Lusaka at the Acceptance Ceremony for the Bank’s Participation in the KUPES Young Women’s Network 2017 Conference.

Mr. Bansal also said supporting entrepreneurship at various business life cycles was part of the bank’s mandate.

He said the bank belived that the conference would enable the institution engage over 300 young and professional local women entrepreneurs on the bank’s opportunities and products being offered.

“It should further be appreciated that consistent with our core values, the bank is fostering grassroot level financial inclusion, as we have a specially designed women empowerment Micro Lending Schemes through self-help groups which allow underprivileged women to access affordable finance and to get self-employed through their various business ventures,” Mr. Bansal said.

Meanwhile, KUPES Young Women’s Network founder, Norena Chiteba, said 200 participants attended the conference in 2016 and that the target this year was 300.

Ms Chiteba said the conference, which would take place on 23rd September 2017 in Lusaka, would be held under the theme “Why Am I Here – Understanding Your Journey.” Ms Chiteba said.

“The conference will tackle various issues that our youths are battling with in this diverse and competitive world ” she said.