Support local business, Zanaco challenged


Government has challenged Zanaco to ensure that a fair share of the K1 billion profit after tax recorded in 2021 is used to support local businesses by providing them with affordable financing.

Zanaco plc has in its 2021 financial year prudential results posted K1 billion profit after tax, the highest profits ever achieved by any commercial bank in Zambia.

To this effect, Commerce, Trade and Industry Minister, Chipoka Mulenga, challenged the institution to ensure that the profits translated into local business holders.

Mr Mulenga stressed that the biggest challenge in Zambia for Small and Medium Enterprises (SMEs) was access to affordable finances.

He said this yesterday in Lusaka when Zanaco opened its Makeni Agency, making it the 61st outlet in the country.

In response, Zanaco Chief Executive Officer, Mukwandi Chibesakunda, said support towards commerce, trade and industry could not be overemphasised, hence the decision to open an agency bank in Lusaka’s Makeni.

Ms Chibesakunda said opening of the agency was necessitated by increased commercial and industrial activity, ensuring the availability of financial services to meet the needs of the people and support commerce.

Zanaco, she stated, was indebted to the people of Zambia and as such it would ensure that it provided the necessary banking solutions at both micro and macro levels.

Ms Chibesakunda said this would go a long way in the economic transformation of the country.

“We remain committed to deliver services that will spur growth for our customers and the country and we therefore urge our customers to take advantage of our climate responsive projects such as the green outcome fund, we launched in partnership with Worldwide Fund for Nature (WWF) and Kukula Capital last year,” she said.

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