Minister hails private sector role to stabilise economy

Fri, 21 Jul 2017 10:25:17 +0000

By BUUMBA CHIMBULU

EFFORTS by the private sector such as Standard Chartered Bank to promote financial inclusion have stabilised the economy financially, Minister of Commerce, Trade and Industry, Margaret Mwanakatwe, has said.

Ms. Mwanakatwe said it was gratifying to note that Standard Chartered Bank had been a key partner in the implementation of major projects in various sectors of the economy as well as in promoting financial inclusion.

“Government is committed to leading the way in forging lasting partnerships with the private sector in delivering a more equitable society by creating multiple platforms for increased citizens’ participation in the economy,

“Therefore, we are pleased to note that the Bank has been promoting financial inclusion in the economy by delivering affordable financial services. This helps financial stability of the economy,” she said. She was speaking at a Standard Chartered Bank dinner when it hosted its Africa and Middle East Regional management team in Lusaka on yesterday.

Ms. Mwanakatwe had since commended Standard Chartered Bank for its commitment and support to Government in developing the country.

Ms. Mwanakatwe also said it was Governments’ policy to promote private sector participation in the economy as it was the engine of economic growth and partner in development.

And Standard Chartered Bank Zambia chief executive officer, Herman Kasekende, said his bank had pioneered various products and services in the banking sector.

Mr. Kasekende said the Bank had continued to innovation to meet the changing need of its clients, the changing economic landscape to ensure the company had continued to add value.

“Our priority in investing in digital banking is testament to this. We continue to support the economy in key sector-energy through power Africa, telecommunications, and mining,” he said.

Meanwhile, Standard Chartered Banks’ Africa and Middle East Regional chief executive officer, Sunil Kaushal, said Zambia remained one of the banks’s top five profitable areas in the region.

Mr. Kaushal assured Government of continued investment in Zambia’s major economic sectors.

“We are committed to investing in Africa and introduce new products that adds value to our clients,” he said.