Zambians urged to save money in banks

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Bank of Zambia Director of Non-Bank Financial Supervision Gladys Mposha has called on Zambians to embrace the spirit of saving money in banks.

Ms. Mposha said the growth of any economy requires that savings from various sources be channeled into financial assets.

She said this in Lusaka yesterday when she officiated at the launch of the “Open, Save and Win” competition of the Zambia National Building Society (ZNBS).

Ms. Mposha said the distinction between the rich and the poor countries of the world can be evidenced in the levels of savings that could be mobilized and channeled into productive sectors.

She said the financial sector has for many centuries been particularly good at performing the intermediate role of encouraging people to save.

Ms. Mposha however noted that there was no doubt that the country was facing immense challenges, one of which was the critical shortage of housing due to low financing in the sector.

She said as a building society, ZNBS plays a critical role in the economy of the country partly through the provision of mortgage accounts.

Ms. Mposha further said this role can only be achieved if there were enhanced savings mobilization efforts such as competitions.

She observed that the demand for housing finance has increased as evidenced by the many housing developments taking place in various parts of the country.

And ZNBS Managing Director Joseph Chikolwa said the competition was aimed at encouraging members of the public to save with their bank.

Mr. Chikolwa said the main objective of establishing ZNBS in 1970 was to provide housing finance with the aim of increasing housing stock in the country.

He said currently, ZNBS was the largest building society with over 64 percent market share of the building societies mortgage in Zambia.

Meanwhile, Zambia Tourism Board Managing Director Felix Chaila commended ZNBS for its contribution in the promotion of domestic tourism.

In a speech read for him by his Public Relations Manager Caristo Chitamfya, Mr. Chaila challenged Zambians to examine their knowledge of Zambia and its tourism products.

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