Zambians should own Banks, foreign banks take money out of Zambia – Chikwanda

GOVERNMENT has urged business firms to re-invest their earnings locally in order to improve economic activity.
Finance Minister Alexander Chikwanda said re-investing locally limited the outflows of money, therefore, strengthening the economy.
Mr Chikwanda was speaking during a Bayport Financial Services deposit-taking launch in Lusaka yesterday.

“Foreign banks take a lot of money out of our country, therefore, Zambian participation is good for the economy as it reduces foreign exchange outflows and in return, strengthens the economy of the country,” he said.
Mr Chikwanda said re-investing in the country’s economy would help build the backbone of the country’s future economy through the growth of deposits over time.
He commended Bayport for its expansionary effort in providing financial lending services which had significantly contributed towards the nation’s financial sector development plan.

Bank of Zambia director for non-banking financial institutions, Visscher Bbuku praised Bayport for its investment in deposit-taking because it enhanced financial outreach.
Mr Bbuku said Bayport had contributed to financial inclusion by expanding access funding to finance the middle-income population.
Bayport Financial Services chief executive officer Justin Chola said Zambia had gained a negative reputation as a market where the difference between deposit rates and lending rates was significant.
“We view this as an opportunity to close the gap and provide higher returns to ordinary Zambian citizens to whom we are committed,” Mr Chola said.
Bayport has employed more than 340 Zambians and provides services to more than 95,000 customers. It has in excess of 100,000 active loans.