We need to create a culture of saving in Zambia

Stanbic Bank Zambia has called for the need to promote a savings culture in the country if it’s to achieve much-needed growth.

“We all need financial security as individuals and we need to create a culture of saving in Zambia, because one of the challenges we have in our economy, is that our savings ratios are very low. We are below 20% GDP of savings. If we compare ourselves to countries like China they are at 44%, Dubai 34%,” said Stanbic Bank Zambia Chief Executive Charles Mudiwa.

Mr. Mudiwa said this during the launch of Stanbic’s new Achiever Banking service, which is a product that is designed to help clients to save and have access to resources, as well as support on lifestyle options.

“As we develop as a country, our savings ratio has to go up. Because that is the money that we use to finance and to grow the country. So, we want to encourage the country to save. We are producing products that actually encourage you to save and have access to resources and looks after your lifestyle,” he said.

“And our Achiever Banking is our new and improved offering that has been tailored to provide simple and easy banking solutions for our salaried customers in the middle market. This is an account that redefines our customer’s banking freedom, offering them greater banking convenience and elevating them to the next level will at the same time providing financial protection and peace of mind,” added Mr. Mudiwa.

“At Stanbic Bank, we value our customers and endeavor to provide banking solutions that are relevant to the market in which we operate.”

The new product was launched by Permanent Secretary for Special Projects at Cabinet Office Dr. Ronald Simwinga, who noted the important role banks play in facilitating the development of savings plans and are instruments of the government’s monetary strategy.

“Banks are also cardinal for promoting entrepreneurship especially for private sector participation in economic development,” he said. He further commended Stanbic Bank for its sustainability policy which has supported the growth of key sectors of the economy.

“As government, we always look forward for the banks conducting their business in Zambia, to improve service delivery in the banking sectors doing so, will inevitably propel other economic sectors towards enhanced efficiency and productivity,” Dr. Simwinga added.

Achiever Banking is offering added benefits to encourage a culture of savings, added Mr Mudiwa. “We are providing our customers with relevant banking solutions to ensure that all your needs are met quickly and efficiently through our wide range of digital channels.”

The account also has added funeral cover to compliment government’s efforts in helping workers meet funeral expenses.

With Stanbic Bank’s Achiever Banking, you’ll have simpler, easier, smarter banking solutions to help you plan and live a smarter life.