STATE PLEDGES FINANCIAL SECTOR SUPPORT
By BUSINESS REPORTER GOVERNMENT will continue to support players in the financial sector to ensure continued and sustained growth that will benefit the nation.
Finance Minister Margaret Mwanakatwe said the launch of the financial sector inclusion strategy last year was a sign of Government’s commitment to supporting the financial sector.
She said this in a speech read for her by Finance permanent secretary for Budgetary and Economic Affairs Emmanuel Pamu at the 100 years anniversary celebration for Sanlam Group in Lusaka on Wednesday night.
The minister reaffirmed Government’s commitment to enacting the Insurance Bill into law.
"The insurance sub sector and other institutions need to get on board and complement Government in its quest to empower and improve the welfare of the citizens by introducing innovative products which will specifically address the current Insurance needs on the Zambian market, “she said.
The minster said the principle reason cited by individuals who did not use insurance products was lack of awareness of products available on the market.
Ms Mwanakatwe noted that there was need to educate the population about the benefits of insurance in general and the specific products.
“There is also a need to develop and scale up appropriate insurance products adapted to the needs of low income households and the informal sector in both rural and peri urban areas. Product design features need to focus on improving customer requirements, “she said.
And the Sanlam board chairperson, Ms Michael Mundashi said the company has set aside K500,000 aimed at supporting vulnerable primary and secondary school children access quality education.
This is part of the company’s corporate social responsibility.
Mr Mundashi said the money would be disbursed over two years.
Meanwhile, Sanlam chief executive officer, Simachila Makwembo announced the launch of a Sancare medical plan biometric solution.
Mr Makwembo said the plan that will be effected on July 1, is in partnership with Smart Zambia Technologies and would allow insurance holders access medical services in 200 health centres using a smart card.
“The bio metric solution entails that all Sanlam clients covered under Sancare medical plan will be issued with smart cards that they will use to access cashless health care services at any of our more than 200 health care providers,” he said.