ZNBS targets rural communities
By BUUMBA CHIMBULU A FINANCIAL inclusion initiative meant to empower rural communities through agency banking with an investment value of K5 million will this year be rolled out by the Zambia National Building Society (ZNBS).
Z1%S would provide K m and partner with Rural Finance (xpansion Programme R8F(P which would in turn meet the K2 million balance.
Z1%S public relations and marNeting officer, Chanda Mubanga, explained that a matching grant of K2 million had been signed with R8F(P.
Mr Chanda said agency banNing would enhance financial inclusion and awareness by taNing services to rural areas where Z1%S could not have presence.
+e was speaNing in an interview at the Must ended 92nd Agriculture and Commercial Show celebrated under the theme ³Sustainable (conomic (mpowerment.´
³This way we will be able to empower communities and promote entrepreneur activities. We are hoping this can taNe off this year. We are introducing products that are tailored according to people¶s specific needs and challenges,´ Mr Mubanga said.
Mr Mubanga said among other products in the pipeline was the <outh Mortgage targeting graduates entering the Mob marNet.
+e said this product would have Àexible terms and would be launched soon.
The product, he said, had been fully developed awaiting final modalities from the Product 'evelopment Committee.
³We understand that when a young person finishes university studies, they go into employment and the first thing they want to do is to buy a car to be seen to be doing fine.
³We want to shift that mind set to a position where a person that leaves school and wants to start worNing the first thing they thinN about is a house. We are targeting to launch it within the course of this financial year,´ Mr Mubanga said.
Another product, he said, in the pipeline was the diaspora mortgage which was in line with the policy to be put in place by the Foreign Affairs Ministry.
³We are targeting residents abroad this is tied to the 'iaspora policy put in place by Ministry of Foreign Affairs that is yet to be launched. So once the policy is launched, the mortgage will also be launched,´ he said.