BANK EXPORT PROCEEDS IN ZAMBIA
GOVERNMENT should ensure all proceeds from export sales are repatriated and banked in Zambia to reduce
fl e
Economics Association of Zambia (EAZ) has said.
EAZ president Lubinda Habaazoka said the government should be in a hurry to ensure Zambia became the primary banking centre for mining companies and other multinational corporations
Dr Habaazoka said the main focus of those in charge of fiscal and monetary policy was to ensure at least 90 percent of Zambia’s gross domestic product (GDP) was banked locally from the current 40 percent.
“After making profits in Zambia, it’s just ethically correct to bank in Zambia so as to provide resources that can be used to lend the real sector of the economy,” Dr Habaazoka said.
“Zambia is a land of opportunities. The current global economic architecture was designed to ensure that we remain underdeveloped. In such circumstances, we are meant just to be exporters of raw materials and consumers of finished goods,” he said.
Dr Habaazoka said to ensure Zambia did not remain focused, the forces fighting it funded political formations in the country that continued to detract those in charge of the economy from concentrating on the real issues.
“In order to stay focused, we need a huge shift in our political set-up. We need to understand that even from outside, one is able to contribute positively,” he said.
A Zambia needed was being aligned to vision 2030.
Dr Habaazoka said after elections the country should ensure each and every citizen worked in one line of ensuring national economic development.
He said despite the huge achievements being made by President Paul Kagame in Rwanda, there was an international campaign to discredit his works and paint him as a villain.
“The next thing is that they will fund his rivals,” Dr Habaazoka said.
He said his main observation was that the current political situation that was built on hatred and not competition of ideas made one group work hard to ensure they stayed in power and the other group to completely withdraw from economic development so that they capitalise on failure.
“Unfortunately, this is the bitter truth in Zambia today and we should all accept. We can’t continue like this anymore. The problem is so huge that some regions are denying land for setting up of projects,” Dr Habaazoka said. r ere
Zambia has been awarded the Best
o mer m o e for e o e e e r fo ow m ro eme of form
Head of retail banking Deep Pal Singh, said the institution looked forward to more Zambians joining its digital revolution and further widen access to financial services through digital.
Mr Singh said the bank would continue to pursue digital integration across its products and services.
“These awards are as a much a testament to the leading innovation and convenience that we are bringing to our customers as much as it is a celebration of our team’s dedication and execution of our strategy,” he said.
“With the launch of Zambia’s first and only all digital retail bank in 2019, we see that our pursuit of ever greater digital integration across our products and services is keeping ahead of the digital banking movement,” Mr Singh said. The bank still had more to offer on the digital migration.
“We still have much more to offer on our SC Mobile app, which we will be announcing shortly. So, watch this space. We look forward to more Zambians joining our digital revolution and further widen access to financial services through digital.”
Publisher and editorial director of Global Finance Joseph Giarraputo said digital banking was essential in the banking industry.