Financial saving vital - BAZ

THE financial services Sector is determined to assist businesses and individuals provide adequate information on savings, says Bankers Association of Zambia (BAZ) Chief Executive Officer, Leonard Mwanza.

Mr Mwanza said the sector was determined to assist clients who wished to beef up their savings by opening savings accounts.

In his write up on savings, Mr Mwanza encouraged clients to buy shares on the stock exchange, take up a personal pension scheme or take an insurance cover on their assets.

“The Financial Services Sector, is ready and will happily welcome you if you wish to open a savings bank account, take up a personal pension scheme or take an insurance cover on your assets, life, education and other eventualities such as funerals and sicknesses,” he said.

Mr Mwanza said the year 2020 had tested countries, large and small businesses and households due to the impact of the Covid-19 pandemic.

He said it was clear that those who put aside some savings whether at country, business or household level, were able to tap into their savings to navigate the pandemic induced economic challenges.

In contrast, Mr Mwanza said, those without savings were still facing challenges and uncertainties on how long it would take to recover.

“I know times are hard and for most of us, this is not what we want to hear. The chorus in our mind is about the now needs and not for tomorrow.

“True as it may be, savings is a habit and a passion and is achievable if small steps are taken. Passion is the fuel which drives us to achieve our intended objectives, therefore we all need to embrace savings with a passion,” Mr Mwanza said.

He added: “Are you a child, youth, or adult, please take your first steps now and start saving, it is the best time to start building resilience and preparing for tomorrow? Become a saver and not a consumer.”