BANKING TRANSFORMING INDUSTRY, DEVELOPING ZAMBIA

DURINGthe course of the week, it was interesting to note yet another interesting post on social media relating to banking.

“Which Bank would you advise someone to open an account with and which Bank would you advise them to avoid,” the post read.

These are very important questions to ask as you go about looking for the best ways to secure your hard-earned financial resources. However, more interestingly were some of the comments that followed this post.

“From my experience, what should determine the choice of your bank is the amount of income that you earn. Some banks are not for certain categories of workers, some banks are for big businessmen and women who earn a lot. Open an account that supports the degree of your income. Some banks may turn your entire monthly earning into book balance,” the paraphrased comment read.

There were other comments relating to some banks having higher charges on certain accounts in comparison to other banks.

Allow me to begin by indicating that banking plays an important role in the financial life of a business through financial intermediation. Banks facilitate the process of production, exchange, and distribution of wealth across the various sectors of the economy, and this entails that banks are critical partners in the process of economic development and growth.

plays an integral role in the de- and Exchange Commission. The Association also works to ensure that the bank-

velopment of commerce and industry in BAZ is a mouthpiece of the banking sector and is ing industry views are put forward when government

any economic dispensation. In this regard, mandated to address various matters of common in- determines policy or legislation. Many areas of law and banks Banks play an are important the custodians role in the creation customers of new dustry has is interest two-way through and lobbying, plaint advocacy within and five poli- business including days international with a debit law impact and/or upon credit the interests card, capital and distributors (or capital formation) of liquid in capia country assigns and thus rights cy influence. and responsibilThe Association form aims the at facilitating date of receipt. the of commercial banks online in Zambia. and mobile banking serhelp tal, the which economic is the growth lifeline process. of both The banking ities to sys- both industrial the banks and innovation and the growth 7. of Provide the sector, affordable as well and For example, acvices issues and of micro will and allow fiscal you policies to carry and tem commercial facilitates the and intermediation industrial acof internal customers. and as building and sustaining good-will cessible and basic public banking con- financial services sector out reform your affect transactions the trading environment with ease international tivities. trade. Bank Customer fidence in Entitlements the commercial banking to all Zambians. sector. One of the for banks in Zambia and at and your the convenience. Association consults its

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The Bankers Association of with Zambia your works money? to ensure of Zambia and ers other have key stakeholders opened accounts include the that fol- body provide that would individual effectively customers represent the interests 3. Provide of that you the with banking informasystem can continue 1. Is to your deliver target the to lowing: save the - may not exactly suit or match the ways sector. in which to manage their tion in a plain benefits and of understandcompetition to Zambian money? banking If so, custom- you may wish to their financial needs. 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If so, you vices using their debit or credit country’s tomers National to fully Development understand Policies. and 6. Acknowledge a formal commay wish to enquire about a cards, pay utility bills, transfer appreciate BAZ aims at that participating the relationship at the highest plaint level within of reasonable time, Transactional Account/ Current money from their account to decision between making the in banks the country and through their the and contin- work to resolve the comAccount that will provide you other accounts and much more. ued engagement with the three primary regulators of

the However, National Financial Savings Switch Accounts were not primarily designed for -Developing these kinds accessible of activities and affordable and definancial ucts pending and services on the to Terms support and the ConNational Inclusion ditions Strategy of these accounts, high volumes of transactions may

-Promotion attract certain of Financial fees Literacy or charges, programs groups that may not necessarily apply if such a customer opened a sep

-Fraud arate Prevention Current Account and Security for awareness their everyday transactional needs. -Leadership This is where in the development information of policy is tion. critical-know what your goals are, and which banking prod

HOW ucts or WE services ARE GOVERNED will best suit your The needs. Bankers Association of Zambia through It is important a committee to of note Chief that Executive the commercial successful banks symbiotic which meets relationmonthly matters ship between affecting the banks banking and sector. their The affairs Association customers are thrives coordinated on both through parthe who ties report carrying to the out Executive their duties committee. and The Committee responsibilities is elected to every each year at other, the Annual Meeting for ultimate and is made satisfaction up of: of the customers. The Chairperson, Deputy Chairperson, Executive So, in member addressing and the BAZ the CEO topic who from The Bankers the social Association media of post, Zambia it Secretariat currently is not entirely led by Chief true Executive that certain Officer who ed banks by the are Public not Relations for certain & Administrative cateand gories a Research of workers, and Communications but rather, the Officer. key The lies Chief in Executive understanding Officer with what support management you want your team, money play a crucial to do role for in

BAZ’s you-get responsibility as much to improve information public awareness understanding as possible from of the your industry’s bank contribution and country’s choose economy the right and product communities, to suit with emphasis your needs. on consultation with stakeholders.

Having Be sure discussed to join in us brief again the background next please week look as out we for discuss a two series another column inon lating teresting to individual topic. financial awareness as joins the rest of the world in commemorating Financial Literacy Week.

Contact address

Bankers Association of Zambia

3rd Floor, Citibank House

Stand 4646, Elunda 3

Addis Ababa Roundabout

P.O. Box 34180

Lusaka, Zambia

Tel: +260 211 234208/55

Fax: