Barclays rolls out US$7bn loans

BARCLAYS Bank Zambia has given US$7 billion in loans to key sectors of the economy in the last three years, managing director Mizinga Melu has said.

Ms. Melu says this is part of Barclays’ commitment to support Zambia’s growth.

Speaking to journalists at the just ended Lusaka Agriculture and Commercial Show, she named the sectors that have benefited as agriculture, mining, and energy.

While supporting economic growth, she said, the bank has also waived collateral and other bank requirements that had in the past deterred small and medium scale enterprises (SMEs) from borrowing.

“The bank has so far extended K40 million to SMEs following the waiving of collateral and expects to disburse over K50 million by the end of the year.

“We are no longer looking at SMEs as individuals but looking at who they do business with and based on who they supply or has

contracted them,” Ms Melu said.

She said the bank has remained committed to supporting Africa’s transformation by supporting the entire value chain as the bank rebrands to ABSA.

Meanwhile, Barclays Bank Zambia director of retail banking Hatton Maliki said the bank had provided 1.4 million loans worth US$60 million in the past eight months through its partnership with MTN and Jumo.

Mr Maliki said the loans, which had been disbursed under a programme dubbed Kongola, had enabled traders to boost their businesses through additional capital.

“The traders operating in markets are able to borrow an average of K400 and repay within seven days, 14 days, and recently 21 days. The bank in partnership with MTN and Jumo has also created a platform for traders to save excess money,” Mr Maliki said.