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Stanbic backs calls for savings growth

Filed under: Business,Latest News |
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Stanbic Bank Zambia has backed the Bank of Zambia’s calls for people to save more for a rainy day.

Saving even a small amount of monthly income will provide people with a safety net for the future or enable them to afford to fulfil their dreams for a better life, explained Stanbic chief executive Leina Gabaraane.

He was reiterating calls by Bank of Zambia Governor Denny Kalyalya who told delegate at the launch of this year’s Financial Literacy Week that there was a need to develop a culture of saving from a tender age regardless of income levels.

“Saving will not only help one invest in their lives but will also give one a reserve of resources on which they can lean in times of financial strain. The situation is made even easier if one also insures all their assets and the money that they have worked for,” said Dr Kaleya.

This year’s event is being held under the theme “Save, Invest, Insure; for a better life!

He added that the financial services sector remained critical to the country’s economy, making an annual contribution to Gross Domestic Product (GDP) of about 3 percent the last three years.

“With concerted efforts on financial inclusion and financial literacy awareness programmes, the financial sector is bound to grow and increase its GDP contribution. In this light, the Banks and other financial services institutions must be applauded for taking a leading role in insuring that clients have different options of saving.”

Speaking on the side-lines of the event, Gabaraane said financial literacy was key to the growth of the country’s financial sector.

“Not only is financial literacy one of our core pillars in our corporate social investment policy but it’s also something that we have been driving for a number of years and we have also some of our members of staff to go out into the community and educate the people and reach out to those that need financial knowledge and the unbanked” he said.

“It is time financial institutions took a stand and created an environment where every Zambia can save, invest and insure their assets. It’s all about giving every citizen a chance at a better future; Whether you are saving for education, business or a dream wedding, it’s up to the banks and other financial institutions to help facilitate that in line with this year’s theme, he said.

Stanbic has packaged this year’s theme – Save, Invest, Insure; for a better future – in its services, and has introduce Stan, the Stanbic Guy, its cartoon character aimed at making financial literacy more accessible to people.

In addition, Stanbic supports the annual First Lady for a Day initiative, during which school children spend a day visiting the bank and learning about the industry, as well as the bank’s Lutanda Community Day, during which staff shed light on financial matters with people on the communities.

Speaking at the same event, Bankers Association of Zambia (BAZ) Deputy Chairperson James Koni said that the awareness week was meant to teach people about saving, investment and insurance, hence the theme.

“Wealth creation is a lifelong process which calls for patience, coupled with a lot of financial literacy,” he concluded.

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