Zambia's Booming Financial Sector

The Bank of Zambia (BOZ) has expressed excitement at the continued growth in Zambia’s financial sector attributed to increased activities in key economic areas.

BoZ Caleb Fundanga said in the recent months, the financial sector had seen massive expansion in networks throughout the country and the number of commercial banks.

In an interview, Dr Fundanga said the central bank was happy with the performance of the financial institutions as five new commercial banks were registered in Zambia with the recent one being the AB of Germany.

“We have seen new banks coming in with the recent one being AB from Germany and expansion has been with branch network. Let’s take a look at Barclays Bank and see how many branches they had three years ago. We have seen massive expansion of branch network,” Dr Fundanga said.

He said all the commercial banks were currently expanding their branch network making it easier for the people to have access to banking services.

“Everybody is expanding, with the Zanaco Express, the bank will now be represented in all the provinces where there is a Post Office and that are yet another expansion,” he said.

Dr Fundanga said with the introduction of ATM’s it had made banking easier for the people as they are able to transit using credit cards cards in any country.

“You can now use your ATM card to access your money in China or anywhere using your Kwacha account because we no longer have to move with cash,”