INDO ZAMBIA BANK LAUNCHES ITS FIRST KAPIRI MPONSHI BRANCH

INDO ZAMBIA BANK LAUNCHES ITS FIRST KAPIRI MPONSHI BRANCH

Kapiri Mposhi… Wednesday September 11, 2024

Zambia Indo Bank has launched its first Kapiri Mposhi branch in Central Province.

Speaking during the launch in Kapiri today, Dr. Michael Gondwe, Indo Bank Chairperson, said the decision to open the new branch in Kapiri Mponshi district was a board decision to position the bank in the district and harness the benefits of ongoing developmental initiatives undertaken by the government in the district.

Dr. Gondwe stated that the bank’s board shares in the government’s agenda and it is part of the bank’s duty to play its role in fostering national development.

He added that the bank’s strategy is to support the agriculture sector to enhance food security and diversify the economy.

Dr. Gondwe also mentioned that the bank aims to target micro, small, and medium-sized enterprises (SMEs) and the population in surrounding areas of Kapiri.

Dr. Gondwe recognized the positive measures by the Bank of Zambia (BOZ) aimed at strengthening the conduct of monetary policy to support and accelerate the government’s attainment of targeted macroeconomic objectives in challenging conditions.

He reiterated the bank’s commitment to continue formulating and implementing strategies and policies that will ensure growth and development of the bank, customer-oriented and professionally managed, and profitable to ensure sustained dividends to the government as shareholders through the Industrial Development Corporation (IDC).

Speaking at the event, Central Province Minister Mwabashike Nkulukusa applauded the Indo Zambia Bank board of directors for taking the strategic decision to open a branch in Kapiri Mponshi district.

He said Kapiri and the entire province stand to benefit from the products and services offered by the bank, which will complement and foster the ongoing government efforts in unfolding economic and social development in the district and province.

Mwabashike disclosed that Indo Zambia Bank has continued to be a commendable partner of the government through administering programs such as the Sustainable Agriculture Financing Facility (SAF), where 235 farmers benefited in 2023, and in the current year, the bank has processed and disbursed K7.7 million for CDF loans through the Kabwe and Serenje branches.

Indo Zambia Bank Managing Director Mr. Kowdichar Shashidhar said Indo Zambia Bank is a shining example of a successful joint venture between the government of the Republic of Zambia and the Government of India. In a span of 40 years, the bank has grown manifold.

Shashidhar added that the new Kapiri branch is equipped with products and services catering to all segments of business and community.

He appealed to the public to inquire about accessing various services such as Indo Micro Finance, Indo SME and MSME Finance, Indo Invoice Discounting, Indo Auto Finance, Indo Working Capital Finance, Indo Afro Finance, and Indo Asset Finance.

Meanwhile, Kapiri District Commissioner Frank Hasalama appealed to the bank to consider employing at least 40% of its employees from within the district.

Kapiri has faced challenges in banking, with a limited number of banks making it difficult for businesses, especially farmers, who travel to nearby towns such as Kabwe and Serenje to access services like FISP and other banking services.

By Alexander Mwaba