MINISTER OF FINANCE AND NATIONAL PLANNING COMMENDS NAPSA FOR PRUDENTLY INVESTING MEMBERS’ FUNDS AND SUPPORTING LOCAL BUSINESSES

Minister of Finance and National Planning , Honorable Situmbeko Musokotwane, MP, has commended the National Pension Scheme Authority for supporting Small and Medium Enterprises (SMEs) in Zambia by investing in the Zambia Industrial Commercial Bank (ZICB) whose focus is on SME development. The Minister said the investment would open a new chapter in the banking sector in the country for the benefit of the people and local businesses.

The Minister was speaking today at a ceremony to mark the official opening of the ZICB Head Office and Longacres Branch at the Longacres Mall in Lusaka.

“I am aware that the majority shareholder of ZICB with 64.3 percent shares is the National Pension Scheme Authority with other public entities holding the remainder of the shareholding. I therefore take this opportunity to commend NAPSA and other shareholders for actualizing their noble idea of forming a bank that would spearhead the commercialization and industrialization of Zambian businesses through the provision of business-friendly financial solutions. We can look to the future with great hope and belief that Zambian businesses and entrepreneurs have a bank they can call their own,” said Dr. Musokotwane.

The minister said this in a speech read for him by the Minister of Labour and Social Security, Honorable Brenda Mwika Tambatamba, MP.

NAPSA has invested in a number of financial institutions through shareholding and fixed-term deposit that allow its members to access funds for their personal and business growth before and after retirement. This also supports the development of the Zambian economy in line with the Authority’s mission and vision.