branch expansion with increased product innovation. the ability to offer different types of products to suit the local needs of mpongwe district will go a long way in enhancing access to financial services in this area. the bank of zambia is determined to facilitate viable branch expansion, and the introduction of new and innovative financial products, to tap savings and channel these savings to investment. the bank will therefore continue to work in close collaboration with the financial sector to cultivate partnerships in order to establish the frameworks and pursue policies that will drive financial innovation, build strong financial institutions and partnerships to ensure a stable financial sector in the country. as i conclude, let me once again again commend the board and management of natsave for this enviable initiative of spreading the branch network throughout the country and having presence in economically viable areas such as mpongwe. i wish to assure you that the opening of this branch will soon result in increased investment, creation of jobs and a growth in profits for the bank. honourable ministers, distinguished guests, ladies and gentleman, it is now my singular honour and pleasure to declare the national savings and credit bank, mpongwe branch, officially opened. i thank you bis central bankers ’ speeches

other nine districts on the copperbelt put together. in addition, it was noted that the payments made to the farmers were growing steadily as evidenced by the increase from k19 billion ( kr19 million ) in 2010 to k58 billion ( kr 58 million ) in 2011 while members of the farmers union had accessed about k2. 4 billion ( kr2. 4 million ) in loans from banks outside the district for the 2010 / 2011 farming season alone. furthermore, the mission reported that 2, 700 residents of mpongwe, comprising government / civil service employees and registered farmers use the financial services located either in kitwe, ndola or luanshya. it must be noted that this number did not include other persons in the productive sector such as private businesses. distinguished guests, ladies and gentlemen, the report further observed that a total monthly wage bill of about k2. 8 billion ( kr2. 8 million ) was paid out to the residents of mpongwe in 2011. these funds did not include grants and other sources of funding utilized by various government organs and private individual and businesses. the area also has a number of commercial farmers including conglomerates such as zambeef who are engaged in producing crops like wheat, soya beans, barley and maize in large scale and employ a large number of permanent and seasonal workers. the potential for increased investments in agriculture and agro - processing industries is also enormous. the government ’ s focus developing the country through infrastructure development will therefore lead to the realization of this potential in the near future. mr chairperson, the bank of zambia is pleased to see natsave taking up the challenge and setting up this branch where other banks have failed. i am certain that this branch we are unveiling today will very soon become one of the most profitable branches in the entire natsave network. bis central bankers ’ speeches furthermore, it is heartening to note that natsave is not stopping here but is earmarked to open another branch in lufwanyama district on july 26, 2013 to increase its total branch network to 32. i wish to assure the board and the managing director of the bank of zambia ’ s utmost support as you expand your outreach to the areas which need financial services the most. i also wish to encourage other players in the banking sector to emulate natsave and set up branches in other unbanked districts throughout the country. distinguished guests, an important element for effective financial service provision is to complement