caleb m fundanga : increasing access to financial services in zambia remarks by dr caleb m fundanga, governor of the bank of zambia, at the foundation stone laying ceremony of the new stanbic bank premises, lusaka, 10 july 2009. * * * mr. ben kruger, deputy group chief executive of the standard bank group ; mr. clive tasker, chief executive officer of standard bank africa ; ms pindie nyando ro, regional managing director ; mrs. nikki twomey, director brand marketing at standard bank ; chairman of the stanbic bank board, mr. larry kalala ; directors of the stanbic bank board ; managing director, stanbic bank mr. joseph chikolwa ; management and staff of stanbic bank ; representative from the construction company, barnett ’ s and farmers house plc ; mr. roger miller distinguished ladies and gentlemen. i am honoured and thankful for the invitation to officiate at this important foundation stone laying ceremony of the new stanbic head office premises. distinguished ladies and gentlemen ; allow me to begin by commending stanbic bank zambia limited for the important role it continues to play in the financial sector in zambia. since, 1992 when stanbic bank was established in zambia, the bank has grown to be one of the biggest players in the market. as at 31 may 2009, the bank accounted for about 14 % of the banking sector ’ s total assets, while its deposit base accounted for 15 % of total sector deposits. more importantly, the bank ’ s loan portfolio accounted for 15 % of the total loans in the sector. the bank has also strived to increase its customer base as well as provide convenient banking services by increasing its branches and agencies to 13 and atm machines to 44 at end june 2009. chairperson, i have stated at various fora that it is important for banks in zambia to take initiatives which support growth and development of our economy. i am glad to note that stanbic bank zambia limited has embarked on this project of constructing a new head office at a bigger site and away from the central business district or town center. this reflects the bank ’ s growth and rising demand for convenient facilities. i must congratulate the management of the bank for their relentless efforts to facilitate its journey towards providing efficient and convenient banking services to a fast growing market. i must however, warn that the journey entails more challenges and responsibilities including the challenges of adoption of new technology and the responsibilities of serving a growing number of customers which must be addressed.

some notable deterioration in the personal loans category of the banks ’ loan book. it is my expectation that stanbic bank zambia limited and other banks ’ will enhance prudence in their lending activities and strengthen their risk management systems as a way of minimising further deterioration of the banking industry ’ s loan portfolio. it is also my firm belief that banks will continue to conduct safe and sound practices even under challenging times and therefore help to mitigate the risks that the financial system is currently facing from the adverse developments in the global economy and the global financial system in particular. chairperson, in conclusion, i wish to take note of the commendable step that stanbic bank zambia limited has taken to build its own offices here in zambia after a long presence in the country. i am hopeful that this initiative will create a more expansive and customer - friendly environment for your customers. i congratulate you for this milestone. i thank you for your attention.