michael gondwe : economic and financial sector developments in zambia speech by dr michael gondwe, governor of the bank of zambia, at the official launch of the zambia national commercial bank limited ( zanaco ) ndola west branch, ndola, 27 june 2013. * * * the managing director, zanaco members of the executive management team members of the press distinguished invited guests ladies and gentlemen let me begin by tendering apologies on behalf of the governor of the bank of zambia, dr. michael gondwe who is not able to be with us this evening as he is attending to other commitments. he however requested that i represent him at this important occasion. it is therefore my honor and privilege to officiate at this important occasion to launch the new ndola west branch of zambia national commercial bank limited. i am told that the branch was initially on maina soko road opposite barclays bank and that the bank decided to move here because the place is bigger, which i believe will provide a better and spacious environment. distinguished guests, the bank of zambia is reliably informed that since the inception of the bank more than 37 years ago, zanaco has grown its customer base to over 640, 000 and has grown its network of branches and agencies to 64, in addition to the branch being launched today, 53 zanaco xpress offices and 26 zanaco agents. the bank has also invested in more than 162 atms and 465 merchant pos terminals. this development demonstrates the bank ’ s strong and long term commitment to be a significant player and contributor to the development of our financial sector, and the growth of the economy as a whole. the bank of zambia wishes to commend the board of the bank, managing director and his team for these commendable developments. ladies and gentlemen, you will no doubt be aware of the crucial role that banks play in financial intermediation. the real challenge therefore is for all financial sector players to play their honest part in enhancing savings mobilization and to effectively channel the public ’ s savings to support financing of viable economic activities. as our economy continues to grow and per capita incomes increase, demand for financial services from both the corporate sector and the general public will continue to grow rapidly. therefore, zanaco ’ s wide branch network will strengthen its capacity to meet this growing demand for financial services. managing director, distinguished invited guests, ladies and gentlemen, the bank of zambia is always pleased to be

www. boz. zm. allow me to reiterate that the intention of the balance of payments regulations are merely to monitor the flow of funds in and out of the republic with the ultimate aim to provide more accurate data to facilitate decision making on the national economy. managing director, the bank of zambia will continue to implement and monitor various regulatory measures aimed at enhancing the operations of the banking sector and efficiency in the wider economy and remains committed to support all efforts to reduce the cost of doing business in zambia. distinguished ladies and gentlemen, allow me to conclude my remarks by reminding commercial banks that they must become proactive in identifying new markets and developing appropriate new products and services, especially for the excluded population if they have to remain competitive and relevant in our fast growing banking sector. as has been echoed at various meetings, the bank of zambia has financial inclusion as one of its strategic objectives and initiatives by market players to make this vision a reality are always highly commended. the bank of zambia will play its own role and make every effort to create an environment that supports innovation and market developments by financial institutions. managing director, distinguished ladies and gentlemen, it is therefore, the bank of zambia ’ s expectation that zanaco and other banks will take advantage of opportunities arising from the general positive economic outlook on account of improving macroeconomic conditions and improvements so far recorded in various sectors of the economy and foster greater developments in the financial sector. finally, let me extend my gratitude to the board of directors and the managing director of zanaco inviting me on this occasion to mark the official launch the ndola west branch. it now my honour and privilege to declare the ndola west branch officially opened. i thank you. bis central bankers ’ speeches