Business

StanChart to invest $6m to hasten financial inclusion

KALONDE NYATI, Lusaka
STANDARD Chartered Bank is expected to invest about US$6 million in technology to accelerate financial inclusion across the country through electronic banking.
Standard Chartered Bank head of retail clients Sonny Zulu said with majority Zambians having access to mobile phones, the electronic banking system will go a long way in accelerating financial inclusion, hence the bank’s commitment to invest in digital banking.
Mr Zulu said in an interview last Tuesday that the bank, which is commemorating 110 years of existence in Zambia, is committed to take a lead in enhancing financial inclusion through the electronic platform.
“We are expanding our digital banking capabilities to reach out to everyone because at least everyone, including those in the remote parts, have a mobile phone, and can use it to transact,” he said.
He said financial inclusion remains key in facilitating commerce and trade in the country.
Mr Zulu said the bank, which has 25 branches in various parts of the country, has reached customers across the country through digital platforms.
The digital platform transactions account for about 80 percent of the bank’s transactions.
“We may not have physical branches in every district across the country but we are reaching all districts through the digital platform,” he said.
Meanwhile, Standard Chartered Bank is in January next year expected to commission the Kalumbila branch to accelerate financial inclusion in the recently created mining town.
The bank is also expected to commission two branches in Lusaka.

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