ZICB Unveils New Headquarters and Expands Reach with Longacres Branch Opening
Zambia Industrial and Commercial Bank (ZICB) yesterday launched their new headquarters in Lusaka, Zambia at Longacres Mall, along with the launch of their Longacres branch. This move marks a significant milestone for the bank and demonstrates its commitment to the economic development of Zambia. The new Longacres branch offers modern facilities and technology to enhance the customer experience.
The launch of the new branch is a strategic move that will allow the bank to expand its reach and provide banking services to more customers. The branch will offer a wide range of banking services, including savings accounts, current accounts, loans, and mortgages. With its prime location, the branch is easily accessible to customers in the area, making it convenient for them to access banking services.
ZICB’s expansion plans are a testament to its commitment to serving its customers and contributing to the growth of the Zambian economy. The bank has a strong focus on supporting the country’s small and medium-sized enterprises (SMEs) by providing them with the necessary financial support and resources they need to grow their businesses.
ZICB’s investment in its infrastructure and expansion plans align with the Zambian government’s vision to grow the economy through increased investment in key sectors such as banking and finance. The bank’s commitment to sustainability and supporting SMEs will also contribute to the country’s development goals.
At the launch event yesterday (and in a speech read on his behalf by the Minister of Labour and Social Security Joyce Nonde-Simukoko) the Minister of Finance and National Planning, Hon. Dr Situmbeko Musokotwane, MP, shared, “According to the World Bank’s 2019 Enterprise Survey, the number one obstacle to the growth of businesses in Zambia is access to finance (31 per cent of firms that participated in the survey listed it as their biggest obstacle. This compares to 23% of firms in sub-Sahara Africa). The report further shows that, in Zambia, only 10.1 per cent of firms have a bank loan, compared to an average of 20.4 per cent across sub-Saharan Africa. For SMEs, the number of firms that have a bank loan is even lower at 6.3% due to the presence of structural constraints, including firm informality and high collateral requirements. As the government, we want to see enhanced growth and increased productivity of local businesses because it is the most sustainable way to create wealth and alleviate poverty among our people. We, therefore, need structured financial solutions and platforms to be deliberately created for the primary purpose of stimulating the growth of our SMEs and local businesses.”
Also speaking at the event was ZICB’s CEO Ignatius Mwanza who said, “Today speaks to the core of our existence, which is to provide an option to SMEs and other growing businesses in Zambia for a banking partner that will help them achieve their fullest potential through convenient access to finance. We have received phenomenal demand for our services from customers and other stakeholders since we started operating, and we are excited by this tremendous response to our banking services. We, therefore, look forward to being of service to you, our clients and customers, both in your individual capacities and as business houses.”
ZICB Board Chairman Mr. Musonda Cheta added, ” We are here today to demonstrate our commitment to supporting our clients by opening our new Head Office and our third branch in Lusaka, the Longacres Branch. This is also a reminder of our mandate to our stakeholders; that we are here to play a pivotal role in the commercialisation and industrialisation of Zambian businesses. We are delivering on our mandate by offering innovative products and services that enable access to effective finance for our clients. We are convinced that through our contribution, Zambia will realise a future where an increasing number of goods and services consumed in this country will be locally made and locally produced. For our country to achieve this aspiration, ZICB has started a path to be the leading bank in providing Zambia’s productive sector with affordable credit and financial solutions.”
See more about ZICB at their website here.