Minister of Finance Felix Mutati says government will in the first half of next year pass new legislation meant to stabilize the financial sector.
Speaking during official launch of Atlas Mara which is a merger of Finance Bank and Banc ABC in Lusaka last night, Mr. Mutati said government has already secured stability but now wants to attain financial sector stability.
He said government will pass the National payment system act to minimize transaction costs.
The Minister said government will also put in place the mobile asset act to ensure that banks can give loans using mobile assets such as livestock.
He revealed that government is also looking at dismantling arrears to assist the private sector contribute to economic growth.
The Minister has also called on Atlas Mara to come up with innovative ways that will change the financial sector amidst competition.
He has assured the bank of government’s support to creative a conducive environment for the private sector to thrive.
And Atlas Mara Co-Founder and Chairman Robert Diamond said the company will see continued investments in digital products.
Mr. Diamond adds that the company will also focus on technology and talent to bring its operations to international standards.
And Atlas Mara Zambia Managing Director James Koni acknowledged the role that government has played in creating a conducive economic environment.
Mr. Koni stated that the bank’s clients remain the core of the institution.