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Subsidy removal gains outlined



Barclays Bank Zambia Managing Director Mizinga Melu says the removal of subsidies by government has sparked economic growth in the country.


Mrs. Melu says removal of subsidies has also led to a reduction in inflation and interest rates on the market.


Speaking during a breakfast meeting with journalists in Lusaka, Mrs. Melu also noted that the positive partnership Barclays has enjoyed with government has led to positive results in the agriculture sector.


She said Barclays continues to work with government in areas such as input distribution under the Farmer Input Support Program -FISP- through the e-voucher system where it dealt with around 80-thousand cards.


Mrs. Melu said this demonstrates government’s support toward the sector.


She is also happy that government has started looking at various forms of crops in agriculture beyond maize such as cassava which has various benefits.


And Mrs. Melu said the bank performed well in 2017 introducing new products and registering growth in profits.


She has also revealed that the bank will soon be launching three new branches as part of its expansion program but will also be looking at supporting more of a digital platform.


And Barclays Chief Financial Officer Risper Genga said the tightening of the monetary policy last year tightened liquidity leading to an increase in the cost of funds.


Meanwhile, Barclays Retail and Business Banking Director Regina Mulenga said the bank has continued to support small scale businesses by linking them to markets and helping them with finance.

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