By HELEN ZULU –
ECOBANK Zambia has said its total loan portfolio currently stands at about K500 million out of which K280 million has been allocated to Small and Medium Enterprises (SMEs) to assist them in expanding their businesses.
Ecobank bank managing director Kola Adeleke said the bank was supporting its customers in critical sectors of the economy including agriculture, electricity, education, oil and gas, construction, manufacturing and telecommunications by providing loans which currently stood at K500 million.
Mr Adeleke said of the K500 million, K280 was for SMEs adding that apart from providing credit to its customers, the bank was also providing cash management and other trade tools.
He said during the Ecobank trade breakfast meeting in Lusaka on Friday that the institution was supporting key economic sectors, which included SMEs in different ways.
“It’s actually difficult to quantify the support that we give to our clients, but if you talk about loan value, we are talking about close to K500 million, it is cumulative, then out of that we have about K280 million for SMEs, we also have other services that help them to grow.
“We also facilitate instant payments between each of the 33 African countries in our network, delivering funds digitally to bank accounts or mobile wallets,” Mr Adeleke said.
He said the bank would continue to be relevant in Zambia by providing trade services and translating the local knowledge into business opportunities.
Mr. Adeleke said the bank would also continue to leverage on the power of digital platforms to deliver services to its customers in a convenient, accessible and reliable manner.
Commerce, Trade and Industry minister Margaret Mwanakatwe said Government would continue seeking sustainable growth and diversification of the economy by encouraging valuable participation by both foreign and local investors in the development of the economy.
Ms Mwanakatwe encouraged local entrepreneurs to utilise opportunities offered by institutions such as Ecobank to expand their businesses.
She said in a speech read for her by her permanent secretary, Kayula Siame also that utilising such opportunities by entrepreneurs would in turn grow Zambia’s Gross Domestic Product (GDP), increase tax revenue and improve economic development.
“Government is happy to partner with strategic partners such as Ecobank whose vision is also to contribute to the economic development and financial integration of Africa. I further wish to implore our businessmen to explore the various trade opportunities that Ecobank is offering,” she said.