‘BARCLAYS SHOULD REFLECT GROWTH STRATEGY’

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By BUUMBA CHIMBULU

BARCLAYS Bank Zambia should implement a strategy to assist Government address the current economic challenges as it rebrands to Absa.

Bank of Zambia (BoZ) Governor, Denny Kalyalya, said rebranding should be a reflection of the bank’s renewed strategy for growth, underpinned by innovation and customer delivery models that seek to meet customer needs at a fair cost.

Dr Kalyalya said the strategy should also involve exploring ways in which the bank could assist in addressing some of the challenges in the country such as load shedding.

The Governor was speaking in Lusaka on Monday evening at the launch of the re-branding of Barclays Bank Zambia to Absa Bank Zambia.

“It will therefore be good and important to see the bank developing products and services that will contribute to addressing these challenges, in the immediate, medium and long term,” Dr Kalyalya said.

Dr Kalyalya said BoZ expected Absa Bank Zambia to continue supporting Small and Medium Enterprises (SME) sector as it was key for sustainable economic growth and development of the country.

SMEs, he said, had potential to create productive jobs and contribute significantly to the economy if well supported.

Dr Kalyalya assured that BoZ would remain vigilant and monitor any emerging risks as a result of the rebranding exercise.

And Barclays Bank managing director, Mizinga Melu, said about 37 Barclays Bank branches and 102 automated teller machines would be branded to Absa by June next year.

Ms Melu said the journey to Absa had just began.

“We urge our customers to move at the same pace with bank through this journey aimed at not only improving the bank’s physical looks, but also the technology system and operations,” she said.

Absa Bank Group deputy chief executive officer regional operations, Peter Matlare, said the bank was committed to developing affordable products to meet customers’ demands.

 Mr Matlare said the bank was eager to play a meaningful role in changing Zambia’s society for the better.

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