Bank of Zambia approves a new SME bank
The Bank of Zambia (BoZ) has approved the creation of a small and medium-sized enterprises (SMEs) Bank, which should be operational as soon as February 2014.The Zambia National Small and Medium Entrepreneurship Fund (ZNSMEF)
has set up the credit bank, which
will be named
Natasha Credit Bank of Zambia. This name was approved by the BoZ in a letter dated 31 July. ZNSMEF now has to seek clearance of the name from the Patents and Companies Registration Agency (PACRA).
In the same letter, BoZ deputy governor Bwalya Ng'andu stated that the bank “reviewed the proposed name taking into consideration the provision of section 118 of Banking and Financial Services Act (as amended)."
Following the BoZ approval, ZNSMEF director general Tresford Chomba
"We shall be meeting with stakeholders to select people who will be spearheading the bank. But we want to appeal to government and investors to consider supporting this understanding for the sole purpose of national development."
The new bank will indeed contribute to Zambia’s economic growth by facilitating the financing of SMEs.