Economy

Mulenga Hails Financial Sector Role in Economic Development

Youth and Sports Minister Emmanuel Mulenga has said the financial sector is critical to the attainment of sustainable economic development.

During the launch of United Bank for Africa (UBA)’s Platinum Mastercard at Protea Hotel in Ndola last night, Mulenga said the financial sector is recognized as a facilitator of economic growth and development that also contributes to poverty reduction.

“The UBA Platinum MasterCard is an innovation that should be applauded by all. Government under President Edgar Lungu is happy that banks are churning out new products that are simplifying the way we transact. The national payment systems are gradually evolving from cash systems to electronic oriented systems following the enactment of payment systems Act of 2007,” Mulenga, who is Ndola Central member of parliament, said.

“UBA Zambia is making headways in offering products that allow people to transact without having to walk around with cash. This will not only reduce the risk that goes with carrying cash but also enhance the cost of doing business.The financial sector is recognized as a facilitator of economic growth and development.”

He said the government will continue to provide an environment for investment.

“The Zambian government is alive to this fact and remains committed to providing an enabling environment for banks to not only operate but meet the needs and demands of the Zambian people. President is urging banks to come up with favourable incentives for youths which will enable them participate in entrepreneurship economically and favourably. This will enhance employment creation among the youths,” said Mulenga.

“…the Government also recognises the importance of digital financial services and the role they plat towards the increased usage of electronic payment tools by the general public. In this regard, the financial sector is critical to the attainment of sustainable economic development and ultimately poverty reduction. The financial industry is rapidly evolving with technology and changing needs of clients. I am well aware of the strides that the bank has continued to make with regards to product innovation and implore other financial institutions to emulate UBA Zambia in providing products that suit the needs and wants of clients.”

And UBA Managing Director Emeka Diamanochile said the MasterCard identified a need to take the digital space to the next level.

“UBA and MasterCard identified a need to take the digital space to the next level, to challenge convention, to raise the bar, to explore the exciting prospects that lie ahead. This launch reflects UBA Zambia’s confidence in the growing market and our continued commitment to bringing the most innovative banking products and services to our customers,” said Diamanochile.

“…Our virtual banker are digital solutions like no other, and not only do they continue to challenge traditional banking practices, but have also contributed to financial inclusion-a national priority.”

2 Comments

  1. Mike

    Interesting

  2. Christopher M Mutambo

    That’s good

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