ZCGS Chief Executive Officer was this morning excited to receive a team from Stanbic Zambia Bank led by the bank’s Chief Executive Officer, Mr. Mwindwa Siakalima.
Mr. Siakalima and his team paid a courtesy call to ZCGS to understand their product offering and also discuss the possibility of signing an agreement that would allow the bank to utilize the scheme as it gives out loan facilities to MSMEs.
Speaking during the visit, Mr. Siakalima revealed that the bank had a huge number of MSMEs within the Business and Commercial Banking space and it was these that were being targeted for support. Mr. Siakalima further revealed that the bank was impressed with the operations of the guarantee scheme and wished to partner with the scheme so as to respond to Government’s goal of growing the MSMEs in Zambia.
Speaking on behalf of ZCGS, Ms. Mumba thanked Stanbic for considering a partnership and assured Mr. Siakalima that once signed, the partnership would go a long way in facilitating access to finance to MSMEs.
She also made a plea to the bank to consider reducing interest rates for the portfolios that will be guaranteed so as to reduce the cost of doing business for the MSMEs.
The two institutions have agreed to expedite the pre signing processes so that the bank can start providing guaranteed facilities.