State-run INDO-Zambia Bank (IZB) has confidence in the Zambian economy and the economic policy pursued by the country’s government, IZB Managing Director Maheshkumar Bansal recently said.
For this, IZB will continue expanding across Zambia by increasing its branch network and allocating a series of investments to boost lending to Small and Medium-sized Enterprises (SMEs), and women.
Loans to SMEs currently represent 20% of IZB’s portfolio, which demonstrates the bank’s engagement with developing such a sector, Bansal said.
Loans to women will help them be self-employed and boost financial inclusion, which is part of IZB’s plan, he added.
In 2015, ZMW3.22m worth of loans were disbursed to women groups benefiting 2,200 women according to IZB records.
Zambia IZB Branch Expansion
Currently (2016), IZB has more than 30 branches in Zambia. In the past 4 years, IZB opened 17 new branches across the country which has contributed with the employment of fresh graduates and unskilled staff.
The Bank of Zambia (BoZ) is currently managing a strategic plan to grow the bank and reach more regions such as the Mungwi district which never had a bank branch and count with a population of 150,000 people.
To reach this goal, the BoZ plans to merge IZB with Zambia National Commercial Bank Plc (LUSE:ZANACO) and create a national bank with the largest branch network nationwide.