BY BUUMBA CHIMBULU
The National Pensions Scheme Authority (NAPSA) partial withdrawal programme will have a positive impact on the economy as it will inject funds into circulation, says First National Bank (FNB) Zambia.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”4,5,6″ ihc_mb_template=”2″ ]
The bank has also unveiled mobile banking to get closer to the public and drive the financial inclusion agenda.
FNB Head Retail Banking, Mwamba Musambo said the NAPSA partial withdraw was a positive development that would in turn improve people’s livelihood.
Last week, President Hakainde Hichilema signed into law the NAPSA Bill to allow citizens to partial withdraw their pension.
Commenting on the development, Ms Musambo said the initiative would improve households and enable people have access to their pension while they still had energy to use the money to venture into productive economic areas.
She regretted that previously, some people died with accessing any part of their pension but is happy that a chance had come where citizens would have to access part of their pension.
She said this in an interview after unveiling the mobile bank dubbed banking on wells on Friday.
“This is (partial withdrawal) an injection into the economy and it will bring money into circulation and it will then come to the bank. We will give loans to other people and we are looking forward to improved public lives,” Ms Musambo said.
On the mobile bank, Ms Musambo said it was part of the commemoration of the World Innovation and Creativity day. Ms Musambo said FNB was a digital bank and had unveiled banking to take the services closer to the people and accelerate financial inclusion.
She said anywhere the truck would park, it would operate as a branch where one could deposit, open an account and withdraw among others services. Ms Musambo said the objective of the initiative was financial inclusion and literacy. “Currently, all the bank put together only have about five million people banking with them out of the over 20 million population. This truck will bring banking closer to people because some people find branches scary. We are committed to financial literacy to make people understand the importance of accessing banking services,” she said.
[/ihc-hide-content]
