The Zambia Industrial Commercial Bank (ZICB) has officially opened for business in Kitwe with the call to provide Small medium Enterprises (SMEs) and growing businesses in the district with banking services and solutions that will help them achieve the full potential.
Bank of Zambia (BOZ) Deputy Governor Operations Dr. Bwalya Ngandu, who officiated at the launch, said BOZ was concerned with the high cost of bank charges on the market hence the prohibiting of certain charges that were considered unwarranted.
Speaking at the launch of the Kitwe ZICB held at ECL mall, Mr Ngandu said the responsibility of ensuring that the financial sector continues to offer fairly priced products and services cannot be left with the bank of Zambia imposing restrictions on what the banks can or cannot charge.
He noted the fair and reasonable prices for products and services by financial providers should be self-imposed as good practice embedded in their business strategies.
Dr. Ngandu emphasized that fair pricing by financial providers is good for business in the long term as it will retain customers compared to the unwarranted pricing which discourages clients adding that failure by the financial sector to self-regulate in the area of product pricing will force the bank of Zambia to intervene and protect customers from price exploitations as a way of maintaining confidence and integrity of the financial sector.
Dr. Ngandu revealed that the central bank is working with the law enforcement agencies to curb the increasing number of fraudulent schemes that entice members of the public to contribute deposits to financial institutions which are not registered or regulated by the Bank of Zambia
Dr. Ngandu welcomed the strategy by ZICB that will focus on meeting the needs of industrial and commercial enterprises in order to support growth to SMEs as they transition to stable businesses.
Dr. Ngandu said the strategy will provide practical solutions to some key challenges that business houses on the Copperbelt and the rest of country face.
And ZICB Chief Executive Officer Ignatius Mwanza said the bank will endeavor to support the growth of local SMEs and customers so that they became viable commercial and industrial enterprises hence creating jobs and wealth for the local people.
Mr Mwanza assured improved service provision and hailed shareholders namely Madison Financial Services, Workers Compensation Control Board, Napsa, Industrial Development Corporation among others for supporting the rebirth.
Meanwhile speaking earlier Chairperson of the ZICB Board of Directors Charles Sichangwa said the presence of ZICB in the province will increase creation of local wealth with various benefits to the communities hence reducing poverty and raising standards of living for the people.
Mr Sichangwa assured customers that the Zambian owned bank will provide innovative banking products and services that are deliberately structured to support local business growth.

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