African Leadership Magazine on Monday 11 May featured National Savings and Credit Bank Mukwandi Chibesakunda who has committed to funding SMEs in this disease pandemic period. Chibesakunda a seasoned banker with a pedigree of excellence spoke about the partnerships with Zambia National Marketeers Credit Association – ZANAMACA, an initiative comprising 500,000 members which will benefit through the Central Bank K10billion credit line through Natsave to curb the liquidity and credit impact of COVID19.
The high performing Chief Executive Officer also acknowledged that Natsave has reached out to its clients across the country on the strains they face in this difficult period so as to set base to structure relief package facilities for those impacted.
There has been a general outcry and call for the central bank stimulus emergency package benefits to trickle down to the most vulnerable in society. This can been inferred from the Zambian Republican President’s tone in the three addresses he has given the nation. Natsave stands out as the first institution to vividly spell how it will provide assistance to the lower business brackets.
“Through a revolving fund we provide financial assistance to ZANAMACA and repayments by members makes liquidity available to other borrowers. It is critical too that the members of the fund must repay to make funds available for the next borrow to access funding,” Mukwandi Chibesakunda said.
“Natsave we will strive to understand COVID impact on businesses in a unique fashion to be able to give loan repayment holidays. The central bank has provided eased capital and provision requirement which provide stimulus for us Financial Institutions to pass benefits to our clients through these holidays, restructures and refinance,” she said.
Natsave has profiled its SME portfolio to include those in the Agriculture and Milling sectors who it places highly in light of food security. In addition to outright financing initiatives, Natsave has embraced digital solutions that allow for minimal use of cash to back the health protocols of social distancing. Being a 100% owned state bank, it is most socially obliged to actualize what the government is trying to achieve in this disease pandemic era.
The African Leadership Magazine is published by African Leadership (UK) Limited. The magazine focuses on bringing the best of Africa to a global audience, telling the African story from an African perspective; while evolving solutions to peculiar challenges being faced by the continent today.
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