By BUUMBA CHIMBULU
ABSA Bank Zambia has made an application worth over K1 billion to the Bank of Zambia (BoZ) to access funds from the stimulus package, as it launches its 29th branch in the rebranding and upgrading process.
The central bank in April this year put in place a K10 billion stimulus package to assist cash flow for businesses during the Covid-19 pandemic.
The funds are being disbursed through commercial banks.
Absa Managing Director, Mizinga Melu, said it was important that entrepreneurs and individuals take advantage of the facility to cushion the impact of Covid-19 on the economy and households.
Ms Melu indicated that Absa intended to borrow a total of K1.2 billion to ensure clients affected by Covid-19 had access to the funds.
She encouraged customers to take advantage of the drop in interest rates in view of the reduction in the monetary policy rate and access funds.
Ms Melu was speaking during the opening of Absa Kabwata branch yesterday in Lusaka.
“We want everyone to come on board to borrow. If you are in the tourism or any sector and need funding, Absa will provide the funding under the facility,” Ms Melusaid.
On branch opening, Ms Melu said the bank had spent over K130 million in branch opening and rebranding process as a way of cementing its position in the country.
Ms Melu said the Kabwata branch was the 29th branch under the rebranding process.
“Africancity is about getting things done. Even when there are challenges, we will continue to work and get things done. We have been upgrading our digital platforms to accelerate banking,” she said.
Ms Melu said the development signalled the bank’s commitment to the Zambian economy.