Barclays Zambia

Barclays Zambia has won the award because of a reasonably strong performance in 2002 but, more importantly, due to its high level of commitment to developing Zambia’s economy.

The bank, which had a pre-tax ROE of 104% in 2002, distinguished itself by unveiling a host of innovative products for retail and corporate customers.

For retail customers, it introduced electronic and telephone banking services plus a direct debit and credit clearing facility that saved Zambians the trouble of lining up for hours to pay utility bills. The bank also spent nearly $160,000 on community projects to improve conditions in Zambian society.

For corporate customers, the bank has launched an asset finance facility that permits those in dire need of equipment to lease the equipment for an agreed time period. Once the period expires, the companies may either purchase the equipment or continue to lease it. Barclays Zambia also helps small business customers to manage their business finances better.

The bank made a significant contribution to the maturing of the country’s capital markets by issuing a K30bn 12-year bond last year. The bond sale was a huge success, with pension funds, asset managers, unit trusts and insurance companies all subscribing to the issue. Barclays Zambia expects that the country’s other banks will follow its lead.

Margaret Mwanakatwe, country managing director of Barclays Zambia, said: “Winning The Banker award for the second time is a clear testimony of how Barclays Bank Zambia has developed in terms of its product offering, customer focus and information technology solutions. Despite the economic difficulties that all sectors are experiencing, we are still able to keep our lead position. No doubt our never-ending ‘customer first’ attitude provides us with the current successes and market advantage. I want to congratulate my members of staff for their endless efforts and teamwork. I can only hope for an even better year ahead.”


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