28 May 2012

Zambia: INDO Bank to Spend K351 Miliion On Community Events

INDO-Zambia Bank has spent K351 million to fulfill its corporate social responsibility obligations for the financial year 2011/12.

Indo-Zambia Bank board chairperson Orlean Moyo said in the year under review, a total of K351 million was incurred by the bank on fulfilling its corporate social responsibilities.

Ms Moyo said the bank would ensure to comply with the best practice of corporate governance as well as to comply with all the stipulated regulators guidelines.

"The bank is very conscious of fulfilling its corporate social responsibilities by earmarking a definite portion of its profit for donation to institutions such as hospitals and other charitable institutions," Ms Moyo said.

She said in Lusaka that taking into account the fact that maintaining good health was of paramount importance to the citizens, the bank donated K250 million to the Ministry of Health to supplement their efforts in the provision of linen and medical equipment of the health centres in Luapula Province.

Meanwhile, Ms Moyo said it was gratifying to report that the micro financing scheme through Self Help Groups launched by the bank in the previous year had been of great success.

In the first tranche, the bank had granted credit facilities to 25 women Self Help Groups comprising 500 women aggregating to K800 million.

Ms Moyo said the bank was impressed and proud of the repayment performance of the Self Help Groups as there were no defaults.

During the current year, the bank extended credit facilities to 100 women Self Help Group comprising nearly 1,000 women and disbursed aggregate loans to the extent of omore than K1 billion.

"This micro finance scheme has a special place in Indo-Zambia Bank as it speaks of our core values and brands promise of 'Supporting You, Developing Zambia', She said.

Ms Moyo said the bank had continued to build a strong foundation for future growth by continuously working on enhancing human resource capabilities..

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