18 July 2012

Zambia: Zanaco Opens Branch in Lufwanyama

ZANACO has opened a branch in Lufwanyama District on the Copperbelt in an effort to decongest the Kitwe branches and expand the network.

The commercial bank is targeting civil servants and farmers who will now be accessing the services within their community.

The new rural branch is situated right in the middle of the district in Chieftainess Shimukunami's area.

Lufwanyama District was accorded its district status more than 15 years ago but since then it had been operating without the banking facility, forcing all civil servants and farmers to be travelling to Kitwe each time they wanted to deposit or withdraw their money.

Lufwanyama ZANACO branch agent Michael Salamu confirmed the development in an interview in the area yesterday.

Mr Salamu said people in the area had received the opening of the branch with much pleasure as they knew that they would no longer be going to Kitwe to seek banking services.

He said the nearest district was Kalulushi which also had no banking institutions.

"ZANACO has opened a branch in Lufwanyama district.. I can also say that people in the area especially the civil servants are happy about it because since its inception in many of them have stopped travelling to Kitwe to get their salaries," he said.

He said during the month ends his branch runs out of cash because many civil servants from far flung parts of the District choose to withdraw their money from there.

Mr Salamu observed that the move had the potential of improving the economy of the district as the circulation of the money would be increased within the area.

People would be spending their income within the district than in the past when they had been getting their salaries from Kitwe and subsequently spending their salaries there buying groceries including food stuffs such as vegetables that they would buy within Lufwanyama, as a result they had been improving the economy of Kitwe.

Copyright © 2012 The Times of Zambia. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.