The Bank of Zambia – BOZ has welcomed Barclays Bank’s transition to Absa with emphasis that its rebranding should be a reflection of the bank’s renewed strategy for growth, transformation and commitment to deliver unique and quality services to its customers.
BOZ Governor Dr. Denny Kalyalya has stressed that it is the Central Banks’s hope that part of Barclays renewed strategy will involve exploring ways in which the bank can assist in addressing some challenges facing the country such as Load shedding and Food production as they have potential to further positively impact the country’s economic growth and wealth creation efforts.
Speaking at the lunch of the new Absa branch in Lusaka at Kabulonga Centro Mall, attended by the Zambian Business Times – ZBT, Dr Kalyalya added that the renewed strategy should be underpinned by innovation, robust technology and customer delivery models that seek to meet customer needs at a fair cost.
He said BOZ expects Absa Bank Zambia to continue and enhance its support to the SME sector in Zambia, as it is key for sustainable economic growth and development of the country adding that SMEs have potential to create many productive jobs and contribute significantly to the economy, if well supported.
“The launch of the first Absa branch here in Lusaka is an outcome of detailed and rigorous consultations and complex planning processes which began in 2016. We are therefore delighted that the bank has finally achieved this milestone among many others and it is therefore, our expectation that Absa Group Limited will build on the foundation and heritage established over the last century by Barclays Bank Group,” he said.
The Central Bank has since appreciated the Absa group for its initiative and that it will remain vigilant to ensure that Bank of Zambia is effectively monitoring any emerging risks as a result of the rebranding exercise.
At the same event, Absa Zambia Managing Director Mizinga Melu said the adoption of the Absa name will enable the bank leverage its rich heritage and drive relevant initiatives that can further unlock Zambia’s potential and support its accelerated growth.
She added that the bank has over the few months invested heavily in technology and that it is yet to rebrand all the 37 branches and 202 ATM’s across the country.
