[2007-07-11]  Barclays launches product
BARCLAYS Bank Zambia Limited has launched a vehicle and asset finance product for Small and Medium Enterprenuers (SMEs) and individual customers.

And Copperbelt Minister, Mwansa Mbulakulima says Government’s immediate aim was to put in place policies that attracted investment and sustained a stable business environment.

Barclays head of corporate affairs, Augustine Seyuba says the product had directly boosted the corporate customers’ potential to expand their operations by giving them access to finance for them to buy high value assets.

Speaking during the launch at Kitwe’s Nkana Cricket club on Friday, Mr Seyuba said the vehicle and asset finance offering entailed the bank extending finances for movable high value assets, which included motor vehicles, trucks, machinery and other equipment.

“The finances will be available for tenures of 12 to 60 months. The amount accessible will range from US$10,000 to US$500,000 depending on the assets and capacity of the company.

“For brand new vehicles, the tenure of the loans will range from 12 to 60 months while for second-hand vehicles, the maximum tenure will be 36 months.

The amount will range from US$6,000 to US$150,000,” Mr Seyuba said.

Meanwhile, Mr Mbulakulima said the private sector’s role was to take and utilize the economic environment created by Government to register sustainable business expansions and profitability.

Mr Mbulakulima said the launch of the vehicle and asset finance product to SMEs and individual customers was a clear demonstration of the benefit of partnership between the public and private sectors.

He said SME development was a key focus area for Government.

“I commend the financial sector for rising to the challenge of utilising the current economic stability through product innovation and provision of customer friendly financial solutions,” he said.

Mr Mbulakulima also requested Barclays Bank management to construct banks in Kalulushi and Chambishi since the two towns had no banking facilities.



© 2005
Source: © 2005 Zambia Daily Mail.