Michael Gondwe: Developing economic and banking opportunities in Zambia Speech by Dr Michael Gondwe, Governor of the Bank of Zambia, at the official launch of First Capital Bank Zambia Limited and opening of its Head Office, Lusaka, 26 November 2013. *  *  *  The Chairperson, First Capital Bank Zambia Ltd, Mr Bornwell Chiyabi; The Vice Chairperson and members of the Board Her Excellency, the High Commissioner of Kenya to Zambia, Professor Rono His Excellency, the High Commissioner of Malawi to Zambia, Mr Bandawe His Excellency the Assistant Secretary General of COMESA The Chief Executive Officer, First Capital Bank Zambia Ltd, Mr. Lalit Tewari; Management and Staff of First Capital Bank Zambia Ltd; My Senior Colleagues from the Bank of Zambia Distinguished Clients and Invited Guests; Members of the Press; Ladies and Gentlemen. It is an honour and privilege to be amongst you at this important occasion this evening. Firstly, allow me to express my gratitude to the Chief Executive Officer of First Capital Bank Zambia Limited for extending an invitation for me to come and officiate at this landmark event. This evening’s occasion marks the official launch of First Capital Bank (FCB) Zambia Ltd as well as the opening of its new head office. Please allow me to congratulate FCB (Z) Ltd on this important occasion. First Capital Bank Zambia Limited, as some of you may be aware, has emerged from the former International Commercial Bank (ICB).
As I understand, First Capital Bank has plans to increase its foot prints in Zambia and I hope that the bank will open up branches in other districts of BIS central bankers’ speeches  1  Zambia. This will enable it to enhance financial inclusion, which is among the country’s key priorities. Chairperson I have been informed that FCB has initiated the process of acquiring new state of the art banking software, and is in the process of introducing a full range of IT related products like internet banking, mobile banking and visa card. This demonstrates the bank’s strong and longterm commitment to becoming an important player in the development of our financial sector. This is no doubt driven by the confidence FCB has in the Zambian economy. Ladies and gentleman Zambia’s economy has continued to show resilience in the midst of a slowdown in the global economy as a result of the on-going Euro zone debt crisis and the sluggish growth in the United States of America and some leading emerging market countries including the BRICS. Economic performance has been strong with GDP growth in 2012 at 7.3%. Inflation has continued to be in single digits and was 6.9% in October this year. Although the exchange rate of the Kwacha against major international currencies has been under pressure, it has remained relatively stable, while the country has maintained a positive account balance over the last four years.