This interest we are witnessing in the financial sector is due to the favourable economic environment that has been created in the last seven years. During this period, the economy has performed relatively well as reflected in the overall macroeconomic stability, which has been underpinned by sustained positive growth rates in the real Gross Domestic Product averaging over 5% in the last five years. I do hope that Access Bank Zambia, will play a special role in taking this growth to an even higher level. In the financial sector, stability has continued to characterize the financial system with all banks being adequately capitalised and non-bank financial institutions performance being satisfactory. I am convinced that this stability, among other factors, will continue to contribute to the attraction of international investors such as Access Bank to invest in Zambia. It is my hope that with new entrants in the banking sector, the provision of financial services to the public will become more competitive both in terms of the variety of services offered, efficiency and pricing. The need for provision of affordable banking services to the majority of our people can not be ever emphasised. Such services will greatly benefit our people and contribute positively to poverty reduction in the country. As Access Bank ventures into full fledged business, I urge the bank’s management to devise strategies that will contribute to Government’s efforts of reducing the cost of borrowing and increasing the level of inclusiveness in the country.
Your Excellency, Honourable Ministers in order to insulate the financial system from external influences like the financial turmoil currently being experienced in some Western countries, the Bank has been working on a macro prudential approach to supervision of the financial system. Macro prudential analysis looks at the health of the underlying financial institutions in the system and performs stress tests and scenario analysis to help determine the system's sensitivity to economic shocks. This analysis also looks at macroeconomic data including GDP growth rates, inflation, interest rates, balance of payments, exchange rates, asset prices and the correlation of markets within the system. Distinguished guests, I am advised that Access Bank comes with a bouquet of banking products and excellent services, aimed at enhancing the quality of lives of Zambians and the economy in general. I urge management to remain committed to ethical standards and see themselves as a Zambian bank because you are indeed a Zambian bank now. Based on our inquiries, the Bank has a strong heritage and history of performance that will positively contribute to the health of the financial sector in Zambia. Your Excellency, Honourable Ministers, It is also exciting that the bank we are commissioning today is coming to Zambia in the context of pan-Africanism. This is an African bank investing in another African country, a demonstration of South to South cooperation. It is such investments that will accelerate the pace of the much needed economic integration in Africa.