Dear Banks : The race for deposits continues – Who will Bank the Youth?

The Bank Monitor Zambia

As we draw closer to the end of the financial year 2017,it is quite intriguing to sit back as a young spectator and watch 19 financial institutions jostle for a larger piece of the proverbial cake – a modern day race for cash deposits. Year in and year out,this is every bank’s central objective, the reason behind the corporate tug-of-war in Zambia’s financial sector. It’s the not so complicated principle in the banking business. Amass as much money as possible, lend out most of it and enjoy the surplus gained from interest charged to borrowers.

However, it is quite ironic that a country with the sixth largest number of Commercial Banks in Southern Africa has one of the lowest rates of financial inclusion for citizens under the age of 35.This is the Zambian banking sector’s elephant in the room; “Who will bank the Youth in Zambia?” Only 6 of our…

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