As part of its ongoing efforts to promote financial literacy, Stanbic Bank Zambia has launched a Financial Fitness Academy. The academy is designed to provide bank employees with the skills to manage their personal finances and achieve their financial goals.
[AFPRwire, Wed Nov 04 2020] As part of its ongoing efforts to promote financial literacy, Stanbic Bank Zambia has launched a Financial Fitness Academy.
The academy is designed to provide bank employees with the skills to manage their personal finances and achieve their financial goals.
These skills will then be transferred to people across the country through Stanbic's community-based financial literacy programmes.
Launching the initiative, Stanbic Bank Zambia Chief Executive Leina Gabaraane said there was a need for increased dialogue on personal finance planning and management, particularly in the current economic climate.
Personal finance planning and management is one of the most important conversations we should have as a society, yet it remains one of the least discussed topics, said Mr Gabaraane.
Most people have not been exposed to the importance of personal finance management early in life. They only begin interacting with a sizeable amount of money and needing to make big financial decisions after they get their first paycheque, and by this time, they would have already developed poor spending habits.
The bank boss explained that having poor money management habits was detrimental to a person's ability to gain financial freedom.
When I was younger, I was fortunate enough to have the opportunity to work for a wealth management business, he added.
During that time, I realised that most people saved very little - if at all - which meant that in the event they lost their source of income they would be unable to meet their financial obligations. That's a dangerous way to live.
He noted that achieving universal financial inclusion would mean nothing if the majority of the population lacked the skills necessary to effectively manage and grow their finances because poor personal finance management perpetuates the poverty cycle, which in turn hinders universal financial inclusion.
A lack of knowledge leads to poor decision making - a fact that is true even in personal finances. With the global economy still suffering the effects of COVID-19, the Standard Bank Group, of which Stanbic Bank Zambia is a member, felt it necessary to equip our employees with effective money management skills through the Stanbic Financial Fitness Academy to help them navigate the harsh economy.
Since Stanbic staff are heavily involved in financial literacy programmes in their communities, we are confident the skills they learn will be transferred to their neighbourhoods thus indirectly increase the academy's reach.
Through this training we will give our people the tools needed to plan for and take control of their financial future.
About Stanbic Bank Zambia Limited
Stanbic Bank Zambia is part of the Standard Bank Group, Africa's largest bank by assets.
Standard Bank Group reported total assets R2.3 trillion (about USD163 billion) at 31 December 2019, while its market capitalisation was R277 billion (USD20 billion).
The group has direct, on-the-ground representation in 20 African countries and in 5 global financial centres. Standard Bank Group has more than 1 100 branches and 9 000 ATMs in Africa, making it one of the largest banking networks on the continent. It provides global connections backed by deep insights into the countries where it operates.
Stanbic Bank Zambia is the largest bank in Zambia by balance sheet and provides the full spectrum of financial services. Its Corporate and Investment Banking (CIB) division serves a wide range of requirements for banking, finance, trading, investment, risk management and advisory services. Corporate and Investment Banking delivers this comprehensive range of products and services relating to: investment banking; global markets; and global transactional products and services.
Standard Bank's corporate and investment banking expertise is focused on industry sectors that are most relevant to emerging markets. It has strong offerings in mining and metals; oil, gas and renewables; power and infrastructure; agribusiness; telecommunications and media; and financial institutions.
Stanbic Bank Zambia's Personal and Business Banking unit (PBB) offers banking and other financial services to individuals and small-to-medium enterprises. PBB serves the increasing need among Africa's small business and individual customers for banking products that can meet their shifting expectations and growing wealth.
For further information, go to http://www.stanbicbank.co.zm/
For media inquiries please contact:
Gillian Langmead at Langmead & Baker Ltd;
+260 979 060705;