New pensions scheme holds good prospect to improve livelihoods, says FNB


The National Pensions Scheme Authority (NAPSA) partial withdrawal programme will have a positive impact on the economy, as it will inject funds into circulation, says First National Bank (FNB) Zambia.

The bank has also unveiled mobile bank to get closer to the public and drive the financial inclusion agenda.

On NAPSA, bank’s Head Retail Banking, Mwamba Musambo, said the development would in turn improve people’s livelihood.

Last week, President Hakainde Hichilema signed into law the NAPSA Bill to allow people to partial withdrawal of their pension.

Commenting on this, Musambo said the initiative would improve households and enable people have access to their pension while they still had energy and put it to good use.

Read more: Fears mount over likely rise in prices as experts predict inflationary trend, with coming of new NAPSA law

She regretted that previously, some people even died without accessing their pension.

She said this in an interview after unveiling the mobile bank dubbed banking on wheels at the weekend.

“This is (partial withdrawal) is an injection into the economy bring money into circulation and comes to the bank. We will give loans to other people and we are looking forward to public lives,” Musambo said.

On the mobile bank, she said it was part of the commemoration of the World innovation and creativity day.

Musambo said they are a digital bank and had unveiled banking on wheels to take the services closer to the people and accelerate financial inclusion.

She said anywhere the truck would park it could operate such a branch one can deposit, open an account and withdraw among others.

Musambo said this is part of the enhancing financial inclusion and literacy among the people in the communities.

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