Standard Bank expresses confidence in the growth potential of Zambia’s economy


Standard Bank Group is confident that Zambia’s economy will continue recovering supported by its improved outlook which has increased optimism within the region for increased Foreign Direct Investment (FDI).

Standard Bank Group is Stanbic Bank Zambia’s parent company.

Zambia’s improved economic outlook bodes well for the country’s full recovery, according to Standard Bank Group Africa Regions Chief Executive, Yinka Sanni, during an in-country visit to Stanbic Bank’s Head Office in Lusaka recently.

Sanni stressed that Zambia’s improved economic outlook had increased optimism within the region for FDI into the country.

“We are very honoured to be hosted by Stanbic Zambia and to have the opportunity to meet with, and learn from, the Zambian monetary and fiscal authorities, who we hold in the highest esteem. The Group is very proud of our long association with Zambia, and of the excellent Zambian leadership and employees, who have built Stanbic Zambia over the past 66 years,” he said.

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He pointed out that the bank had seen that business activity in the Zambian economy had accelerated at its fastest pace for the second successive month in February, 2023.

Sanni said this was mainly triggered by higher customer numbers, according to the most recent Purchasing Managers’ Index (PMI) report.

“And business activity expanded solidly in February, this year, rising for the second month in a row and at the fastest pace since May, 2018. So, we have strong confidence that the local economy shall continue to recover and grow,” he stated.

Stanbic Bank Zambia Chief Executive, Mwindwa Siakalima, said the visit by Sanni solidified the relationship and works to form alignment of its strategy to that of the wider Group.

“Bank plays a crucial role in our efforts to achieve our goal and purpose, ‘Zambia is our home, we drive her,” Siakalima said.

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