ZNBS, LpWSC ink MoU for Affordable Loans, Enhanced Banking Services to LpWSC Staff

The agreement, signed on 11th October, 2024 will provide LpWSC staff access to affordable loans and a range of banking facilities at favorable terms.
Speaking during the signing Ceremony held at LpWSC Head Office in Mansa, ZNBS Head of Branches Mr. Ndombo Libuku said that his financial institution is committed to ensuring that staff as well as every Zambian have access to cheaper loans among other banking services.

"ZNBS a purely Zambian Bank whose aim is to ensure that Zambia have access to cheaper loans, and mortgages at a fair minimal interest rate to allow more Zambians to have access to financial services," Mr. Libuku said.
He added that the MoU signed outlined a framework for ZNBS to offer specially tailored financial services to LpWSC employees, including lower interest rates on loans.
"This initiative is expected to ease the financial burden on staff, enabling them to secure personal or home improvement loans at competitive rates. In addition, ZNBS will extend other banking services such as savings accounts, mortgage financing, and flexible loan repayment plans," he said.
Meanwhile Luapula Water Supply and Sanitation Company Limited, Managing Director Mr. Mukela Simbuwa said he was delighted with the development as it lessened burdens on staff to acquire loans and mortgagees at competitive rates.
"This partnership is a game-changer for our employees. Access to cheaper loans and other financial services will greatly improve their quality of life and provide them with much-needed financial security," he added.
Mr. Mukela added that the MoU marks a positive step towards strengthening relationships between financial institutions and utility companies, demonstrating how strategic partnerships can deliver tangible benefits to employees. With access to affordable financing, LpWSC staff will now have greater opportunities to invest in their personal and family well-being.
ZNBS Mansa Branch Manager Mr. Daniel Kabeleka echoed the sentiment, emphasizing the bank's commitment to empowering workers.
"At ZNBS, we are proud to partner with LpWSC to offer practical financial solutions that meet the needs of their staff. This collaboration is part of our broader mission to make banking more accessible and affordable for all Zambians."
He added that employees of LpWSC will now have the opportunity to access loans for home ownership, personal emergencies, or educational expenses at favorable terms, a significant shift from traditional banking services, which often have higher interest rates.