Teachers union, credit bank sign financial support agreement

An agreement to alleviate financial burdens and provide teachers accross Zambia with the necessary financial support to excel in their profession has been inked.

The agreement was signed in Lusaka on Thursday between the National Savings Credit Bank (NATSAVE) and the Zambia National Union of Teachers (ZNUT).

NATSAVE Chief Executive Officer, Malcolm Chabala, said the agreement allowed ZNUT office bearers to also access credit facilities provided by the bank.

He said this in a speech read on his behalf by Director Corporate Banking, Sarah Kamoto, at the signing ceremony in Lusaka.

“We recognise the important role that these leaders play in driving positive change with the teaching community, and by offering them these customised services, we demonstrate our commitment to supporting their important work.

“Further, the opportunity to recruit over 5,000 new salary customers from ZNUT will have a transformative effect in our customers base,” Chabala said.

He also pointed out that ZNUT members would be provided with convenience access to financial services through digital platforms.

Chibala said they understood that with rapid technological advancements, it was important to offer digital solutions that aligned with the needs and preferences of customers.

ZNUT Deputy Secretary General Finance, Muvwanjilanji Siwila, said among the benefits of the MoU included investment opportunities that would be available to members such as investing in bonds and other money market ventures.

Siwila said the agreement would also provide financial literacy programmes to members which would help regarding prudent utilisation of the financial resources.

“Amongst the benefits that will accrue include but not limited to: affording our members access to acquire the loans with minimal interest rates.

“It is our trust and conviction that many more good opportunities are yet to be born out of the rare gesture,” he said.

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