The United Bank for Africa (UBA) has pledged to work with the government of Zambia to increase the volume of copper production from 800,000 metric tonnes to 3 million metric tonnes by providing affordable banking services.
Speaking at the opening of UBA’s seventh branch in Solwezi, North-western Province, UBA Chief Executive Officer Obeta Chinedu said the bank was committed to supporting the government’s vision to make Zambia a major player in the global copper market.
“We consider our President’s vision to increase the volume of mining production from 800,000 metric tonnes to three million tonnes between now and 2030. So in the light of that, there is a need to have a bank that will support this vision and businesses about this. So UBA is coming to support this vision,” Chinedu said.
Chinedu noted that UBA had a strong track record of supporting economic growth in Africa, and that the bank was well-positioned to help Zambia achieve its copper production goals.
“With over 70 years of operation, we are one of Africa’s leading financial institutions with operations in 20 African countries and some global centres in London, Paris, New York and Dubai. Our business strategy is built on being the bank of choice for businesses across Africa by using our extensive network across the continent. As Africa’s global bank, we are positioned to facilitate inter-African trade and be the pivot for the inflow of investment capital through our diverse range of financial products and services,” he said.
Solwezi Mayor Remmy Kalepa welcomed UBA to the city and said the bank’s presence would help to boost economic activity in the region.
“We are delighted to have UBA open a branch in Solwezi. This is a clear sign of confidence in our city and its economic potential. We believe that UBA’s presence will help to attract more investment to the region and create jobs,” Kalepa said.
North-western Chamber of Commerce and Industry President Kayula Lombanya also welcomed UBA to the region and said the bank would play an important role in supporting the growth of small and medium-sized enterprises.
“Small businesses are the backbone of our economy, and they need access to affordable finance in order to grow and succeed. We believe that UBA’s presence will help to make finance more accessible to small businesses in our region,” Lombanya said.
UBA’s pledge to support the government’s copper production goals is a welcome development for Zambia. The bank’s experience and expertise in the African market will be invaluable in helping Zambia achieve its economic goals.