(2 minutes read)
- Commercial banks in Zambia have recorded a 16 percent decline in the number of active accounts in the second quarter of this year from 1.9 million to 1.6 million on account of being written off
- Â However, despite the drop in the number of accounts, banks are holding loans valued at K24.1 billion, showing that the financial sector has increased the lending limits in the wake of coronavirus
Commercial banks in Zambia have recorded a 16 percent decline in the number of active accounts in the second quarter of this year from 1.9 million to 1.6 million on account of being written off. However, despite the drop in the number of accounts, banks are holding loans valued at K24.1 billion, showing that the financial sector has increased the lending limits in the wake of coronavirus.
According to the latest Zambian Market Analytic report released by TransUnion Africa analyzing, Â the second quarter of 2021, banks have reduced the number of accounts being opened but increased the lending limit resulting in an increase in the current balance.
Africa director of product Samuel Tayengwa said the report reviewed emerging trends in the Zambian credit landscape to help lenders identify shifts and inform lending decisions.
