Daily Nation Zambia: Zambia Poised To Bolster Economy

By BUUMBA CHIMBULU

BANK of Nevis International Limited (BONI) has predicted that Zambia will be among Sub-Saharan Africa’s most successful economic revival stories due to a boom in copper prices, as it supports the country’s financial sector through Investrust Bank. Zambia’s prospects are looking more positive than ever before, says BONI Chief Executive Officer, Michael Prest. 

“In a post Covid-19 and vaccinated world, and as we enter what will be the next commodity super cycle, Zambia will be one of Sub-Saharan Africa’s most successful economic revival stories,” Mr Prest said in a response to a press query.

The largest global commodity trader Trafigura sees copper rallying aggressively to highs of US$15,000 a tonne as global decarbonisation efforts fuel global deficits.

On BONI’s investment in Investrust Bank, Mr Prest said it enabled the company to increase its geographic footprint, product range and diversity of outreach and support which would enhance its role in Zambia’s financial services sector to encourage innovative solutions to banking.

Mr Prest explained that BONI saw significant pipeline of commercial opportunity in Africa where there was space for infrastructure and essential services in healthcare, retail and transport to be completely reformed through flexible capital investment. From a financial services standpoint, he explained, BONI saw a new robust fintech platform as being transformational to how Investrust Bank served it domestic customers.

BONI recently acquired a 24.08 percent stake in Zambia’s Investrust Bank Plc, making it the second largest shareholder after ZCCM Investments Holdings Plc. 

“BONI’s investment and insistence that Investrust Bank better aligns itself to serve ZCCM and Industri Development Corporation secures the future of Investrust Bank and its role in Zambia’s commercial banking sector. We see the bank as playing a pivotal role in Zambia’s post Covid-19 success. Our depth of experience in commodities and a two-decade track record in providing holistic wealth and portfolio management services, we feel that the breadth of skills and expertise that we can bring will compliment Investrust in its pursuit of revitalising the industry,” he said.