Cavmont launches church account

CAVMONT Bank has introduced a Church account designed to offer Churches with preferential rates on interest, long-term deposit and foreign exchange.
And the Evangelical Church of Zambia (ECZ) says high interest rates and demand for collateral has prevented Churches from accessing finance from banks.
ECZ chairperson Joe Imakando said commercial bank have for a long time requested individuals and organisations wishing to access loans to present collateral which church organisations lack.
Bishop Imakando said this scenario prevents Churches from accessing finance.
He said there is need for commercial banks to introduce products that enable Churches access finance for various expansion programmes.
Bishop Imakando said this yesterday during the launch.
“We are happy with the product because for a long time the Church has been looking for banking services that meet their needs,” he said.
Earlier, Cavmont Bank managing director Johan Minnaar said the product innovation is part of the bigger scheme to consolidate the business goals.
He said this in a speech read for him by Cavmont Bank head of retail banking Gilbert Mabingo.
Mr Minnaar said there is need for commercial banks to provide the church with services that meet their needs