ZamPost’s subsidiary Zampost Microfinance has announced that it has raised K 25 million capital in just two months, a major step into transforming the entity into a bank.
Post Master General McPherson Chanda revealed that as part of the ZamPost’s diversification agenda, ZamPost incorporated ZamPost Microfinance Limited (ZMFL) about 2 years ago and acquired a Deposit Taking License from Bank of Zambia 2 months ago.
Mr Chanda said over the past 2 months ZMFL has raised over K25m capital.
He said the firm is now targeting to raise another K25m by December 31st, 2016.
“ZMFL provides a competitive rate of return for investors. Moreover, it is profitable and is expected to be one of the ZamPost subsidiaries that will provide reliable dividend income – streams to the holding company. Creating strong income streams is how we will look after our staff and retirees,” Mr Chanda said.
He said ZMFL will be transformed into a Post Bank in three years.
“This vision has the strong support of our inspiring Minister of Transport and Communication Hon Brian Mushimba MP who visited ZamPost HQ last weekend. This afternoon our Finance Director Best Mwaichi and self-inspected the ongoing refurbishment in readiness for opening the ZMFL branch at Lusaka Main Post Office,” he said.
Mr Chanda said more branches will be set up at all major Post Offices countrywide.
Well done guys – try internet services provision as well.
The city councils can learn form your transformation form near bankruptcy to nearly a bank
You need to look at Auditor General’s report claims that Zampost has made a profit are highly questionable. This postmaster guy is fond of making political statements to hide his failure.
You need to take a hard look at why the company still has huge liabilities.
Do you think they can run a bank when they cannot deliver a simple letter?
They will still your money?!
Another well articulated vision now coming to fruition … ZamPost already has a network around the country that can easily be turned into a full fledged banking network. Post Bank is not the right name for this entity. It needs to be called Zambank.
I had reserved that domain name for them for 10 years and it never got implemented. Now that domain name is gone but can be acquired at cost. This is the first step in creating our own indigenous bank, owned by the smart people of the Zambian Enterprise have sold ZANACO for a song.
Great strides and great job Ba Mwaichi … looking forward to more collaboration in the days ahead.
You are the best!
Meant to say “… This is the first step in creating our own indigenous bank, owned by the smart people of the Zambian Enterprise “having” sold ZANACO for a song.”
?????? not possible and its very strange for a zampost to raise K25m (K25b un rebased) in a period of 2 months. My problem is that Zampost was heavily funded before august elections to pay street vendors and marketeers. most of these people applied for K5000 each but were only given K1000 or K1500. did somebody dribble the vendors or I’m wrong here?
I am not a financial expert, but my view, do not transform to post bank until you have a firm foundation. But if you feel the groundwork is solid enough, do the needful.
But Post Master is happy to let his lazy staff steal international mail and take month to sort out mail
Since when did raising money become a good indicator of performace. This Chanda man is playing a lot of politics and playing ti the gallery by being good to the camera. It is a well known fact that Zampost is failing to meet its tax obligations and loan obligations to other creditors. Let us be serious and sincere with our actions and are better served to just keep quiet if we have nothing to say.
@ raise the flag that is very right this chanda boy is a fraud and a jackass he even says under the inspiring leadership of the minister? Talk about bootlicking at its worst!
Zampost has been under performing for years. Employees have not been paid on time . Has anyone applied for finance? Its takes months before approvals and even when approved there is no money what a joke
PLEASE STOP STEALING PARCELS AND DELAYING OUR MAIL. THERE IS TOO MUCH THEFT IN ZAMPOST. PLEASE DO SOMETHING.
How can you expect the post to make money when you dont sen d letters or telegrams? Technology has killed Zampost. Besides Zoona has hammered the swift package. Therefore Mr Chanda and the team have done the best to diversify the firm i to reality. Infact the postbank will help us who are poor because infrastucture is all over Zambia. Please Mr Chanda do not be frustrated by jealous people within Zampost who are literally doing nothing but they want to get paid. Please eliminate Saboteurs.
Why should we send letters when they are busy stealing?
The company has an overemployment problem .
It’s a failed company what this guy is doing is just making political rethoric statements.
Audited reports show a serious lequidity problem.
The different view expressed above a quite insightful. What I take-away is that ZamPost currently has serious challenges but no unlike any other Post world-wide. They are all struggling to adapt to the new reality of the impact of technology. On top of this is the bureaucracy and past liabilities that plague parastatals. As one as mentioned above, the Swift-cash money transfer was a short-lived life saver as Zoona and the MNOs as dealt a blow to that revenue stream. The microfinance operations has potential but this is now a heavily saturated service. I doubt ZAMPost MFI has the liquidity and internal systems to drive the levels of service (turn-around time) required for it to be competitive….unless it has carved out for itself a specific nitch market. I fear the typical payroll lending…