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SYLVA Professional Catering Services has entered into an agreement with a United States-based firm, Kanzam International, to market Zambian food products to the American market.
The agreement between the two companies was made during the African Growth Opportunities Act (Agoa) forum in Washington DC in America last week.
Sylva Professional Catering Services was one of the Zambian firms that attended the forum.
Speaking in an interview in Lusaka yesterday, Sylva Professional Catering executive chairperson, Hector Banda said Zambian food products were on demand in the US and it was imperative that concrete arrangements for exports were made, hence the agreement between the two companies.
“We have an agreement with Kanzam and the idea is for them to represent us in America so that our products are sent fast.
‘‘Apart from this company, others well over 10 have shown interest to do business with us both in the region and outside,” Mr Banda said.
He said they were exporting to the American market dried food, vegetables and canned Zambian products, among others.
He said the company would increase its food exports to the US market from the current 300 to 500 tonnes, saying he envisaged more development taking place in the next three months.
Mr Banda said the American government should reduce the barriers to export in their market.
Currently, he said there were many impediments for Africans to export in the US market although he was happy that through Agoa, some were being addressed.
He was grateful to the Government for facilitating their attendance at the forum, as well as the Americans for inviting them and paying for their expenses.
Through such incentives, Mr Banda said the Government was promoting the growth of the private sector.
“We thank our Government for promoting the growth of the private sector and putting in place favourable investment opportunities,” Mr Banda said.
THE Bankers Association of Zambia (BAZ) is lobbying regulators to put in place a law that will deter businesses from quoting in United States (US) dollars as the tendency increases transaction costs.
BAZ vice chairperson Mizinga Melu said dollarisation is also a serious issue since it increases costs of doing business in Zambia.
“Dollarisation is an issue because quoting in dollars translates in cost of doing business…We are lobbying the regulators to put a law to stop quoting in dollars,” she said.
Mrs Melu, who is also Standard Chartered Bank managing director, was answering a question on what the financial market was doing on dollarisation during the bank’s second quarter performance media briefing in Lusaka yesterday.
Recently, the Bank of Zambia (BoZ) conducted a survey whose findings were outlined in a publication entitled ‘Issues on the Zambian Economy’.
The findings noted that the Zambian economy has been highly dollarised.
BoZ recommended the introduction of measures to cushion commercial banks from some of the effects of dollarisation.
According to the study findings, the major contributing factor to dollarisation is volatility in the exchange rates and the high levels of inflation.
The study also found that dollarisation has also arisen due to uncertainty about donor inflows and balance of payment support.
Mrs Melu, however, said there is need to develop infrastructure as it has been identified as a major contributing factor to the cost of doing business.
“The cost of doing business remains high.
It is important to continue to develop infrastructure, hence diversification in other sectors thereby create jobs.”
On the recent fraud activities that affected some banks, Mrs Melu said although confidence has been affected, the players in the market remain vigilant and those affected were reimbursed.
“Although it was a very small quantity of people affected in our market compared to other markets, it is not acceptable but not unusual. We remain vigilant as a bank,” she said.
Recently, BAZ issued a notice advising customers to be watchful when using debit cards especially abroad.
FIRST Quantum Minerals Limited (FQM) will trim the workforce at its Bwana Mkubwa mine in Ndola which will be placed under care and maintenance this monthend due to lack of copper ore for processing at the plant.
FQM’s Bwana Mkubwa mine has run out of raw materials which were sourced locally and from the Democratic Republic of Congo. Operations and production manager Scott Andries confirmed the development in an interview yesterday.
“There are no raw materials for processing at the mine. The copper ore has finished, we expect to close the mine by end of this month,” he said.
Mr Andries said the mine has more than 200 workers, some of whom will be laid off while others will remain to carry out the care and maintenance programme.
However, he could not state the number of employees that will be retrenched.
“We are going to lay off some employees and maintain some to carry out care and maintenance of the mine,” he said.
Mr Andries said the company is currently sourcing for raw materials locally to enable it resume activities once proved viable.
He said FQM was undertaking new projects such as the Kulungila where it has embarked on drilling activities in North-Western Province.
Mr Andries said once the Kulungila project is found to be feasible, the company will put up required infrastructure at the would-be mine.
He said the concentrator for processing of copper ore will also be constructed at the site. He said the report on the project will determine whether the processing facilities should be established at Kulungila in North-Western Province or elsewhere.
“If everything goes by our plans, then we will be relocating our production activities nearer to the raw materials,” he said. Mr Andries said the project in North-Western is likely to take three years to be completed. He said the Bwana Mkubwa project took one year six months to be completed.
Former Lusaka Archbishop Emmanuel Milingo
Former Lusaka Catholic Archbishop Emmanuel Milingo will this weekend be installed as a patriarch of Africa in charge of the southern African region.
The outspoken cleric will be installed as the third patriarch of Africa on Sunday at Barlastone Park School near Twikatane Farms in Lusaka by several church denominations.
Archbishop Milingo told the Times in Lusaka that the ceremony would follow a similar one held in Cameroun which was organised by five churches.
He said the gathering would be held under the auspices of the Ecumenical Catholic Apostolic Church of Peace and would be witnessed by several married bishops.
Archbishop Milingo said he would be installed as a patriarch of Africa in charge of southern Africa which includes Cameroun, Congo Brazzaville and all the other countries in the neighbourhood.
He said he was humbled to be honoured and expressed confidence that he would competently represent the churches that had recognised his contributions to humanity.
Among the churches which would be represented are the Old Catholic Church, Orthodox, Liberal Catholic of Spain, Charismatic Church of Brazil, Independent Catholic and others from the United States of America and other parts of the world.
[pullquote]“My installation has two meanings: The first one is that the African Church leaders think I have reached the age to be an elder of bishops.
“Secondly, they look at me and feel that using my spiritual experience I have greatly contributed to the Church unity. They have seen how I have silently suffered many injustices,” Archbishop Milingo said.[/pullquote]
Founder of Imani Temple of America, Augustus Stallings is among the clerics expected from the US.
Archbishop Stallings is a former Jesuit bishop in the Roman Catholic Church.
“My installation has two meanings: The first one is that the African Church leaders think I have reached the age to be an elder of bishops.
“Secondly, they look at me and feel that using my spiritual experience I have greatly contributed to the Church unity. They have seen how I have silently suffered many injustices,” Archbishop Milingo said.
Archbishop Milingo, who stunned the world when in 2001, while serving as a Roman Catholic archbishop married Maria Sung, said most of the churches involved followed almost all the Roman Catholic Church doctrines and conducted mass in a similar fashion.
He said the ceremony on August 15 would start with a traditional prayer service from a Ngoni traditional group and would be followed by a Catholic mass.
Africa currently has two such patriarchs in Alexandria, Egypt, and in Ethiopia, and Archbishop Milingo said his installation would mark a milestone for southern Africa.
The 80-year-old priest heads the Married Priests Now Prelature, which he founded following his marriage.
[ Times of Zambia ]
FLASHBACK: President Banda talks to PF leader Michael Sata at Good Friday celebrations at Saint Ignatius church
PATRIOTIC Front (PF) president Michael Sata has told the United Party for National Development (UPND) to stop being jittery over observations his vice president, Guy Scott made over the party’s poor showing in last week’s Luena parliamentary by election.
Mr Sata has defended Dr Scott’s analysis of the election in which the UPND garnered a paltry 20 percent of the votes as his own personal opinion and not of the PF as a party.
But in a sharp response, UPND spokesperson Charles Kakoma has insisted that in fact whether or not Dr Scott wrote the statement in his individual capacity, it was wrong to celebrate the party’s loss in Luena because it did not reflect the position of the PF/UPND pact.
Mr Kakoma said Dr Scott did not follow the PF-UPND pact’s communication channels if he had anything to tell the nation but decided to rush to the press.
“So on that score, Dr Scott was definitely wrong. He shouldn’t have used the press but should have used the right channel to air his views through the pact working group or if not satisfied, the national governing council of the pact,” he said.
Dr Scott wrote in his weekly column in the Post newspaper that “UPND must be ruing the day it ‘won’ the argument about who should contest.”
[pullquote]“So, it was not correct for Dr Scott to pour scorn on UPND or write in such a mocking manner. He did not respect the pact’s spirit even if he was writing as an individual. He is PF vice-president who should have known what he was writing about,” he said.[/pullquote]
The UPND fielded Mr Muyunda Ililonga in the Luena by-election.
Mr Kakoma said there was no need for Dr Scott or other PF members to celebrate Mr Ililonga’s loss especially that he was jointly fielded by the UPND/PF pact.
He said UPND did not rejoice when the PF candidate in the Milanzi parliamentary by-election lost as the membership knew that the contestant was jointly fielded.
“So, it was not correct for Dr Scott to pour scorn on UPND or write in such a mocking manner. He did not respect the pact’s spirit even if he was writing as an individual. He is PF vice-president who should have known what he was writing about,” he said.
But Mr Sata said in an interview in Lusaka yesterday that the UPND should not be jittery over Dr Scott’s remarks in his column because what he wrote reflected his individual opinion as a political and economic consultant and not as PF vice-president.
“This is not the first time Dr Scott has written such articles. He has been writing as an individual and has never written as PF vice-president. What he writes are his own opinion. So, there is no need for our friends (UPND) to be jittery,” Mr Sata said.
[pullquote]“This is not the first time Dr Scott has written such articles. He has been writing as an individual and has never written as PF vice-president. What he writes are his own opinion. So, there is no need for our friends (UPND) to be jittery,” Mr Sata said.[/pullquote]
And when contacted, UPND president Hakainde Hichilema declined to comment on Dr Scott’s remarks.
When reminded that his pact co-leader Mr Sata had already commented on the matter, Mr Hichilema said: “I don’t discuss those issues in the press. For those who have commented, that is their way of doing things. People are different and I am not like that,” Mr Hichilema said.
Meanwhile, Chief Mwanachingwala of the Tonga people in Mazabuka has accused Mr Hichilema of having caused all the differences currently brewing in the pact.
The traditional ruler said he told the nation the first time the pact was formed that it was not going to work but that people doubted him.
Chief Mwanachingwala said Mr Sata is his good friend and he knows what is happening in the PF-UPND pact.
He said Mr Hichilema is the one to blame over the pact problems and not Mr Sata because the former is the one who joined the latter.
Chief Mwanachingwala said he advised Mr Hichilema to form a pact with the MMD but he rejected the advice.
“I told Mr Hichilema to make a pact with President Banda and the MMD because that is the only way he can have a chance to probably come and stand for the presidency in 2016. He came here and I slaughtered a buffalo for him but he only ate one piece. I was very annoyed,” he said.
In another development, the United Liberal Party (ULP) is disappointed by Mr Ililonga’s claims that ULP allegedly distributed tribal literature during campaigns.
[pullquote]“I told Mr Hichilema to make a pact with President Banda and the MMD because that is the only way he can have a chance to probably come and stand for the presidency in 2016. He came here and I slaughtered a buffalo for him but he only ate one piece. I was very annoyed,” he said.[/pullquote]
ULP national chairperson for women Charity Katilungu said in a statement yesterday that the literature her party distributed in Luena was not tribal but was based on facts aimed at selling its candidate Sikatala Musole to the electorate.
“We wish to appeal to Mr Ililonga not to blame the ULP for his loss in the Luena by-election and to stop crying over spilt milk. His loss is due to his long absence from Luena constituency and UPND’s countrywide loss of political fortunes,” she said.
Ms Katilungu said Mr Ililonga should accept the fact that UPND has lost popularity in Western Province and other parts of Zambia since Mr Hichilema allegedly uttered words that only a Tonga could lead UPND at the 2006 party convention.
She said Dr Scott properly analysed UPND’s fortunes in his column and urged Mr Ililonga to study the analysis before he can blame any one.
Example of a Mobile Hospital recently donated to Zambia
Outgoing United Nations Development Programme (UNDP) resident coordinator Macleod Nyirongo yesterday said the procurement of mobile hospitals has been politicised and the debates around them lacked proper cost-benefit analysis.
He said at a media breakfast meeting hosted by the Lusaka Press Club that a rural community clinic in Itezhi-Tezhi had just been given an award for using a similar concept to promote access to health, which was similar to the mobile hospital concept.
Mr Nyirongo will step down as UNDP country representative next week having served in Zambia since July 2008.
“Don’t dismiss mobile hospitals outrightly. Avoid politicising the debate but use facts and figures.
“For me as an economist, the cost-effective analysis has not been done but the media are the ones who have taken up the matter without the cost-effective analysis,” Mr Nyirongo said.
He said it was unfortunate that politicians in the country had misrepresented the facts and this had resulted in the media taking it up negatively.
“So I think the debate has jumped from the economists to the Press,” he said.
And Paramount Chief Mpezeni of the Ngoni people in Eastern Province and Senior Chief Chisunka of the Ushi people in Luapula Province urged the Government to ensure the speedy implementation of the mobile hospital concept because people in their areas were anxious.
Chief Mpezeni said in an interview that the Government had made a good decision and urged Zambians to ignore Patriotic Front president Michael Sata and United Party for National Development leader Hakainde Hichilema who were constantly criticising the purchase of mobile hospitals.
Chief Chisunka, who is chairperson of the Luapula Province Royal Foundation, said people from Kasongole area walked a long distance to the nearest clinic in Luwingu and that mobile hospitals would provide relief for them.
The Zambia Red Cross Society also said there was nothing wrong with introducing mobile hospitals because they were aimed at alleviating people’s suffering.
Secretary general Charles Mushitu said what was important was the impact of the project on the targeted population.
“I believe the mobile hospitals will be in the same line with the (Zambia) Flying Doctor Service which works well to provide quality health care service to the people,” he said.
Copperbelt Health and Environmental Project executive director, Roy Mwilu said mobile hospitals could play a big role in enhancing health service delivery if well implemented.
He said in Kitwe yesterday that taking a leaf from mobile voluntary counselling and testing programmes, mobile hospitals would contribute positively to Zambia’s health care delivery.
[ Times of Zambia ]
ZESCO transformer
ZESCO will tomorrow shut down two generators at Kafue Gorge power station to facilitate for maintenance works on generators number one and two.
Senior manager for marketing and public relations, Lucy Zimba said yesterday in a statement that as a result of the generator outage, 330 mega watts would not be available on the national grid.
She said this would create a power deficit that would necessitate power rationing in form of increased load-shedding during the peak period.
“Zesco would like to inform its customers of the shutdown of two generators at Kafue Gorge power station with effect from Saturday, August 14 at 21:00 hours to Sunday 15th 2010 at 21:00 hours,” she said.
Ms Zimba appealed to its customers to switch off as many electrical appliances as possible, particularly during the peak hours.
[ Times Zambia ]
13 Opposition Party, the Patriotic Front (PF) cadres in Mkushi district have defected to the ruling MMD.
Welcoming the defectors at Welfare ground, MMD district Chairperson Webby Kamwendo who welcomed the defectors to the ruling party said he was happy with the cadres ‘decision to join the MMD.
Mr Kamwendo said the defections underscored the dominance of MMD in Mkushi, adding that decisions taken by the ex-PF members signified the confidence that residents have in the ruling party.
He said that the MMD team in the District would continue to uphold a receptive stance towards new members as well as those that had plans to rejoin the party.
He pointed out that the MMD was not daunted by criticisms from the PF, saying that residents acknowledged the various developmental programmes which had been implemented by government.
Citing the ongoing construction works of schools, roads and health centres, Mr Kamwendo said the administration of President Rupiah Banda had brought many benefits to the District.
He said government subsidized agriculture input programme for small scale farmers had helped reduce poverty in the district adding that the Farmer Input Support Programme (FISP) as well as the Food Security Pack (FSP), had consolidated food security.
Charles Chanda, Jack Mulambya, Alica Kana and Donald Simpokolwe were amongst the named defectors, who were influential in the PF’s branch and ward structures.
Others are John Ngoma, Brenda Chilufya, Daniel Mutale, Joseph Miselo and Dorothy Chanda.
Mr Kamwendo also took the opportunity to appeal to residents to continue upholding peaceful politics adding that the district and nation as a whole had more to gain from peaceful co-existence.
Meanwhile, Mkushi district‘s PF Treasurer Teddy Sichilima admitted that his Party had lost members through defections to MMD.
Mr. Sichilima however, pointed out that the 13 had defected to MMD because they had failed to scoop top positions during the recent PF district elections.
The United Liberal Party (ULP) has said that it is disappointed by the losing UPND candidate’s claims in the Luena by-election, Muyunda Illilonga that it was distributing tribal literature in the Luena Parliamentary by-election.
ULP National Chairperson for Women Charity Katilungu in a statement said the literature distributed by ULP in Luena was not tribal in anyway but was merely based on facts to promote their candidate Sikatala Musole.
She appeals to Mr.Illilonga not to blame the ULP for his loss in the Luena by-elections and to stop crying over spilt milk.
Ms Katilungu says his loss is due to his long absence from Luena constituency and UPND’s countrywide loss of political fortunes.
She says the United Liberal Party (ULP) was merely reminding the people of Luena Constituency that Mr. Illilonga does not live in the constituency.
She says it is wrong for Mr. Illilonga to claim that the voting in Luena was influenced by tribalism when all the candidates can claim some roots from Luena constituency.
[pullquote]Ms Katilungu appeals to Mr. Illilonga not to mourn about bribery in Luena when the UPND had close to K500 million at their disposal which she say they used to buy mealie-meal, meat and cooking oil for distribution to would be voters.[/pullquote]
Ms Katilungu adds that the UPND was the party that distributed derogatory leaflets about other political leaders who were not even candidates in the Luena by-election.
She says the ULP agrees with Mr. Illilonga that there was massive bribery and malicious campaigning before voting day.
She however says it disappointing that Mr. Illilonga has failed to tell the nation that his party, the UPND,was in the forefront of these dirty campaign schemes such as bribery, malicious campaign and vote buying.
Ms Katilungu appeals to Mr. Illilonga not to mourn about bribery in Luena when the UPND had close to K500 million at their disposal which she say they used to buy mealie-meal, meat and cooking oil for distribution to would be voters.
She adds that the UPND even distributed chitenge material which was not bearing their party logo but straight from the retail shops.
Education minister Dora Siliya makes a speech during the 40th Anniversary celebrations for Naboye Hogh School in Kafue
Education Minister, Dora Siliya has shunned officiating at the University of Zambia UNZA graduation ceremony for the second consecutive year.
UNZA today held the 40th graduation ceremony without the presence of any official from the ministry of education and 1,941 students graduated today in various fields.
Speaking during the graduation ceremony UNZA vice chancellor, Professor Geofrey Simukanga highlighted the continued infrastructure challenges facing the institution.
He said the problem of student accommodation and lecturing theaters has been a never ending challenge for the highest learning institution in the country.
Professor Simukanga also noted that the institution which has a total student population of 13,000 with 10,000 of those on fulltime, has been struggling to accommodate the students because the institution only has the capacity to accommodate 3,243 students.
And UNZASU president, Duncan Nyirongo challenged the National Constitution Conference NCC to ensure that the economic, social and cultural rights are included in the constitution.
He further questioned government’s decision to increase the retirement age when the unemployment levels among the youth in the country are high.
Commercial farmers in Mkushi district have been prodded to seriously consider improving on the hygiene standards within their holdings.
Munshibembe Ward Councillor Francis Chilyanga sated that there was need for commercial farmers to improve on hygiene standards namely by increasing domestic water supply within their holdings.
Mr. Chilyanga said that he felt compelled to issue the appeal to Farmers explaining that persistent water shortages on some farms could put workers at risk of contracting disease such as cholera and dysentery.
He said that owing to this concern, he had requested the District Health Management Team (DHMT) to conduct physical inspection on farms in a bid to ensure that hygiene standard were maintained.
He noted that there was need for both DHMT and farmers to sensitize farm workers on the importance of disease prevention methods such as the use of chlorine for ensuring water sanitation.
He stressed that there was need for commercial farmers to provide employees with the necessary protective wear, saying that such a move would reduce the prevalence of work related accidents.
Mr. Chilyanga also extended an appeal to residents in the Ward to ensue that toilets facilities were built on each residential plot and warned of penalizing those who did not comply with this aspect of public health regulation.
He lashed out at owners of residential plots that did not have toilets and accused them of being “irresponsible”.
Munshibembe Ward recorded high number cholera cases in Mkushi in April this year.
The Zambia national team returned home on Thursday morning after drawing 1-1 in a friendly international with Uganda on Wednesday afternoon in Kampala.
Coach Dario Bonetti said they were more positives learnt from the match despite him missing some key European-based players like Christopher Katongo of Greek club Xanthi and Jacob Mulenga of FC Utrecht in Holland.
“We drew but it was possible to win we had a chance to win it late i the first half on the counter but missed chances and again in the second half with 10 minutes remaining,” Bonetti said.
“We played a game against a good team and our players played well.”
Bonetti said he was also happy with the local-based player’s performance and was looking forward to seeing more from what is in store in the league.
“I like to work with young players with quality and we have some young players with quality playing in the Zambian league,” Bonetti said.
Bonetti now shifts his attention to September 4 when his face hosts Comoros in the two sides opening 2012 Africa Cup Group C qualifying match.
By Wesley Ngwenya
A lot has been said about the pathetic customer service that exists in Zambia. Even after so much has been sang about this deadly disease, little is being done by the affected and infected companies. In Zambia, many businesses lack adequate investment whether it is in the personnel or systems that enhance the way they deal with their customers. Banks are especially the worst in dealing with clients. They have the attitude of -you need us more than we need you.
At the just ended 84th Agriculture and Commercial Show, here in Lusaka, I had the privilege of visiting many companies who were exhibiting. Now, a show is not only an opportunity to show your presence as a business but also to excel and stand out among your competitors. It is an opportunity to showcase your products and services. It is also an opportunity to show off your skilled personnel. I visited the Bankers Association of Zambia Pavilion, which housed most of the commercial banks, and what I experienced was frightening. Below are the banks I visited and a brief experience with my mystery shopping.[pullquote] hire qualified staff and not just the pretty but blank faces.[/pullquote]
Indo Zambia Bank: I found one lady who was attending to a client as I walked into their booth. This was my first booth I was visiting and so I did not expect much and did not want to spend much time looking at the ground I was yet to cover. I was never acknowledged although she had clearly seen me. After about three minutes or so, I left without her saying a word to me.
Finance Bank: This one was quite a surprise for me. I found about six bank officials—some were on the computers while others were chit chatting. I picked up brochures and looked as though I was looking for something. Some of the officials looked at me and others were completely in oblivion of my presence. I left after about five minutes. No one said a word to me. Where is the lion pride in your personnel?
Citibank: For what these guys were looking like you would expect a lot. They looked sharp in their black suits. Two of the guys were on the computer; one was doing some kind of writing at a desk while the other one was clearly daydreaming on a comfortable chair. Again after about three minutes of wasting my time I left without anyone saying anything to me. If the guys working for Citibank in Northern Virginia were to see this they would be shocked.
Stanbic Bank: I found about two ladies in the booth. They were both playing with a blue ball. I dilly dallied for a while. As usual, I picked up some brochures on some properties they were selling. I stood for what seemed like a long time looking at the brochures. Obviously, to them, I didn’t look like the kind who would buy a house so I left.
Intermarket Bank: Although I found an employee who was eating food on the desk, the other young man was helpful. He was very enthusiastic about his job. He asked me questions and was quite friendly. This was quite unusual looking at what I had just experienced. I left with some sort of hope.
Access Bank: There were several personnel working. They were all friendly and jumped at the opportunity to help. The young man who attended to me was equally good. Access Bank has done fairly well even at their Cairo Road branch. Their personnel are very professional. Take time to visit their Cairo Road branch and see what I am talking about.
FNB: I found three personnel. One was busy with a client while the other two were busy chatting. I spent four minutes and no one said a word to me. All the three personnel didn’t seem to care about my presence. It was very clear that I was not a potential client to them.
Ecobank: I was received well by the lady at the entrance. She asked questions and we had a good conversation. This bank certainly has great potential on the market.
Cavmont Bank: Undoubtedly the best reception of the afternoon. The team was quick to attend to me. They were all eagerly waiting to help. They sat me down which none of the other banks had done. They were very deliberate and articulate as well as excited about their products. They smiled and laughed and you could tell they were actually happy to come to work.
Looking at this Agriculture and Commercial Show experience, as well as many other experiences in my visits in many banking halls, it is quite shocking to imagine how they stay in business. Many of the banks in Zambia are taking the consumers for granted. With the many choices that come our way daily and with this pathetic customer service some will find it extremely difficult to survive on the market.
Just some quick tips for the banks. It is important that you treat each customer like they were your only customer. Train your front end personnel in customer relations. Teach them how to suggest or sell your other products. You are probably losing a lot of money from lack of skill. Set yourself apart from the other banks. Do something different and unique—excellent customer service is one thing you could do. Do not judge a book by its cover—serve each customer with equal enthusiasm. Finally, hire qualified staff and not just the pretty but blank faces.
STANDARD Chartered Bank Zambia has reduced its base lending rates by two per cent, down to 19 per cent, a move the bank says is in response to the single-digit inflation rate which stands at 8.4 per cent.
Standard Chartered Bank Zambia managing director, Mizinga Melu, who announced the reduction yesterday, said the decision to reduce the rates was done to reciprocate the low inflation rate and to pass over the benefits to the customers.
Her bank wants to meet the customer needs and despite the cost of doing business in Zambia being high, reducing the lending rates would be good for Zambia’s local economy.
In reducing the rates, Mrs Melu said the bank expected a rise in business activities from both large and small-scale enterprises which she said was good for the local economy.
“We recognise that the coast of doing business in Zambia is high but in view of the single-digit inflation levels, we would like to reciprocate by reducing the base lending rates from 21 per cent to 19 per cent to have one of the lowest rates in the country. This just tells of a bank in a strong position,” she said.
The Bank of Zambia has been challenging commercial banks to ease lending regulations and also reduce on the base lending rates, especially that inflation has been reduced to a single digit rate.
And Standard Chartered Bank yesterday announced that they had posted a net profit of 340 per cent over the last one year to K69 billion.
Mrs Melu said apart from the net profit posting a huge increase, the bank’s balance sheet was showing positive figures of K3.5 trillion, which indicated a 39 percentage growth from last year to June 30 this year.
“We are Zambia’s most profitable bank and all banking indicators are showing positive figures. Our net profit has grown 340 per cent, our balance sheet has grown 39 per cent, the deposits have also grown 31 per cent to K2.721 trillion. We are standing in a very strong position,” she said.
She said the bank posted a growth of 27 per cent on the revenue which had raised the figure to 224 billion.
Mrs Melu said her bank performed well despite coming from the global financial turmoil and attributed this to the bank’s strategies being correct, before, during and in the aftermath of financial crisis.
And bank acting director, consumer affairs, Sonnie Zulu said the bank would continue to introduce customer-tailored products that would make it a leading bank.
And the bank handed over two motor vehicles to winners of its ‘Draw and win’ competition from which it raised K200 billion.
Medson Chisi and Enock Mundia were the two winners of the two new Toyota Hilux vehicles.
Two student Catholic priests of Luawo Mission in Mwinilunga District died on the spot after the vehicle they were in overturned along Mutanda-Mwinilunga road yesterday.
Northwestern Province Police Chief Fabian Katiba who confirmed the incident to ZANIS in Solwezi today named the deceased as Augustine Mabila, 24 and Stanley Mukuka, 26, both of Luawo mission in Mwinilunga district.
Mr Katiba said Mukuka sustained serious head and body injuries while Mabila had his head crushed.
He said the accident happened around 14:40 hours at Kayonge area in Solwezi after a driver of a Toyota hilux registration number AAZ 3170 lost control and overturned several times.
Mr Katiba said the driver of the vehicle, Collins Zulu, 29, also a catholic priest of Luawo mission, escaped with internal body injuries and is currently admitted in Solwezi General Hospital.
The bodies of the deceased are in Solwezi General Hospital mortuary awaiting postmortem and burial.
[ ZANIS ]
