ZAMBIA Revenue Authority (ZRA) says it will donate the seized cooking oil worth over one million to eligible government agencies, institutions, Charitable organizations and Defence Forces.
ZRA Corporate Affairs Officer Topsy Sikalinda told Mwebantu in a statement that the cooking oil was intercepted at Chirundu Border post on Tuesday last week after an attempt to smuggle it into the country using fake import permits.
Meanwhile, Sikalinda says the authority has released the trucks that were used to smuggle the cooking oil back to the transporter.
He said the decision was arrived at after receiving cooperation from the transporter and the Authority has proved beyond any reasonable doubt that the transporter was not complicit in the illegal activity by the Agent and the Importer.
“We are encouraging other transporters to emulate this transporter and report smuggling activities to ZRA,” said Sikalinda.
MoH, UNICEF and SIDA announce a new US$ 5.2 million agreement in Zambia to boost essentials health services to mitigate the impact of COVID-19
THE Swedish International Development Agency in partnership with UNICEF and the Government of Zambia have signed a K94. 6 million worth agreement with a view to mitigate the impact of COVID-19 on the Zambian Health sector.
The partnership is also aimed at supporting existing health services in Zambia by providing essential commodities for reproductive, maternal, neonatal, child and adolescent health (RMNCAH), by procuring oxygen concentrators for hospitals in Southern, Eastern, Luapula, and Muchinga Provinces.
And Ministry of Health Permanent Secretary Dr Kennedy Malama has thanked the partners for the support in the sector.
“This support comes at a crucial time for Zambia in the COVID-19 response and will go a long way to supporting essential health services. We thank the Government of Sweden for their generous support to the people of Zambia, especially our children,” Dr Malama said.
Part of the partnership is also lined up to provide personal protective equipment to 5,000 health workers in 983 primary health care facilities and 48 hospitals.
Swedish Ambassador to Zambia, Anna Maj Hultgård, said her country is happy to be able to make this important contribution to Zambia.
“We place great importance to supporting the health system in Zambia and essential health workers not only to empower them to safely respond to the Covid-19 Pandemic but also to ensure that essential services such as maternal, new-born, child and adolescent health and nutrition can continue with minimal disruption,” Hultgård said.
She said about one million people in Zambia are expected to benefit from essential health services and commodities supplied under the programme.
Access Bank Zambia and Cavmont Capital Holdings Zambia sign agreement to merge Cavmont Bank with Access Bank Zambia
ACCESS Bank Zambia Ltd and Cavmont Capital Holdings Zambia Plc (“CCHZ”) announce that they have signed a definitive agreement regarding a proposed merger of Access Bank Zambia and Cavmont Bank, a subsidiary of CCHZ. Once implemented, the combined bank is expected to boast a strong capital base, in excess of ZMW600 million, significantly exceeding the capital requirement for foreign owned banks under the regulations of the Bank of Zambia. This robust capital structure will not only ensure the banks’ customer deposit base benefits from the greater security but also form the foundation for sustainable banking operations and future growth.
The transaction is expected to close during the fourth quarter of 2020 subject to the meeting of various conditions precedent which, amongst others, include CCHZ shareholder approval, relevant regulatory approvals and the local and regional competition commission authorities.
The key highlights of the proposed transaction are as follows:
• A complementary transaction that combines Access Bank Zambia’s wholesale and trade finance capabilities with Cavmont Bank’s retail and commercial banking operations.
• Access Bank Zambia and Cavmont Bank customers to benefit from greater security offered by one of the most capitalised banks in the country, a more sophisticated product and service offering and a broader geographical network.
• Following the legal merger of the two banks, the enlarged entity will be a majority owned subsidiary of Access Bank Plc.
• It is Access Bank Zambia’s intention to retain one or more of Cavmont Bank’s existing directors on the board of the merged entity following the completion of the transaction.
Commenting on the transaction, Access Bank Zambia Managing Director Mrs Joana Bannerman, said: “I am delighted that we have reached an agreement for a proposed merger with Cavmont Bank, a dynamic retail and commercial bank with a presence across seven provinces in Zambia. This merger, which will see the combined bank becoming a top 10 bank in Zambia, will increase our scale and improve our operating leverage by enabling us to deliver our existing retail and wholesale offerings to a wider base of customers in Zambia while positioning the bank for growth in the long-term trajectory for the country.
This merger would provide Access Bank Zambia’s customers with access to a wider branch network across the country, while Cavmont Bank’s customers would benefit from Access Bank’s best in class digital capability, trade finance expertise and international banking, including products such as AccessAfrica which allows customers to instantaneously send and receive money across Africa and beyond. Through this merger, Access Bank Zambia and Cavmont Bank will play a role in Zambia’s economic recovery by building on Cavmont Bank’s contributions to develop SMEs and making Access Bank’s trade finance, treasury, and corporate lending expertise available to Zambian MNCs and SMEs via the enhanced distribution network.”
Peet van der Walt, Managing Director of Cavmont Bank, said: “Cavmont Bank’s vision is to be a world-class bank, rated amongst the best in Zambia. This proposed merger with Access Bank Zambia accelerates our strategy and positions us as a top 10 bank in the country. As a subsidiary of one of the largest banking groups in Africa, Access Bank Zambia has the scale, capabilities and ambition to enable the combined bank to pursue exciting strategic opportunities in Zambia. Our customers will benefit from greater security offered by one of the most capitalised banks in the country, increased scale in Zambia, access to a broader digital, and retail offering, and a geographic network across the continent. We look forward to working closely with Access Bank to deliver the benefits of the merger to all the stakeholders.”
The proposed merger will see Cavmont Bank’s strong retail, commercial and SME loan capability and branch network leverage Access Bank’s best in class digital platform and product suite to create a platform for further growth and the facilitation of financial inclusion for the unbanked in the country. Corporate customers benefit from Access Bank’s strengths in trade finance, treasury, international payments and loans through the wider distribution network of the enlarged bank and Access Bank’s presence in the key trade corridors which connect Africa with Dubai, China, Lebanon and Mumbai and the global hubs of UK, US and Hong Kong.
Access Bank Zambia and Cavmont Bank will draw on Access Bank’s strong track record of post-merger integration to ensure a successful combination.
MultiChoice Launches the Mwatipanga Campaign;
IN celebrating their 25th anniversary, MultiChoice Zambia has launched the #Mwatipanga Campaign.
The campaign is aimed at celebrating 25 years of Enriching Zambian Lives by recognizing the MultiChoice family; including customers, agents, installers, employees and everyone that is part of the MultiChoice Zambia family. During the campaign, which is scheduled to run from August to December 2020, customers can look forward to being part of exciting activities including free subscription, surprise giveaways and so much more. To learn more, visit the DStv and GOtv Facebook pages.