THE Bank of Zambia has taken over possession of Development Bank of Zambia and Betternow Finance Company Limited.
In a statement issued, Bank of Zambia Assistant Director Communications, Besnat Mwanza said the possession of Development Bank of Zambia is due to non-compliance with the Banking and Financial Services (Capital Adequacy) Regulations.
Ms Mwanza said the Bank of Zambia has determined that Development Bank of Zambia is under capitalized.
“Further, despite consistent engagements by the Bank of Zambia, the shareholders and the Board of Directors of Development Bank of Zambia have been unable to resolve the regulatory capitat deficiency of the institution.
For this reason, the Bank of Zambia has exercised its authority under the law in order to safeguard the interests of the public and protect the integrity of the financial system,” she said.
Ms Mwanza said during the period of possession, the Bank of Zambia shall cause to be prepared a statement of affairs of the assets and liabilities of the institution and take any other action it deems fit in accordance with the provisions of the Banking and Financial Services Act, 2017,
Meanwhille, Ms Mwanza said the Bank has also taken possession of Betternow Finance Company Limited due to its insolvency.
She said despite consistent engagements by the Bank of Zambia, the Board of Directors of Betternow Finance Company Limited has been unable to resolve the deteriorating financial performance and condition of the institution.
“For this reason, the Bank of Zambia has exercised its authority under the law to safeguard the interests of the public and provide for its orderly resolution.Betternow Finance Company Limited is now under the possession of the Bank of Zambia.
During the period of possession, the Bank of Zambia shall cause to be prepared a statement of affairs of the assets and liabilities of the institution and take any other action it deems fit in accordance with the provisions of the Banking and Financial Services Act, 2017,” she said.
(Mwebantu, Saturday, 22nd July, 2023)
Zambia recalls metformin tablets due to non-compliance
THE Zambia Medicines Regulatory Authority (ZAMRA) has taken action to recall metformin tablets, a diabetes medication, after tests revealed non-compliance.
The Authority has since written to the director of Yash Pharmaceuticals Limited following the development.
In a letter written to the pharmaceutical company, the Authority has directed it to recall metformin tablets 500 milligrams batch number KBTO18 manufactured by Bliss GVS Pharma PVT limited of India.
“Following routine post marketing surveillance of medicines by the Authority, the above-mentioned product manufactured by Bliss GVS Pharma Limited, India was analysed at the National Drug Quality Control Laboratory.The product was found non-compliant with respect to Assay test,” reads the letter in parts.
The Authority said the pharmaceutical company should initiate a recall within 14 days of the receipt of the letter.
ZMRA further advised that the company is required to submit a detailed report of the recall process which should include all the relevant information.
(Mwebantu, Friday, 8th December, 2023)
ZICTA directs Airtel to compensate subscribers for poor service
FOLLOWING the recent poor Airtel service experienced, the Zambia Information and Communications Technology Authority (ZICTA) has directed the company to compensate it’s subscribers within five days.
The Authority has also directed the network provider to immediately engage the public regarding the recent network outages and provide assurance of their resolution.
In a statement, ZICTA Manager Corporate Communications Hanford Chaaba said the Authority is closely monitoring the service provider.
He said ZICTA is deeply concerned with the recent intermittent network and service outages on Airtel network.
“To this effect, the Authority has directed Airtel Networks Zambia Plc to compensate all subscribers in line with the approved compensation policy within five days from today December 8, 2023. The Authority has also directed the network provider to, using all available platforms, immediately engage the public regarding the recent network outages and provide assurance of their resolution,” he said.
Mr Chaaba said the network provider has further been directed to urgently put in place measures that will ensure that such outages are averted, and submit to the Authority a long- term plan to improve network resilience.
He added that the Authority will actively monitor network performances of all services providers to ensure that the Quality of Service (QoS) guidelines are strictly adhered to.
“We encourage members of the public to continue reporting any issues related to unavailability and quality of network or service,” he said.
(Mwebantu, Friday, 8th December, 2023)
Trade Kings Foundation donates over Two million kwacha to local farmers
As the year draws to a close the Trade Kings Foundation not only looks at the year that was, but also looks to the future by donating over two million Kwacha, in the form of seed and fertilizers to 500 local farmers from the Nampundwe and Chaminuka communities.
The Trade Kings Foundation recognises the crucial role that small-scale farmers play in Zambia’s agricultural sector. In strengthening their capacity, one significantly contributes to food security in and around these communities. With this in mind, the Trade Kings Foundation continuously strives to support the sector, whether in the form of building structures, laying irrigation for water reticulation, drilling of boreholes and now – the donation of seeds and fertilizers.
As part of the donation, the farmers will attend several workshops to upskill them on topics such as soil health, crop rotation, water management, and pest and disease. The program will also focus on crop ustilisation: how to sell, give back to the local community and plan for the next crop.
During the handover of the donation, Trade Kings Group’s Public Relations Manager, Bridget Kambobe, said, “Small-scale and family farmers play a major role in food production of Zambia. Faced with numerous challenges that include everchanging weather patterns, competition from large industrial farms and a lack of access to reliable, up-to-date information and farming inputs, the drive to support local farmers forms part of the Trade Kings Foundation’s ethos of “Improving Lives” and in so doing we assist in ensuring much-needed food security.”
She concluded, “Our role as Trade Kings Group and Trade Kings Foundation is not only to serve our customers, but to instill hope during the economically uncertain times that we find ourselves in.”