ZANACO Chief Executive Officer, Mukwandi Chibesakunda has disclosed that the bank has recorded the highest profit after tax in the history of the bank and the industry resulting in it becoming Zambia’s leading commercial bank.
Speaking at the bank’s post -annual general meeting media briefing, Ms Chibesakunda said 2021 was an exciting year for Zanaco as it received awards from euromoney, the international banker and global finance recognising its resilience and performance despite the pandemic, innovation and delivery of solutions meet various stakeholder requirements.
“We recorded the highest profit after tax in the history of the bank and the industry resulting in Zanaco becoming Zambia’s leading commercial bank. We have continued to accelerate our transformational journey to become the top transactional customer centric bank in Zambia by ensuring that we take the lead in, enhanced client experience and efficiencies through innovation,” she said.
Ms Chibesakunda said the bank is also proud of the progress made its digital first strategy, particularly in the delivery of our Zanaco xpress agent solution whose distribution now stands at over 17,000 agents.
She said the growth of Zanaco xpress agent solution is as much about making the bank more accessible to customers, as it is about providing an entrepreneurial opportunity to the communities.
Ms Chibesakunda said some of the key strategic initiatives delivered last year include product and service suite expansion to solution for the various needs of customers and the enhancement of the bank’s information security posture to improve cyber security maturity and protect data.
She said the bank further invested in the stabilisation of its core banking platform to create a foundation for a system upgrade and modernization that will result in more robust service platforms.
“To support the growth in our client base, we continued to evolve our approach to client experience by repositioning the model for effective impact. the growth in our client base to 3 million is a demonstration of what Zanaco stands for, the diverse mix of who we serve and the positive impact we are having on millions of people and businesses in the country,” she said.
Ms Chibesakunda said the bank also recognises its intermediary role of creating value for all stakeholders, which ultimately contributes to a more resilient Zambian economy for the present and the future.
She further said in terms of Zanaco’s financial performance, the bank’s balance sheet presented a growth of 35% supported by a 23% growth in deposits.
“We further maintained market leadership in loans and advances which closed at K9.6 billion at year end. In 2021, our non-performing loans ratio was 3.1% as at 31st December 2021,” She said.
The CEO said the bank will continue to position itself in embracing digital and sustainability developments to compete strongly and transform the face of banking in Zambia.
(Mwebantu, Thursday, March, 31st, 2022)
ERB lowers fuel prices amid Kwacha appreciation
THE Energy Regulation Board (ERB) has announced a downward adjustment in the prices of petrol, diesel, and jet A-I, bringing relief to consumers.
Effective midnight, petrol will be priced at K31.12 per litre, diesel at K28.78 per litre, and jet A-I at K28.23 per litre.
However, the price of kerosene will remain unchanged at K20.44 per litre.
The reduction in the prices have been attributed to the appreciation of the Kwacha which outweighed the increase in international oil prices therefore warranting a reduction in the domestic wholesale and pump prices of petroleum products.
ERB Board chairperson Reynolds Bowa said the price of kerosene has been maintained, adding that the decision on kerosene pricing will be reviewed consistent with the national supply and demand situation.
In a statement, Mr Bowa said over the review period, the Kwacha significantly appreciated against the United States Dollar.
“On average the exchange rate appreciated 14.4 percent. The appreciation was mainly attributed to interest rate hike by the Bank of Zambia (BoZ) and the directive that commercial banks hold back more funds in reserve. Furthermore, BoZ made available additional United States Dollars to the market,” he said.
Mr Bowa said the prices will come into effect at midnight and shall remain in effect until revised by the ERB.
He however said during the month of February the prices of oil on the international market increased.
Mr Bowa said the increase was mainly attributed to supply disruptions arising from geopolitical tensions in the Middle East which led to tightened supply of the commodity.
Meanwhile, the ERB in line with the Energy Policy has developed a bio-fuels pricing framework that will be used on blended fuel.
Mr Bowa said the growth of the biofuel industry will foster security of supply of petroleum products.
“Currently, a pilot phase for bio-ethanol trading has commenced and ERB will give periodic updates on how this programme is unfolding.” he said.
(Mwebantu, Thursday, 29th February, 2024)
ACC nab senior accountant, businessman
A LUSAKA based senior accountant has been arrested by the Anti-Corruption Commission (ACC) alongside a business man for possession of property suspected to be proceeds of crime.
Kasemuka Chiteta, a senior accountant stationed at police headquarters has since been charged with one count of possession of property suspected of being proceeds of crime.
ACC head of corporate communications Timothy Moono said in a statement that Kasemuka Chiteta on dates unknown but between 7th April, 2023 and 12th February 2024 in Lusaka District, concealed possession of a motor vehicle namely Toyota Landcruiser BAD4360 registered under the ownership of Chimuka Chibawe a Lusaka based businessman.
“In a similar development, the ACC has arrested and charged a Lusaka based businessman, Chimuka Chibawe of plot No. 136 C Kalomo road Chilenje” Mr Moono said.
He said Mr Chibawe has been charged with one count of Possession of Property Suspected of Being Proceeds of Crime contrary to Section 71 (1) of the Forfeiture of Proceeds of Crime Act No. 19 of 2010.
“Details of the offence are that, Chimuka Chibawe on dates unknown but between 7th April, 2023 and 12thFebruary 2024 in Lusaka, concealed possession of a motor vehicle namely Toyota Landcruiser BAD4360 registered under his names when the beneficial owner is Mr. Kasemuka Chiteta a Senior Accountant at Police Service Headquarters,” he said.
The pair has since been released on bond pending court appearance.
(Mwebantu, Thursday, 29th February, 2024)
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