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Companies

FNB has launched the Helping Everywoman Rise-H.E.R initiative, which will help address some of the challenges that women face in accessing financial products.

Speaking during the launch of the H.E.R initiative which was held at Sarovar Hotel, FNB Chief Executive Officer Bydon Longwe said the need to launch this initiative was also motivated by the central bank’s statistics a few years ago, which showed that it was difficult for women to access banking services.

Longwe has encouraged customers to go cashless and transact on the digital platform and encouraged women that will uptake the new product to take advantage of the FNB application, which provides the necessary information.

And Labour Minister Brenda Tambatamba who represented government said the launch of the initiative acknowledges that women can contribute to growth not only by building businesses but also by better managing their financial resources.

Tambatamba said financial inclusion is more than just reducing the gender gap but it is about empowering women to increase their financial autonomy, bargaining power and self-esteem while reducing their exposure to risks.

 

 

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FNB has launched the Helping Everywoman Rise-H.E.R

Markets

One of Zambia’s leading economists Yusuf Dodia has disclosed that the 2022 budget will lead to a huge increase in net foreign debt position for Zambia.

Dodia told the Zambian Business Times – ZBT that 29% of the 2022 national budget is being funded through foreign financing, so the country’s debt will increase on a net basis based on the financial model which has been adopted.

Dodia stated that “I’m concerned that we are looking for answers to our challenges from outside when we have this huge amount of copper earnings which we are not touching in our 2022 budget”, he said. Copper prices are expected and projected to remain buoyant throughout 2022.

He questioned that “where is the money going to come from because we are looking at a budget which has risen from K119 billion to K173 billion which is an increase of K50 billion. So where is the money going to come from to finance this and this is where the big challenge is, if we had not done that well in 2020, how can we expect to do better in 2022”, he said.

Dodia further revealed that revenue collections are expected to go up by between 35% and 90% and questioned company tax collections going up by 70% adding that the mechanism put in place to facilitate the collection of higher taxes in the 2022 budget is not clear.

He said many initiatives government has put in the budget are for medium to long-term development and the 2022 national budget is 12 months, so within 12 months the plan is to raise an extra K50 billion?.

Dodia additionally stated that it is not clear yet which criteria the Ministry of Small and Medium Enterprises will be using for the services that they will offer the local businesses in Zambia.

He however added that going by the President’s [Hichilma’s] pronouncements, businesses that are officially registered would be able to apply for technical support and receive support in terms of being connected to financial institutions that can provide them with loans and capital and connections between businesses themselves.

But these would be in the same line with the Citizen’s Economic Empowerment Commission (CEEC), which more or less provided a similar service. So, will CEEC continue or these will be done under the new ministry?

The economist advised that the ministry of SME should rather focus more on how they can create linkages for small businesses to government and other institutions such as purchasing units of various multi-national institutions adding that government should commit itself to buying from the small and medium enterprises as part of its support programme for developing the sector.

“I can advise business houses to formalize. Make sure that you are a registered company and at the end of the day, when you make your applications you are making your applications as a company which is officially registered in Zambia as a small and medium enterprise”, he said.

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One of Zambia’s leading economists Yusuf Dodia

Markets

Leading Zambian Economist Yusuf Dodia has disclosed that the 2022 national budget has placed a lot of emphasis on borrowing from the domestic economy which will crowd out or constrain access to credit for the private sector, a situation that should be avoided so that the private sector can have access to reasonably priced money.

Dodia said that priority should be given to the private sector to access to money from the banks and not the banks simply putting all their money into government treasury bills and bonds, but the 2022 budget drives in the direction of a lot of money going into government borrowing from the domestic economy.

Speaking in an exclusive interview with the Zambian Business Times-ZBT, Dodia said the 2022 national budget is very ambitious as new government is trying to deliver to the people of Zambia on the promises they made.

He said a lot of money would go into the Ministry of Education, Health and Small and Medium Enterprises development adding that various promises were made to different sectors of the economy and that this budget addressed some of these promises.

Analysts have however warned that reducing the cost of borrowing in an environment were government borrowing is rife is a difficult as banks will simply tie up their funds with government through treasury bills and bonds at elevated interest rates, considered as risk free.

Lending to the private sector attracts a further risk-reward premium over and above the government treasury bills and bond rates consider as risk free assets.

A check by the Zambian Business Times – ZBT on the latest treasury bills auction results by Bank of Zambia – BOZ dated 4 November 2021 shows that the government is borrowing from Banks for the 364 days treasury bills  cut off yield rates have drastically come down to about 12% from the highs of about 25% on August 11, prior to the change of government.

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Leading Zambian Economist Yusuf Dodia has disclosed

Lifestyle

Royal Zambian Airline has unveiled musician Cleo Ice Queen as the new brand ambassador for the company.

Speaking at the launch, Sales and Marketing Manager Chileya Kasuba said Cleo will take the message of Royal Zambian Airlines to further heights than it’s been before and the airline is confident that Cleo has the character and energy to represent the company’s brand effectively and in the best possible way.

Kasuba said the company offers competitive rates and sees itself as a viable alternative to other carriers servicing the Lusaka-Johannesburg route noting that the airline is proud to contribute to the growth of the Zambian aviation sector.

She said the company is hopeful that the service that it offers to its clientele will continue to bring new clients on board and help to retain old clientele.

“We are very excited to embark on this adventure with Cleo and her loyal fan base both locally and internationally”, she said.

Kasuba mentioned that December 2021 will mark exactly one year since Royal Zambian Airlines took to the skies to offer a luxury air travel experience between Lusaka and Johannesburg and as a proudly Zambian airline, it has made it easier for business and leisure travelers to travel between Lusaka and Johannesburg safely, swiftly and stylishly.

She said the company offers excellent customer service and has highly skilled professional and friendly stuff, serves delicious food, has amazing fares and has great partnerships one of which is with Legacy hotel in Johannesburg.

Speaking at the same event, Cleo Ice Queen said it was an honour to be appointed brand ambassador for the airline and she looks forward to a long-term relationship with the company.

She added that Zambians should be proud of having something that they can call their own and wished the Royal Zambian Airlines massive success and encouraged everyone to support Zambian Royal Airlines and everything that is local.

 

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Royal Zambian Airline has unveiled musician Cleo

Tech

The new dawn UPND government risks spending a minimum of US$252 million ( US$21m by 12 months) if the Energy Regulation Board – ERB Board of directors is not timely appointed [following the dissolution of the erstwhile board] and does not immediately increase the fuel pump prices across the country.

Surging global crude oil prices threaten to spike another wave of food price increases in Zambia and across the world as energy prices are are key determinant of the cost of landing agro produce to various markets as well as influence the general cost of living through increased transport costs.

The continued increase in global crude oil prices has forced Zambia’s finance minister Situmbeko Musokotwane to disclose that the government is spending about US$21 million per month on fuel subsidies alone, an unsustainable undertaking that threatens to continue with a long culture of pumping money towards areas not budgeted for thereby threatening the entire budget credibility .

The new dawn government is facing up to the realities of running a African economy like Zambia as this figure alone ($250 million) on fuel subsidies, does not even take into consideration the further global fuel price hikes projected for 2022. The subsidies, if not checked would grow to even half a billion dollars going by the further projected further crude price increases.

And the impending fuel price hike threatens to reverse the inflation gains that Zambia has posted in the last few months. With the annual rate of inflation having reduced to 21.1 per cent in October from 22.1 per cent recorded in September, mainly driven by easing food and non-food inflation, the fuel price hike are expected to wipe off these gains.

Last month, Zambia’s annual rate of inflation for the month of October, Zambia Statistics Agency (ZSA) Interim Statistician General Mulenga Musepa disclosed that inflation this month significantly dropped to 21.1 per cent, the lowest since December, last year, largely driven by easing food and non-food prices across a variety of items.

“The annual inflation rate for October, 2021, decreased to 21.1 per cent from 22.1 per cent recorded in September, 2021. This means that on average, prices of goods and services increased by 21.1 per cent between October, 2020, and October, 2021. The decrease in the annual rate of inflation was mainly attributed to price movements in both food and non-food items,” Musepa told journalists via video conference in Lusaka.

This month’s annual food inflation rate for October, 2021, dropped to 28.1 per cent compared to 29.6 per cent recorded in September, 2021, a decrease of 1.5 percentage points, driven by declining prices of food items such as cereals

“…This was mainly attributed to price movements of food items such as cereals such as (Breakfast and Roller Mealie Meal; Mealie Meal and grain; imported rice; eggs; cooking oil and meats…” explained Musepa.

The country’s non-food inflation on the other hand marginally reduced to 13.2 per cent from 13.6 per cent recorded last month.

Of the total 21.1 per cent annual inflation rate recorded this month, the food and non-alcoholic beverages group accounted for 14.9 percentage points, while non-food items accounted for 6.2 percentage points, with housing, water and electricity having contributed the highest at 2.2 percentage points.

ZSA data shows that Zambia’s annual rate of inflation of 21.1 per cent recorded this month is the country lowest since December, last year, when inflation was at 19.2 per cent.

While the national average mealie meal prices have broadly remained static this year, prices of cooking oil and eggs have noticeably dropped over the period under review.

A three litre bottle of cooking oil has steadily declined to K114.05 this month compared to a peak of K124.57 for the same quantity recorded in June, this year, while a tray of eggs skyrocketed to a national of average of K66.66 in August, now down to around K58.04, the lowest since May, this year.

However, all the above gains are now threatened by the global fuel price hikes which ERB has so far resisted to update resulting in the government picking up the tab and resorting to the historically political but inefficient way – subsidies.

Analysts have challenged successive governments in Zambia including the new dawn government to take a long term view on fuel supply and economics by diversifying supply to include the alternative of sourcing from neighboring Angola which can massively cut transport costs as well as the use of bio-fuels as a substitute that can be grown locally using Zambia’s massive arable land and water resources.

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The new dawn UPND government risks spending

Mining

Associate Professor in the School of Mines at the Copperbelt University – CBU Peter Chileshe has advised Government to first look at Vedanta Resources Limited’s records in all the countries it has operated in or is operating in as it moves to make a decision on the way forward for Konkola Copper Mines Plc (KCM).

Prof. Chileshe said currently Vedanta does not have a social license to operate at KCM, which means that the citizens around the mine area were totally against the company.

He said this calls for Government to balance the realities on the ground in Chililabombwe and Chingola and then the capacity for Vedanta to pledge and actually act on the pledge because they were there for about 15 years.

“First of all, the new Government should look at everything in a new way, we expect them to look at Vedanta’s records at KCM, in India, South Africa and other places and judge for themselves. The fact that the social license for Vedanta to operate was not there means that the citizens in Chingola and Chililabombwe were totally against Vedanta at the end of 15 years that tells us something.

“So obviously, the new Government has to balance the realities on the ground in Chingola and Chililabombwe and the capacity of Vedanta to pledge and actually act because they were there for 15 years, so they have a record and they should be judged based on their records,” Prof. Chileshe said.

He said the new Minister of Mines and Minerals should look at ways of encouraging increased production in the mining sector.

Prof. Chileshe noted that copper production has been stuck at about 850, 000 tonnes per annum for a long time due to a number of reasons of which some were from the Government while others were from the investors themselves.

“The Government should look at the mining industry, it has been stuck in terms of copper production at somewhere around 850 000 tonnes per annum for many years. A lot of reasons contributed to this, some being from the investors and some were from the government itself.

“The government was always being accused of tinkering the taxes all the time each year, then on the side of the investor, some of the investors have not brought in their pledged investments, peace and production or profits due to their actions,” he said.

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Associate Professor in the School of Mines

Lifestyle

MultiChoice Zambia has launched GOtv SUPA-a new package that is being added to the GOtv suite of packages, which will provide GOtv customers more options for quality content.

Some of the channels included in the new GOtv SUPA package for only K260 per month are Honey, Africa Magic Urban, Pearl Magic Prime, National Geographic, WWE, TL Novelas, Novela Magic, Rok, Kix Channel and Boomerang, among others and the package will appeal to audiences all over Africa.

GOtv Board Chair Nalumino Chiapeni said the launch of the new package is an initiative by MultiChoice aimed at adding more value to its customers by providing them with more choice thereby making entertainment more accessible to Zambians.

In a speech read on his behalf by Board Member Simon Bota, during the launch of the GOtv SUPA package, Chiapeni said MultiChoice has played a significant role in developing the local content industry through local channels such as Zambezi Magic, One-Zed and SuperSport as well as infrastructure investments in local production infrastructure such as studios and production equipment.

He said the heavy investment in the local content industry by MultiChoice has resulted in the relative growth of the film industry in Zambia and the investment is a true reflection of how MultiChoice is adding value to customers and putting their interests first.

The board chair noted that MultiChoice not only provides Zambians with world-class entertainment using the very latest satellite TV and digital technology but also contributes to the sustainable economic growth of the country through tax contributions and significant job creation.

He added that as a proud supporter of the local film and television industry, MultiChoice continues to use its influence to play a positive role in helping to grow the local creative industries into vibrant economic powerhouses.

Chiapeni noted that with the launch of GOtv SUPA, customers will be treated to exciting home-grown Zambian content which will include Mpali, Zuba and Shimumbi as well as international favourites such as WWE wrestling, telenovelas and boomerang for kids among others.

He mentioned that some of the Multichoice Talent Factory (MTF) alumni are part of the production crew and cast on some of the shows that will be airing on GOtv SUPA channels such as Zambezi Magic and MTF will continue to provide a pool of talented young film makers who help to tell the stories that will change filmmaking in Africa.

Chiapeni added that MultiChoice will continue to provide customers with content that resonates with them while ensuring that they have an array of options when it comes to package selection because it is committed to putting customers at the heart of every decision it makes.

Speaking at the same event, Minister of Information and Media Chushi Kasanda said government appreciates the significant contribution that MultiChoice is making in improving people’s lives as the company continues to create employment opportunities for local people by promoting the development of local content for television.

Kasanda said channels such as Zambezi Magic and One-Zed that showcase Zambian talent in the film industry are good examples of the huge contribution that MultiChoice is making to job and wealth creation in the country.

She commended MultiChoice for the initiative as the GOtv SUPA package which has 68 channels will provide customers with more local and international entertaining content and package options that suit family budgets and their viewing needs adding that the initiative is in line with government’s agenda of a well-informed populace.

The media minister said the Ministry works with industry partners like MultiChoice to build the creative industry in Zambia and the launch of GOtv SUPA is a testament to the flourishing partnership.

She expressed happiness over how proactive MultiChoice has been in terms of taking up their place by introducing initiatives on their platforms that help to inform, educate and entertain people.

Kasanda noted that key to unlocking Zambia’s immense potential lies in education and skills development therefore it is gratifying to note that MultiChoice Zambia is supporting this through its corporate social investment initiative-the MultiChoice Talent Factory.

She said the academy is key to developing the country’s creative industry and government believes that through this initiative, a new and skilled generation of filmmakers and television professionals is rising to take Zambia’s film industry to greater heights.

Chushi mentioned that MultiChoice has enriched lives in Zambia by creating employment for local people, developing the local content industry through local channels, which has in turn contributed to economic development through the contribution of tax to the government.

She encouraged all Zambian filmmakers to take keen interest in the initiatives MultiChoice is implementing which are aimed at building the Zambian film industry adding that through working as a team , Zambia can be put on the map and tell Zambian stories to the rest of the world.

The media minister noted that government will continue to support such initiatives by providing an enabling environment that ensures the viability and growth of companies like MultiChoice and the media industry adding that it will invest time and resources in such initiatives.

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MultiChoice Zambia has launched GOtv SUPA-a new

Companies

Portwest, a global leader in PPE is offering free merchandise for all Portwest trade partners in Zambia and across the region worth USD 1,000.

Trade partners or distributors that deal in PPE can get free merchandise worth USD 250 by spending USD 2500, free merchandise worth USD 500 for spending USD 5000 and USD 1000 worth free merchandise for spending over USD 10, 000 on any Portwest products.

Contact PORTWEST Country Sales Manager Milton Milimo on 0967958571 or email at milton@portwest.com or visit the website  www.portwest.com for more information.

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Portwest, a global leader in PPE is

Agribusiness

Getting the right seed and seedlings is key to maximizing your crop output quantities as well as quality. That is why you need to utilize trusted suppliers with a well established track record.

One such company is Amiran Zambia, it is a leading supplier of vegetable seed and seedlings for all horticultural produce. The company provides seed and seedlings for leading cabbage varieties such as landini variety.

For those that want to get the best pepper output to the expanding Zambian market, Amiran has in stock red pepper and yellow pepper – sunshine variety, for egg plants – black beauty and aragon varieties, and for okra -Clemson spineless variety.

The company also provides watermelon – crimson and zebra varieties, onion varieties which include the neptune – red variety and white variety, rape – english giant variety, impwa, Chinese cabbage -chihili variety, green beans – french beans variety, lettuce and for tomato – the tengeru 97 variety among other varieties.

Amiran Zambia Nursery Seed and Seedlings Sales Manager Buumba Habeenzu said the company has about eight main tomato seed varieties which include Nemo netta, Dominique, Victoria, Karen,  Topacio, Yara, Roberta and Green Gold.

Habeenzu stated that  dominique and nemo netta tomato varieties can be grown throughout the year and yield between 100 tonnes-250 tonnes per hectare. This is a big advantage and give output and revenue through out this productive time.

She also said the company has seeds with a shorter maturity date of three months with yields between 80-100 tonnes per hectare which include sunshine, chuma, karen, and Victoria varieties among others, adding that farmers can harvest within three months with the first harvest starting after about 10 weeks.

Speaking in an exclusive interview with the Zambian Business Times – ZBT, Habeenzu revealed that roberta and topacio varieties are meant to be grown during the rainy season as they are resistant to certain fungi that would affect other varieties in the rainy season and yield between 150-200 tonnes.

The Amiran seed and seedling sale manager stated that the company also produces different banana varieties from Israel including tissue grown bananas as well as fruit tress like hass avocados, noting that Amiran is flexible and sources outside the country what is not available locally.

Habeenzu said the company takes it’s time to produce seedlings which are of very good quality and high standard. This is achieved by Amiran having quality control measures that follow the correct guidelines in order to produce seedlings that farmers will buy in good condition.

She added that seedlings are a bedrock to the foundation and if seedlings are of poor quality, it becomes difficult for farmers to achieve their expected results, therefore Amiran ensures the seedlings are bought when in good condition so that farmers do not experience challenges that may come with seedlings of low quality.

And Amiran Zambia boosts of having most of the varieties they source from their actual suppliers and breeders which are resistance to certain crops such as pests at point of breeding so that no challenges are experienced when the seedlings are delivered to the company and clients.

She added that the tomato varieties suitable to be planted in the rainy season can withstand common diseases which other varieties would end up being wiped out, which is a positive side besides the excellent yields.

“Nemo netta tomato variety which Amiran Zambia supplies is resistance to nematodes, that’s where the name comes from, you can never have nematodes in a nemo netta plant even in a nemo netta field as they repel pests just from point of planting”, she said.

She noted that the company is open to the market’s needs, therefore farmers that want specific varieties that the company doesn’t have can request for such varieties which will be provided as Amiran is driven by the market players who are farmers, so it does not strictly produce what it wants but ensures to cater for the specific farmers’ needs.

Habeezu told ZBT that ideally, the minimum quantity of seedlings farmers can request for is 1,000 seedlings with no limit on the maximum and anything below that is also readily available as a certain amount of seedlings are prepared which can be bought depending on availability or speculative basis.

She added that anything above 1, 000 seedlings should be requested for in advance as Amiran Zambia sources and delivers varieties that specific farmers request, some of which may not be readily available locally or outside the country. These orders for huge or specific quantities of  seedlings may also be dependent on the quantity needed.

Habeenzu said the company provides after sell services and follows up on clients in order to provide support and help with production and farmers always get in touch with the company whenever they face challenges, which enables the development of long term relationships.

She added that the company also provides information at the point of sell for specific varieties, and tries to reach out to everyone that may need advice. Amiran Zambia’s Seed and seedlings that are sourced from outside the country come from well established and respected producers from Israel as well as countries like china, Italy and India.

The company also sells seedlings that are not produced by Amiran, on behalf of other quality seed companies, adding that these varieties are solely sold as seedlings. For more information, get in touch with Amiran Zambia.

 

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Getting the right seed and seedlings is

Markets

The Bankers Association of Zambia (BAZ) says it is hopeful that the finance minister Situmbeko Musokotwane In 2022 national budget will focus on pronouncements that will concentrate towards growing the economy, stabilizing the macroeconomic environment and a general plan of how to manage the country’s debt situation.

Association Chief Executive Officer Leonard Mwanza said predictable and stable interest rates, exchange rates and inflation are key to restoring fiscal fitness therefore the need for pronouncements that will address these important issues.

Mwanza said stable interest rates, exchange rates and inflation would allow businesses to access funding at a lower cost, plan long term and avoid cyclical spikes of volatilities that tend to come close to each other.

Speaking in an interview with the Zambian Business Times-ZBT, Mwanza said various challenges arise from unstable interest rates, exchange rates and inflation, which cause problems for people in business and banks when they are lending therefore the need to manage such turbulences.

He said there is need for reforms in the energy sector so that the association can see how it can take a lead in supporting the Oil Marketing Companies thus the need to see reforms where government gives OMCs more latitude in terms of importation of fuel.

He added that the banking sector is ready to provide support to OMCs in order to avoid the disruption of the flow of fuel in the country therefore the need for policy changes.

He noted that the association is also looking forward to policy changes in the way government manages the Farmer Input Support Programme (FISP) as there is need to see a gradual strategy on how to wean out beneficiaries.

“Banks stand ready to ensure that as the reforms are going on, they continue to provide the needed support to agro dealers or farmers involved in the agribusiness so it’s about reforming the current policies so that banks are able to also participate in that space”, he said.

Mwanza said there is need for stable mining policies in the mining sector as they are key to unlocking pending investments, increase production and taking advantage of the high copper prices on the international market.

He added that there might be need for policy changes in the way government collects mineral royalties because if they can be brought back on the market, it could help to push up predictable flow of foreign currency to support the exchange rate.

He noted that the association is looking forward to seeing how it can work with government to ensure that digital financial transactions are automated as there are pronouncements that there is need to increase digital financial inclusion.

“We have systems which are available; we would like to see a committed response towards ensuring that all government businesses or services are brought on the e-commerce space. We want to see a situation where government can allow payment of things like school fees, land rates and health services using digital financial solutions which are available on the market”, he said.

He said this would see more money circulating within regulated financial institutions and if more liquidity circulates within the financial system, it can go a long way in helping to push down the cost of funds in the market and that would benefit both the banks and the borrowers.

“Because if they are borrowing at more affordable rates, they will be in a position to expand, grow their businesses, grow the jobs and also grow the economy which is basically the forecast of what we want to see in the 2022 budget”, he said.

Mwanza said the association wants to see a strategy, which will change the mindset of entrepreneurs such as retailers who tend to shun digital payments in preference to cash payments adding that the industry is ready to work with government to realise the objective of creating a cash lite echo system.

He said the industry has invested in infrastructure systems that are operating efficiently but what remains is a coordinated approach towards achieving and realising the objective of creating a cash lite echo system.

 

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The Bankers Association of Zambia (BAZ) says