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Airtel Zambia has advised members of the public and its subscribers to be aware of some mobile money scams and that there is need to be cautious when receiving messages from unknown numbers requesting them to send money. The mobile telecoms company had engaged various stakeholders that include law enforcement agencies to arrest the vice.

This comes after complaints from members of the public that the there is an increase in the number of soliciting messages requesting funds to be sent to some numbers. These frauds are affecting all the three mobile network operators in  Zambia.

Airtel Head of Corporate Communications Yuyo Kambikambi told the Zambian Business Times – ZBT in an interview that the company is working with regulators and other key stakeholders to ensure that perpetrators are brought to book and answer to the charges.

She has condemned the scams by fraudsters who are swindling unsuspecting mobile phone users of their hard earned money hence has sounded a warning to perpetrators to refrain from this vice as they will be dealt with and meet the full wrath of the law.

She added that the Company through its media has been sending messages to the entire base in appealing to its customers to refrain from sending money to unscrupulous people soliciting for money via SMS, adding that customers are encouraged to call Airtel or ZICTA when in doubt, as well as to report the suspected fraudsters numbers.

“We cannot divulge too much information for now as this may jeopardize current investigations on the ground by the law enforcement agencies,” she said. She further said Airtel has engaged other key stakeholders that include law enforcement agencies and this team will not take kindly to people that are involved in mobile money transfer frauds and that the law is clear on the consequences of fraud.

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Airtel Zambia has advised members of the

Tech

The much talked about launch of the Special Joint Cyber-Crime Crack Squad that was unveiled by Communications minister, Brian Mushimba in February this year has not been operationalized or may be operating as a secret agency.

This came to light after the Zambian Business Times – ZBT analysts efforts to get a response from the team proved futile as both the Zambia Information and Communications Technology Authority – ZICTA and Zambia Police could not give any contact person to respond to the efforts made to verify the social media reports that Bank of Zambia had lost K68million of newly printed notes.

ZICTA in response to a ZBT query stated that as an authority, they are not mandated or neither are they the right institution to behandling cyber-crime issues that escalate on social media and online platforms.

Earlier in the week, Bank of Zambia governor Dr. Denny Kalyalya had described the news of the missing new notes valued at K68 million (about US$5.6 million) as fake news generated by social media abusers.

The cash is said to have been shipped from Munich Germany by a printing company Giesecke Devrient last week. Dr. Kalyalya said the information is fake as the Central Bank does not give instructions to issue bank notes without consultations with key stakeholders.

ZICTA Corporate Communications Manager N’gabo Nankonde told Zambian Business Times – ZBT in an exclusive interview that the authority does not handle social media criminal cases.

“ZICTA is not mandated to handle social media criminal cases, we just work in hand with the Zambia police and other key stakeholders to aid investigate and bring perpetrators to book,” she said.

She further acknowledged that levels of carelessness and irresponsibility of some members of the public on social media is worrisome hence urged members of the public to take keen interest in verifying social media information from the authorities or the institution involved in order to lessen cases of fake news.

She however said that ZICTA has put in place measures of awareness to fight cyber-crime cases and has some sensitization programmes to ensure online protection.

“The authority is creating awareness to members of the public because issues of fake news are escalating and you may be all aware that this issue is not only isolated to Zambia, but other countries are being affected too hence it has become a big challenge to most countries,” she said.

A further check with the Zambia Police through the Deputy Police Spokesperson Rae Hammonga confirmed that the role is to fight crime and prosecute those found wanting lies with the Police.

He added that mandate of regulating cyber-crimes is done hand in hand with ZICTA. Hamoong has attribute to the case of BOZ where it is allegedly been accused of misplacing K68 million as an unpleasing act by some individuals who just decide to circulate information without gathering facts and that Police will pursue the matter and bring culprits to book.

Hamoonga added that the commission has police officers on the joint task who are trained to be able to track down perpetrators and have them persecuted. He has further warned those involved in social media scams to end such elicit activities as cyber-crime is a crime like any other and invites a penalty of over 10 years imprisonment.

When asked who the contact person for the Special Cyber-Crime Crack Squad is, he referred the matter to the Police Spokesperson, Theresa Katongo, Who also was unavailable to respond to the ZBT press query by press time.

 

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The much talked about launch of the

Markets

Madison finance has a recorded an impressive revenue momentum, recording a jump of 48% in operating incomes. The company posted operating income for the year ended 31 December 2018 of K104 million (about US$8.7 million), up from 2017 levels of K70 million (about US$5.8 million).

In a security note made available to the Zambian Business Times – ZBT, Madison Finance recorded a profit after tax of K21.5million in 2018 compared to a profit of K1.8 million recorded as at 31 December 2017. T

The Company’s increased profit after tax was mainly attributable to an increase in disbursements in the period coupled with the direct cost containment.

Interest income YTD of K124.3million is above budget by 18% while the Interest expense YTD of 68.5 million is below budget by 7.0%.
The loans and advances to customers grew by 22% and was the major asset growth driver while customers’ deposits grew by 65% with an improvement in the portfolio mix between corporate and personal deposits.
The total assets and liabilities grew by 20% during the year 2018 and the loan book was the main driver while the liabilities’ growth was mainly driven by the deposits from customers.

In its outlook for 2019, Madison Finance expects its performance to remain strong. This will be on the back of expected continued strong loan disbursement performance, Operational costs containment and competitive pricing of liabilities to maintain the direct costs within budget levels

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Madison finance has a recorded an impressive

Mining

The Performance of CEC Africa and in effect the CEC Group has been weighed down by challenges faced in Nigeria where the operating companies are domiciled. According to CEC Africa Head of corporate services Clara Mvula, in a security note availed to the Zambian Business Times – ZBT, the company has continued in a net loss position in the 2018 financial year.

Mvula stated that some of the challenges faced in the Nigerian Market included the non-cost reflective tariffs perpetuated by the failure of the Nigerian regulator to adjust tariffs to account for movements in pre-agreed economic and sector indicators as well as a mismatch between cost of energy increases and allowable tariffs by distribution companies resulting in a reduction of profit for distribution companies.

She stated that other challenges faced by the company were the partial implementation of the Power Sector Recovery Program during 2018 affected by focus on the parliamentary and presidential elections in February 2019; and the non-payment of electricity bills by government agencies, a significant component of the Abuja Electricity Distribution Company Plc (AEDC) customer profile.

However, revenue compared to the same period in 2017 is up 34% mainly due to higher generation in Nigeria and improvements in collection rates at AEDC. North South Power Company Limited, an associate company contributed a loss of K83 million, as a result of implementation of new accounting standards.

The Group loss for 2018 stands at K3,072million which showed a 3% decline on 2017 results, in Kwacha terms on account of the depreciation of the Kwacha, and net finance costs saw a saving of 54% mainly due to a payment made for the debt owed to the Market Operator in Nigeria.


UBA Nigeria has called its bank facility
Further, CEC Africa reported that it acquired its shares in Abuja Electricity Distribution Company Plc through its subsidiary KANN Utility Company Limited. The total amount paid for the 60% share acquisition was US$164million of which US$122million was provided by United Bank of Africa Plc (UBA) of Nigeria through a 7-year acquisition debt facility guaranteed by CEC Africa.

In 2016, UBA issued a default notice to KANN based on the failure to meet certain agreed ratios and covenants, and subsequently in November 2018 UBA called the loan. However, negotiations have continued between the parties to achieve a mutually acceptable solution.

North South Power Company Limited (NSP), an associate company, has expressed interest in purchasing a stake in Abuja Electricity Distribution Company Plc. Negotiations between NSP and UBA are progressing and successful completion of the transaction will result in the restructuring of the loan.

Expansion across Africa has proved to be a major challenge for most companies due to the entrenched Colonial interest that still abide todate. Most companies decide to stick to specific regions and markets such as Anglophone, Francophone etc as there seems to be a hidden hand that has led to these perceptions.

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The Performance of CEC Africa and in

Companies

The Zambia Development Agency – ZDA says it has set aside a US$2.2 million loan under the Zambia Export Development Fund – ZEDEF meant for Small and Medium Enterprises – SMEs ready for non-traditional exports to access from US$10,000 upto US$100,000.

ZEDEF is an initiative between the Zambian government and the European Union – EU aimed at helping Zambia to diversify its economy in the export sector through the support of export ready local businesses

In an exclusive interview with the Zambian Business Times -ZBT, ZEDEF fund Manager Dr. David Chewe said the agency provides a low cost financial loan at 8 percent interest to exporters of non-traditional exports as transport coverage.

He says one is eligible for the loan if he or she is export ready in non-traditional export and has a registered Business with the Zambia Revenue Authority – ZRA, PACRA and NAPSA and meet the required terms and conditions for export readiness set by the agency.

“As an agency, we do provide export loan to entrepreneurs who are export ready in non-traditional export at 8 percent interest and one of the objective of this fund is to increase the contributions of non-traditional export to Zambia’s export earnings. This year we have set aside a budget of $2.2 million for a minimum of 22 beneficiaries,” he said.

Dr. Chewe said one can qualify for a loan of up to a minimum of US$10,000 and a maximum of US$100,000. He says the loan is paid back once the beneficiary sells his products to the intended export market so as to enable more people benefit from these loans.

“We do not just give out the loans to any SME but to the ones which are export ready. Meaning one has to have a business plan with an export strategy and a consistent supplier of quality products certified by the authority. We are also interested in understanding how the company projects to increase its exports out of Zambia,” he said.

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The Zambia Development Agency - ZDA says

Agribusiness

The Millers Association of Zambia – MAZ says over 1,500 metric tons of mealie meal out of the earmarked 120,000 tons has been exported by the private sector.

Last month, government through the Ministry of Agriculture lifted the ban on the exportation of mealie meal aimed at ensuring a smooth flow of exports.

MAZ president Andrew Chintala told Zambian Business Times-ZBT in an interview that the export of mealie meal will enable its members to raise resources to take part in the 2019 crop marketing season.

Chintala said the quantity of mealie meal that has been exported is just a drop in the ocean which shows that there is more demand across the borders and that it is a good move at earning the country the much-needed tonnage.

He said the association is applying to the regulatory export regime which has allowed private sectors to export mealie meal with the idea of enabling traders release space for storage of the new crop coming on the market next month.

“The association is progressing very well in terms of exports and we are very happy at the level of mealie meal exportation hence we will be committed to delivering affordable and quality mealie meal to our people,” he said

He said having established that the country currently has in excess of 700, 000 metric tonnes of maize grain stocks, the association is certain that mealie meal prices will be well placed following the recent complaints from consumers on the hiked prices of the commodity.

He adds that the mealie prices do not arise out of human decisions but circumstances of demand in the commodity hence has assured the public that the coming in of new grains will drop the price at an affordable level.

He has however urged farmers, millers and grain traders to take advantage of the market and close deals with importers in cross border markets.

In addition, he said there’s need for the country to develop a predictable and transparent agricultural commodity marketing system.

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The Millers Association of Zambia - MAZ

Agribusiness

Musika Zambia has engaged over 460, 000 smallholder farmers across the country to benefit from improved market access for inputs, agricultural products, services and finance in provision of business development services to Zambia’s agricultural sector.

Musika Head of corporate affairs Pamela Hamasaka told the Zambian Business Times – ZBT in an exclusive interview that the company has partnered with over 80 companies across the country to stimulate and support private investment in the Zambian’s agriculture markets with focus on benefiting the smallholder and emerging farmer markets.

Hamasaka said the 460,000 smallholder farmers are currently benefiting from the improved market development and are provided with a range of services to enhance their ability in agribusinesses. She further disclosed that over US$40 million of private capital has been invested in the small holder market of the new business generated between the agribusiness and smallholders.

She has furthers stated that Musika has provided its corporate partners with commercially focused technical advice and business support to catalyze and strengthen mutually beneficial commercial relationships between the corporate and smallholder farmers.

She added that Musika is also implementing a market development initiative funded by Irish Aid to integrate the maximization of nutrition outcomes for the rural poor, women and children into the Zambian agricultural food markets.

“In accordance with our focus on facilitating private market-based solutions to poverty and poverty-related issues, Musika aims to align incentives and create opportunities with the agricultural economy for the private sector to sustainably and profitably integrate nutrition objectives into its business models that relate to the rural poor,” she said.

She has however called on corporates and the private sector to take keen interest in partnering with Musika to develop business models in the Agric sector in order to broaden the impact of economic growth to all levels of rural society.

Musika is a Zambian non-profit company with a mandate to stimulate and support private investment in the Zambian agricultural markets with a specific focus on the lower end of these markets. Hamasaka also put on record that since the inception of operations of Musika in 2011, it has gained strong reputation in the Zambian market for innovation, results, service delivery and has received recognition on the international development stage for its works in agricultural market development.

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Musika Zambia has engaged over 460, 000

Markets

Zambia’s Southern Province has recorded the highest regional inflationary rate at 8.7%, the highest in all the ten regions of Zambia.

Meanwhile, the national inflation for Zambia for the month of April 2019 has increased to 7.7 percent from the 7.5 percent recorded in March 2019, the Central Statistical Office – CSO has revealed. The increase in the inflation rate has been attributed to the increase in prices of food products and purchase of vehicles.

Confirming the development at the CSO in Lusaka on April 25th, attended by the Zambian Business Times – ZBT, Acting Director for Census and Statistics Goodson Sinyenga said the annual food inflation rate for April 2019 has also increased to 8.3 percent compared to 8.2 percent of Match 2019 indicating an increase of 0.1 percent points.

Sinyenga also disclosed that at provincial level, the annual inflation rate increased for Lusaka, Northern, Muchinga and Southern provinces while it reduced for Central, Copperbelt, Eastern, Luapula and North-western provinces adding that Southern province recorded the highest inflation annual rate at 8.7 percent followed by Western Province at 8.5 percent. North-western province however recorded the lowest inflationary rate at 5.6%.

“Southern province had the highest inflation rate due to the price changes in food products such as mealie meal prices which have been going high. Besides that southern province has been recording an increase in inflation rate since February where food inflation rate started going up consistently hence escalating to other food products, “he said.

The southern province which used to be Zambia’s highest food producing region has been ravaged with steep climate change impact with the region receiving low rainfall and mass crop failure. Only commercial farmers with the capability to irrigate their fields have been spared. The low rainfall pattern has also affected western and southern parts of Lusaka and Eastern provinces.

The southern parts of Zambia will in the 2019/2020 Agricultural season be one of the areas that have shown that they would need relief food for the ordinary folks who depend on rain fed Agriculture. The region which is also a major beef producer will need further support for animal stock feed and veterinary medicines to deal with the climate change effects that has befallen the country.

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Zambia’s Southern Province has recorded the highest

Markets

The Bank of Zambia – BOZ has dispelled social media reports suggesting that K68 million cash has gone missing from the central bank after it was issued and shipped from Munich Germany by a named printing company last week.

Some social media reports indicate that government has printed an amount of K68 million in order to finance the wage bills and pay some Chinese constructors.

Speaking at a media briefing attended by the Zambian Business Times – ZBT at BOZ Head office in Lusaka on April 23, 2019, BOZ governor Dr. Denny Kalyalya said that  fake news has the potential to undermine the operations of the bank as members of the public may start doubting the Kwacha as genuine currency.

Dr. Kalyalya said that the Central Bank does not get instructions to issue bank notes without consultations with key stakeholders. “when we receive money from printers, we issue it to the bank so they can actually buy it or exchanged one on one, so before the bank pays for that we don’t issue the notes and that money is not printed anyhow” he said

He further quoted the BOZ act article 41C which states that the “Central Bank should formulate monetary and supervisory policies that will ensure the maintenance of price and financial systems stability so to promote balanced macro-economic development and stability”.

In addition, the bank governor says it is for this reason that the Central Bank should issue notes to be legal tender in the republic and regulated all matters relating to the currency of the public.

And Bank of Zambia deputy governor Dr. Bwalya N’gandu says these reports are a total fabrication as there is a procedure involved in printing money.

He stated that it is not true that the bank has printed that amount of money adding that such news is intended to have a bad effect or damaging to the country’s economy hence the need for the public to refrain from perpetuating lies and begin to disseminate information based on the truth.

And an IT security analyst who spoke to ZBT on conditions of anonymity said that the instigators and initiators of this so called fake news can be found if the bank of Zambia is serious about investigating. There are institutions like ZICTA who with the right skill sets and personnel can easily find the perpetrators.

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The Bank of Zambia - BOZ has

Companies

Airtel, Zambia’s leading telecommunication network provider has signed a memorandum of understanding – MOU with Unity Finance  to provide Airtel mobile money customers with loans to purchase smart phones.

Speaking during the signing ceremony, Unifone representative Akash Singh said Unifone is a product that is powered by Payjoy in partnership with Unity Finance. The product offering gives the consumer the ability to purchase a smartphone and pay it off over installments which is a unique offering on the Zambian market.

“Technology has advanced drastically and in this digital era, the importance of smartphones is ever growing in the Zambian Digital Financial market. The average selling price of a good smart phone in Zambia remains high and due to this high cost, two thirds of the Country’s population will remain offline at the end of 2020 with a greater share of individuals from population groups including women and those on low incomes.

Smartphone growth in Zambia will be driven by increasing affordability through innovative technology and financial solutions. We needed to find the right partners to help solve this problem, he said.

Singh adds that the partnership is significant as it solves a fundamental problem for Zambian. He says financial inclusion together with digital inclusion is very important for development as it provides economic and social benefits to unconnected populations, fueling a cycle that reduces poverty and improve livelihoods.

Meanwhile, Airtel Mobile Money Director James Chona said that the partnership that has been created has helped the company to come up with a lot of innovate approaches and solutions that will benefit the communities they save.

He says a phone has become essential tool in our today lives and that to afford a good phone becomes very difficult sometimes as for customers hence the Unfone initiative is in line with the vision to connect the people to each other even as the world is evolving in doing business using mobile phones.

“We have come to understand the importance of strategic partnership that we have here today. It is for this reason today that we have an exciting day where technology links with the financial sector and bringing this partnership that will enable customers access a loan to buy a phone.

With mobile phones, we all know that there is a huge potential to leverage digital technology and bridge the gap especially for informal sector and those living and working in rural areas. So this facility that we are looking at is in line with our digital financial inclusion strategy where we want to make sure that everybody out there can actually have access to digital financial services,” he said.

He says the country’s economy cannot be sustained by the government alone but that the partnership signed should be able to compliment government efforts in leveraging their different resources and expertise just to create a more sustainable and developed country.

And UN Capital Development Fund – UNCDF country representative –Nandini Harihareswara said, “with mobile phones, we know that there is huge potential to leverage on digital technologies and reach the informal sector especially those living and working in the rural areas.

Since the push of digital financial services is about creating access and affordable products and services to financially include the populations at large, we see this partnership as a great opportunity for customers to own phones and thus empowering them.”

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Airtel, Zambia’s leading telecommunication network provider has