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Highlights, Markets

Stanbic Bank, a member of the Standard Bank group of South Africa recorded the best results on both net interest income and other income level as well as being the largest lender in Zambia.

The bank recorded full year 2018 earnings of K1.34 billion, beating its nearest rival, Zanaco who came second with K1.30 billion in earnings (see table on top 10 results). Barclays, now part of the South African ABSA group was in third position while British owned bank, Stanchart was in fourth position.

Bayport is the new kid on the block
A notable new kid on the block, which is actually still a non-Bank financial institution but included due to its stellar performance is Zambian owned Bayport Financial Services completing the top 5 in terms of revenue at net interest and other revenue earnings level.

Stanbic ruled the banking industry in 2018, was also largest Lender

In terms of the main essence of banking and financial services, loans and advanced shows the impact that a financial institution had to the business community. Extending loans and advances ranks highly and this is the measure adopted to rank the balance sheet.

Stanbic took a double as it was also the largest lender in 2018
As per table below, Stanbic again was the largest lender with a total 2018 year end loans and advanced balance of K5.2 billion, in second place was Barclays, third was Zanaco, fourth was Stanchart while the new kid on the block, Bayport was fifth.

The ranking on revenue is mostly directly correlated to the balance sheet loans and advances as financial institution earning are mostly derived from their lending activities. There is also a widely held notion that clients take their deposits to banks were they are most likely to get bank facilities or loans.

Top 10 banks by income for year ended Dec 2018
Stanbic bank – K1.34 billion
Zanaco – K1.30 billion
Barclays – K1.18 billion
Stanchart – K1.06 billion
Bayport – K770 million
FNB – K714 million
Atlas Mara – K573 million
Citi bank – K339 million
Bank of China – K310 million
Eco Bank – K281 million

Top 10 Banks by Loans and Advances
Stanbic Bank – K5.20 billion
Barclays Bank – K4.20 billion
Zanaco – K4.04 billion
Stanchart – K2.78 billion
Bayport – K2.59 billion
FNB – K2.19 billion
Atlas Mara – K1.83 billion
Cavmont – K670 million
Citi bank – K627 million
Bank of China – K622 million

Note. Indo Zambia and Access bank results not included as we had not received them by press time.

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Mining

Kagem Mining Ltd, a subsidiary of Gemfields group has announced a return of its auctions to Lusaka, Zambia. This was after the company had applied to exceptionally hold its previous auctions outside Zambia after a general slump in global emerald prices, mostly affected by the Indian Market.

Kagem stated in a media statement to the Zambian Business Times – ZBT that it would hold its auction from 18 to 20 February in Lusaka and has called on prospective Jewellers and businesses wishing to take part in the auction to apply for accreditation.

The company has stated that it will only be auctioning rough, uncut gemstones and will not include any finished or polished gemstones. Local auctions have been hailed as a model to uphold as it puts the country on the world map and enables business tourism among other economic benefits.

The Gemfields group controls mining assets and marketing of two key countries in Africa. In Zambia, the group through Kagem controls the mining and marketing of emeralds and amethysts and in Mozambique, it controls for ruby’s and pink sapphire.

The Kagem emerald mine is the world’s single largest producer of emeralds and accounts for approximately 25% of global emerald production. It covers an area of approximately 41 square kilometres and is located in the central part of the Ndola Rural Emerald Area of Zambia mining and industrial hub, the Copperbelt.

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Lifestyle

For most youths in Zambia coming out of Secondary Schools, College and University, looking for formal employment or white collar jobs is the only answer to their becoming economically active. Many blame the colonial education system that still remains and is skewed to producing workers and not entrepreneurs.

We however as the Zambian Business Times – ZBT seek out the examples of some of our local Zambians who have taken up the mantle of not waiting to be employed and blame it on others when jobs are not avsilable. We look for people that have defied the notion of employee mentality and gone ahead to strive, follow their passions and set up companies and in the end creating employment and opportunities for others. Tapson Sibande meets the new school of Zambians taking up the mantle to set up companies and create wealth.

The beginning
Tapson Sibande is an entrepreneur and Electronic engineer by profession. Tapson is one of the main shareholders of Mfumu HD graphics and is currently managing the company. The 29 year old Zambian grow up in Mazabuka town “ the big farm” as he calls it , he did his primary education at Kaonga Basic school, secondary at Hillcrest Technical High School and then went to pursue his Degree in Electronic Engineering at the Copperbelt University.

In an exclusive interview with Zambian Business Times – ZBT news analyst, Tapson narrates that it was in his first year at the Copperbelt University that he and his partner and friend Ephraim Simataa decided to go and register Mfumu HD as a company as they began to work slowly with the passion to see the company get to where it is today.

Collaboration and teamwork is key
“We pushed and worked on the company in the background for 5 years and in the 6thyear we began to work on its growth as we decided to partner with two other people namely Austin Mwakwa who owns 10% and Brian Kabwe the owner and founder of Big Deal Graphics who also has a 10% stake. Brian also happens to be my mentor from day one. So in terms of shareholding, this leaves me and Ephraim with 40% shares each. So Mfumu is proudly owned by 4 people”, said Tapson.

The young entrepreneur says that he believes he was called to do this has he says media chose him because even with the passion he never imagined himself working full time in the media industry which is far away from what he went to study at the university. The issue of financing for acquiring better and more sophisticated Equipments seemed to be a very big challenge in the industry.

Seed capital from angel investors – parents
We started with only one camera and one computer bought using about K1,700 and K1,900 given to us as seed capital by our parents, Tapson and Ephraim worked and just in order for them to grow their skills they would work tirelessly even without getting paid, but this has now started to pay off.

Today, the minimum amount made in a day of events/ weekend to say is on average about K3,000 and we have built up our assets to as close to a million kwacha worth of equipments alone.

Creating wealth and employment for the community
“Today I can proudly say Mfumu has grown as it currently has four permanent workers and about twenty part-time workers. With only one computer and one camera in the beginning, we have strived over the past years and gotten ourselves high quality equipment which enable us to work from all around and be able to shoot as much as 7 events in a day”.

Mfumu HD has worked with a number of celebrities like Slab Dee, Macky2, done collaborations and commercials for companies like DSTV, GOTV, ZICTA, CBU and many others. We carter for both corporate, SME and individual/ family events.

Future plans to make a mark on the international map
The future plans for Mfumu is to see it that we make a mark on the international map for we do not just consider it to be a Zambian company. Long term plan is to cover the whole southern Africa and with us working with collaborations has really helped grow to this level.

Tapson further advised fellow young youths not to be afraid to take risks but to go out there and pursue their passion and make their dreams come to life as he said one has to be daring in life and not take no for an answer for the things needed.

Zambian business environment is very challenging for local entrepreneurs, you need a thick skin
“The Zambian environment is not very conducive for one to venture into entrepreneurship and does not favor local entrepreneurs but one must learn to take risks and I believe there is a formula and once you calculate you can jump without any fear. One needs and must be daring and not take NO for an answer, work as a “Tamaga” as I call it just to see to it that it happen, perfect your craft, invest in yourself, teamwork and collaborate”, said Tapson.

Advice to young people – be ready to be a “Tamanga”
The young see CEO who used to call himself “Tamanga” now calls himself “Young CEO 101” saying he has grown and developed himself from the running around trying to hustle and make his dreams come true to now being the young owner and founder of Mfumu who ensures his work is done more that 100% perfect.

Photo below is a sample of the works done by Mfumu HD with Zambian celebrities

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Lifestyle

The Zambia Medicine Regulatory Authority (ZAMRA) says is has noted with great concern that some sections of society have continued abuse of Codeine a Psychotropic substance known as Ichinyelele which is contained in off the shelf benylin.

ZAMRA Public Relations Office Ludovic Mwape said the authority is mandated to ensure drugs put on the Zambian market consistently meet the required standards and it is contemplating changes to the expert committee proscription drug list to restructure the mode of sale for this pharmaceutical product for people to start producing prescriptions before procuring the drug.

“As it is, it’s an off the shelf pharmacy product and anyone can get it from a drug store without producing a prescription. We also want to appeal to professionals stationed in these pharmacies to be able to inquire if they persistently see somebody in repeated purchases, then they should be calls for concern”.

“No one can be taking this product unless there is something troubling them and you can not continue taking this drug because it is very addictive, if you have a cough and taking Benylin Codeine and no improvement, you need get the advise from a licensed medical practitioner so that you change the medical product,” he explained.

Mwape told the Zambian Business Times – ZBT in an interview Wednesday morning that it calls for professionalism and sensitization in terms of the way the drug is being dispensed to people that are abusing the substance and it has a negative impact on the economy, as once one get addicted to intoxication, it leads to low productivity.

“As an institution that is mandated to do that, we are considering putting up restrictions in terms of who is importing this medicine in the country and on how this product is being dispensed, obviously we are going to tighten controls around this product to deal with the public concerns”.

We have already started this as when we visit a pharmacy, we want to know were the product is coming from and we look for receipts and relevant documentations of were this drugs are coming from and where they are sold and to whom,” he noted.

He acknowledged that there are other informal ways this drug is been imported by people who are not registered and are selling it. “Members of the public should be reporting these cases either to police or ZAMRA in order curb the practice”.

When Importing any drug in Zambia, you have to get a permit from ZAMRA and there is a robust screening process at the port of entry. But of course the problem is also that there are certain boarder areas which are porous, you find our presence is not there and this product comes in,” Mwape lamented.

He narrated that last year, ZAMRA closed down a number of facilities and owners were sensitised on a one on one basis on the need for them to comply those that were selling illegally.

Zambia has a huge youth population that needs tangible solutions to ensure engagement and employment is provided to drive productivity.

Failure to come up with proper interventions at both government and community level will compromise the future viability of the Zambian economy. It remains to be seen if Zambia will leverage the demographic dividend from its youthful population.

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Lifestyle, Tech

The high youth unemployment levels in the country has manifested and left thousands of youths desperate for white collar jobs and hunting from street to street in order to get jobs and start the journey of being economically active.

The education system reforms that have been talked about were life skills and entrepreneurship are supposed to be a big part of the curriculum are are yet to start producing graduates that are capable of venturing to create jobs rather than look for employment opportunities.

Moreover, the country is also lagging behind in implementing local content policies accross various industries that would ensure that opportunities for locals are safeguarded.

Even the government which perhaps has the largest procurement budget at the Zambia public procurement authority – ZPPA is yet to fully embed the preferential purchasing from local and citizen owned or influenced companies which should ideally be the source of jobs and local entrepreneurship.

This has also led to private companies that included the large copper mines on the Copperbelt also having procurement policies that are skewed towards engagement of foreign suppliers at the expense of locals.

The above has left a scenario we’re local entrepreneurship and venturing into private business a risky venture. Graduates from various colleges therefore look at the above risks and this results in white collar jobs and being formally employed as the most viable option.

A check by the Zambian Business Times – ZBT this morning found thousands of youth flocking to the Mulungushi International Conference Center to participate in writing the aptitudes tests being conducted by Zamtel for internship opportunities.

The mobile network provider had two weeks ago announced that it seeks to engage college and University graduates for internship opportunities meant to help students that graduated between 2016 and 2018 get an opportunity to gain work experience.

Zamtel announced that it will conduct interviews in different locations within the country that includes Lusaka, Chipata, kabwe, Mpika, Kasama, Mansa, Ndola Kitwe, Solwezi, Choma, Livingstone and Mongu which saw the interview kick off in Lusaka.

The kick off saw thousands of youths in Lusaka queuing up awaiting to be given an opportunity to write the aptitude tests which will determine those that will qualify for this opportunity. The number required was not specified.

However, a female participant whose identity has been withheld said it is saddening to see observe the low rate at which government is enabling the creation of employment opportunities. She said it is sad to realize to see the number of unemployed youths who have come to seek an internship opportunity with the network provide.

She sighted that the instance were only 2,009 qualified teachers who have been selected for the teachers recruitment exercise this year out of over 27 000 applicants is a clear indication that the country is going through an unemployment crisis that needs immediate interventions.

Zambia’s population has continued to grow with the year end 2019 total population estimated at about 17 million citizens. According to the results released for grade 12 school leavers in the year 2017, the country had over 125,000 students completing school and thereby needing employment opportunities within the next two to five years.

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Lifestyle

The 3 hotels have added 360 bed spaces

The travel and tourism industry has seen significant progress in terms of both investments and number of bed spaces created, In 2018 alone, the industry has added about 360 bed spaces just from top three hotel investments (excluding other hotels and Lodges opened across the country in 2018). The three big three hotels in order of amount invested include Hilton Garden Inn Lusaka, Tsogo Sun’s Garden court Kitwe and Sarovar Premiere Hotel Lusaka.

All the three hotels above have committed to local sourcing of their inputs which the local small and medium size businesses are expected to take advantage of to grow their businesses. Its these industry linkages which when fully exploited can benefit the local private sector industry and spur further connected sectors industrialisation.

The hotel industry is also critical to the growth of the airline and transport sector as the travelers will have to be transported by mostly air and road to the various sites of interest. Zambia has already seen an increase in both airline traffic and visitors numbers quarter on quarter. The travel and tourism sector is also key as a source of foreign exchange for the country as travelers transactions involve forex. Below are the top three hotels unveiled in 2018 which between themselves account for an addition of over 360 bed spaces and total investments of over

Hilton Garden In – Lusaka
On 7 August 2018, Lusaka, the capital of Zambia, officially welcomed Hilton Garden Inn which added 148 bed spaces to the travel and tourism industry. The hotel is the second Hilton Garden Inn property to open in Sub-Saharan Africa this year, and joins 42 existing Hilton properties in Africa. Hilton Garden Inn Lusaka Society Business Park is the latest addition in the recently refurbished mixed-use development Society Business Park (SBP), offering leisure and business traveller alike access to Hilton’s renowned hospitality in the capital.

The hotel is located in the heart of the city with up to four shopping malls within a five-kilometer radius and is just a 30-minute drive away from Kenneth Kaunda International Airport. Hilton Garden Inn Lusaka Society Business Park offers guests access to 148 guest rooms with panoramic city views, including four junior suites with kitchenettes located on the 18th floor.

The hotel also has an all-day dining restaurant – Garden Grille – for those looking to start their day with a hearty breakfast or indulge in various international cuisines in the evening. After a day exploring the city, guests can head over to the hotel’s bar and lounge, which is perfect for relaxing, catching up on emails or having a quick bite to eat.

The developer for the Society House Hilton Hotel Napsa is reported to have invested about USD98 millions in the mixed use complex with the hotel being the biggest part of this development.

Tsogo Sun’s Garden Court Hotel – Kitwe

In the same month of August 2018, Zambia’s second largest city by population, Kitwe, welcomed the Tsogo Sun’s Garden Court Hotel. It opened up a new level of contemporary comfort, international experience and service-excellence in Zambia’s Copperbelt. 130 rooms with modern design and familiar comforts, 6 adaptable event venues equipped for productivity, the Copper Club Restaurant, Bar & Terrace for dining and relaxing, and the best of home and holiday extras including hotel-wide WiFi, a rim flow pool adjacent to the terrace and landscaped gardens, and a 24-hour gym.

Each of Garden court Kitwe hotel’s 130 modern rooms include nothing less than a comfy bed, flat-screen TV, free WiFi, integrated workspace, en-suite bathroom, as well as air-conditioning, blackout curtains and sound softening windows to ensure a great night’s sleep in Kitwe. Six customisable venues in the hotel and the adjacent conference centre can be adapted for small boardroom meetings and large scale conferences or elegant evening events for 200 or more delegates.

An on-site business team, inclusive AV technology and menus to suit your culinary preference. The Copper Club is three unique settings in a one-of-a-kind destination for connecting, relaxing and dining. Property developer, the National Pension Scheme Authority – NAPSA are reported to have pumped in about USD 38million for the construction of the Hotel

Sarovar Hotel – Lusaka

On 12 November, Lusaka again welcomed an international 82 beds Sarovar Premiere Hotel. This is a first ever all ensuite hotel in Zambia. According to the property developer, Neelkanth Group Chairman, Subash Patel, the hotel is a result of an investment of about USD 20million that the group has pumped into the multi-storey structure. He stated that the Neelkanth group owned by Tanzanians of Indian descent started its trading business in Zambia way back in 2008.

The hotel comes with the Copper Pot restaurant with all day dining, a Roof top Grill with a view of the city of Lusaka, the Swirl bar, the Sweet talk pastry Shop & Tea lounge, the Emerald banqueting and conference facility and the Conclave board room. The hotel has a killer location next to one of Lusaka iconic Manda Hill shopping mall within a fast developing and high end corporate and leisure enclave.

The Tanganyika and Kasaba Bay enclave is currently being showcased and is expected to attract a core resort hotel brand name to fully establish the Northern tourism circuit for tourism. The core hotel would then anchor the tourism offering for the area. The Northern province expo has attracted top property developer funders such as Napsa which would unlock the area once funding is secured and a suitable resort hotel brand is sourced to run the facility and co-ordinate the local and international marketing and attraction of visitors.

Below is newly opened Sarovar Premier hotel in Lusaka

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Markets

The Bank of Zambia Governor Dr. Denny kalyalya says the rapid depreciation of the Kwacha by 19.5% against the US dollar in the month of September to date was initially triggered by a sustained increase in pipeline demand for oil procurement.

The central bank Governor furthers stated that the Kwacha slide was compounded by the strengthening of the US dollar following the hike in the US dollar federal Reserve lending rate and sustained negative market sentiment arising from the downgrade of Zambia’s credit rating.

He said that the depreciation was despite net supply of foreign exchange, mainly from the mining and construction sector. For the quarter as a whole, the kwacha depreciated by 4.2% against the US dollar to a quarterly average of K10.31 from 9.89 in the second quarter.

The governor revealed this during a media briefing on the Monitory Policy Committee statement held at Bank of Zambia on Wednesday.

During the presentation, it was noted that the monitory policy Committee MPC has maintain the policy rate at 9.78 % for November 19-20 2018. Although inflation is projected to exceed the upper bound of the 6-8% target range during the first three quarters of the forecast period, it is expected to return to the range thereafter.

Inflation is projected to exceed the upper bound of the 6-8% target range in the first three quarters of the forecast period, but the target range and trends will return at mid-point of 7.0% thereafter.

In addition, the MPC took into consideration the lower than expected and fragile economic growth. Based on persistent negative business sentiments, indication are that growth for 2018 may be lower than projected and the need to minimize potential vulnerabilities to the financial sector.

“Decision on the policy rate will continue to be guided by inflation forecasts and outcome as well as progress in the execution of fiscal consolidation measures. Should the heighten risk to inflation materialize, an upward adjustment in the policy rate may be necessary to prevent inflation from persistently staying above the target range” the governor said.

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Markets

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Companies

Puma Energy Zambia Managing Director – MD Pinchi Simukwai has said the company is obsessed with product quality and safety of people and customers whilst working hard to deliver service excellence.

Simukwai was speaking on Wednesday morning during the donation ceremony of $20, 000 to the Zambia open organising committee at Nkana Golf Club in Kitwe attended by the Zambian Business Times – ZBT.

The Puma MD stated that “ Puma energy is about making a real difference in the lives of ordinary people and all the communities within which we operate,”.

“We have a growing network of over 3,130 high quality service stations and counting across 49 countries.”
He noted that it is with pleasure for Puma energy to partner and support major sponsors like Mopani copper mine in hosting this year’s golf tournament.

“When the sponsorship manager, Phil Harrold approached my office last month and announced that Mopani Copper Mines – MCM is a major sponsor for this years Zambia Golf Open to be hosted at this beautiful Nkana Golf Club, the board and management at Puma Energy Zambia made the decision to support Mopani in this endeavour. It is for this reason that Puma is today making a donation of $ 20,000 to the Zambia Open Organising committee,” he disclosed.

He expressed gratitude with the works done by at the venue, “ Today we have the privilege to see the major works that have been undertaken by Mopani and Nkana Golf Club to rehabilitate the golf course and we can proudly say that Nkana Golf Club has indeed attained the status fit to be called an international golf course”.

We wish to also encourage Puma energy business partners to travel and come to test the course to experience it for themselves.

Meanwhile Zambia Open Organising Committee, Emmanuel Mutati said it is a delightful moment for the organising committee to have received the cheque and added that Puma has been a reliable partner for the past five years.

“We are greatful for the kind of support you have rendered to us and we trust the relationship has matured. I must mention that through your support we have extended the tournament to the junior golfers as they are future.

He also said the competition has managed to attract professionals outside the country. And about K400 thousand has been spent so far for preparations such as logistics and 50 percent activities have are done.

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