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Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries in Africa, announced today that Network International (Network) the leading enabler of digital commerce across the Middle East and Africa (MEA), has been appointed as its payment processor.

This collaboration is set to drive Airtel’s continued provision of cutting-edge mobile services across the continent and beyond. By partnering with Network International, Airtel Africa will be well equipped to navigate the dynamic landscape of digital finance, drive innovation and deliver unparalleled value to its users and stakeholders.

Network International’s expertise spans 50 countries including 40 in Africa, serving over 200 financial institutions, and facilitating more than 1.6 billion transactions. Its in-depth knowledge of the African market makes it an ideal partner for Airtel Africa. Network International will roll out its services in key Airtel Africa markets, covering card issuance products and providing technical support. This includes a comprehensive range of services such as transaction processing, card hosting and management, online fraud prevention, internal reconciliation and settlement and online access for Airtel users. This solution will offer Airtel Africa’s users the convenience and ease of accessing a wide range of both conventional mobile services and new digital payment services all through a smooth and elevated customer experience.  

Speaking on the partnership, Ian Ferrao, Group CEO, Airtel Money, said, “We are thrilled to partner with Network International to enhance our payment processing capabilities. This collaboration will enable us to deliver a superior customer experience and drive digital financial inclusion across Africa. Network International’s proven track record and deep understanding of the African market will allow us to innovate and scale our services more effectively. Together, we will empower our users with seamless and secure payment solutions, fostering economic growth and inclusion in the communities we serve.”

Dr. Reda Helal, Group Managing Director – Processing, Africa and Co-Head Group Processing at Network International, commented, “Our collaboration with Airtel marks a major milestone for our outsourced payments services in Africa. It demonstrates our ability to successfully serve Mobile Network Operators (MNOs) via our fully-fledged processing solutions and our continued dedication and commitment to the African region. We are excited to support Airtel’s growth strategy and its business development plans for the entire continent.”

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Airtel Africa, a leading provider of telecommunications

Tech

The Zambia Royal Medical University has revealed that the institution is facing delays in awarding certificates to its students because the university has encountered challenges in obtaining high-quality certificates with security features, after it cancelled a contract with UNZA and contracted an Indian firm.

Speaking in an exclusive interview with the Zambian Business Times (ZBT), Lemmy Phiri, the CEO of Zambia Royal Medical University, emphasized the university’s commitment to ensuring the authenticity and value of the certificates by importing them from India, where they are equipped with essential security features, including a hologram that cannot be reproduced in Zambia.

He noted that previous attempts to produce the certificates locally did not meet their quality standards, leading to the decision to contract an overseas provider.

Acknowledging the impact of the delay on the affected students, Phiri assured that the university is working diligently to expedite the process and aims to provide the certificates to the students by the 11th of June 2024. He also clarified that this delay specifically impacts two Master’s program students and approximately 60 Diploma program students.

Despite the challenges, Phiri expressed the university’s unwavering commitment to delivering certificates of high value to the students and affirmed the institution’s dedication to completing the certificate preparation process within the stipulated timeframe.

“The certificate comes with a hologram which cannot be printed in Zambia and we had to import them from India to avoid fake certificates and the import is done with a view of having good quality certificate”.

At first, the institution contracted UNZA to produce the certificate but we were not happy with the product, so we canceled the contract and contracted Indian in which it takes about 3 months for the certificates to be in Zambia, said Phiri.

Phiri said the university explained to the students, as an institution we want something of value and as soon as the certificates are in will give them to the students.

As the institution we have given ourselves to finish the process of preparing of certificates to the 11th of June 2014, then we start giving the students their certificates, said Phiri.

The students affected are two that were studying a Master’s program and about 60 students who were studying a Diploma program, but this is the time the institution is producing Master’s program students, he added.

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The Zambia Royal Medical University has revealed

Companies

The FNB Zambia Foundation, with support from the Ministry of Education announce the donation of tables and chairs to 23 schools across the country valued at ZMW795,000 for early childhood learners.

Speaking at the official handover event of the tables and chairs held at MtenderePrimary School, which is among the 23 beneficiary schools, Douglas SyakalimaMinister of Education said he is pleased to note that the Foundation’s donationstrongly aligns with the efforts of the Ministry of Education and government through the leadership of His Excellency, President Hakainde Hichilema to promote Early Childhood Education.

“By providing essential resources and support, the bank is playing a vital role in advancing our shared goal of ensuring that every child has access to quality education from the earliest age possible”, he added.

The FNB Zambia Chief Executive Officer, Kapumpe Chola said, “Early ChildhoodDevelopment stands as a cornerstone of the FNB Foundation. We firmly believe inthe transformative power of investing in the early years of life for a better tomorrow.With Education as one of our focus areas, we strive to improve learningenvironments, provide essential resources, and support educational programs thatbring about tangible change. Today’s donation of tables and chairs valued atZMW795,000 underscores our dedication to enhancing educational infrastructure,especially in Early Childhood Education. We are immensely thankful to the Ministryof Education, particularly the Early Childhood Education office, for their invaluable assistance in identifying schools that stand to benefit most from our contributions”.

FNB Zambia Head of Strategic Marketing and Communication,Kasali Mwaba Kaingu- who is also a Trustee of the FNB Zambia Foundation said, “Our support comes from the heart hence the phrase “Helping from the Heart”. Aligned to the 4th goal under the Sustainable Development Goals, we believe that every child deserves access toquality education and a supportive learning environment, and as the FNB Zambia Foundation we are honoured to play a part in making that a reality”.

Meanwhile, Munali Member of Parliament Elton Mposha who is also Minister of Green Energy and Environment of Parliament for Mtendere constituency urged other organizations, and individualswithin the community and beyond to follow the commendable example set by the FNB Foundation.

“Let us all come together and contribute to support the cause of early childhood development. Every gesture, no matter how small, makes a significant difference in shaping the future of our nation. We are committed to supporting and collaborating with various stakeholders to ensure that every child has the necessary resources for their holistic development”, he added.

The FNB Zambia Foundation is thrilled to embark on this journey with MtenderePrimary School and 22 others country wide, who will positively benefit from thisdonation.

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The FNB Zambia Foundation, with support from

Lifestyle

 

The recent increase in Zambia’s
Monetary Policy Rate (MPR) to 13.5 percent has raised concerns about the
country’s ability to transition to renewable energy as the energy expert
Christopher Mapulanga has warned that the high cost of borrowing to fund
investments may lead to significant delays in the adoption of renewable energy
sources.

Speaking in an exclusive
interview with the Zambian Business Times (ZBT), Mapulanga emphasized that the
elevated cost of borrowing is likely to make many energy projects prohibitively
expensive.

He said this, in turn, could
prompt energy companies to either cancel or postpone their investments in the
renewable energy sector, slowing down the transition process.

Mapulanga noted that renewable
energy projects often rely heavily on upfront capital investment. “The surge in
interest rates could not only impede progress in renewable energy but also
affect traditional energy projects such as oil and gas exploration, which
require substantial investment.”

Mapulanga explained that the
higher interest rates would result in increased operating costs for energy
companies, ultimately leading to higher prices for consumers. He warned that
the MPR increase could significantly impact the profitability of energy firms
and contribute to sluggish growth in the sector.

“This could slow down the
transition to renewable energy sources, as many of these projects depend
heavily on upfront capital projects, this might also affect traditional energy
projects like oil and gas exploration from getting the necessary
investment,” he said.

Mapulanga said the higher
interest rates will trickle down to increased costs of operating for energy
companies, which will then culminate into the increase of the commodity for the
consumers.

He echoed that the MPR increase
will slow down the profitability of most energy firm and lead to a slow growth
of the sector generally.

 

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  The recent increase in Zambia'sMonetary Policy Rate

Lifestyle

The National Action for Quality Education in Zambia – NAQEZ has charged that the overreliance on the Constituency Development Fund (CDF) has contributed to the slow progress in addressing the desk shortage in schools.

Speaking in an exclusive interview with Zambian Business Times ZBT, Dr. Aaron Chansa, Executive Director at NAQEZ, stressed that if this issue is not promptly resolved, students will continue to suffer from the lack of proper seating arrangements well beyond 2024.

Dr. Chansa expressed serious concerns about the lack of desks in schools across the country and emphasized that the situation has led to students sitting on the ground due to the scarcity of desks.

To tackle this pressing challenge, Chansa proposed the establishment of an alternative funding mechanism outside of CDF to ensure a steady supply of desks. He also emphasized the importance of mobilizing the private sector to contribute to desk provision in schools.

Expressing his dismay at the prolonged lack of desks in Zambian schools, Chansa urged for swift action, stating that it is unacceptable for students to endure such conditions in a country that has been independent for over 60 years.

He underscored the need for efficient and expedited processes, expressing hope that the Minister of Education’s commitment to addressing the issue will yield tangible results.

Chansa also highlighted the need for the government to address the challenges facing the CDF, emphasizing the importance of streamlining fund disbursement to ensure that resources are effectively allocated to address the desk shortage. He stressed that education should be viewed as an investment rather than a cost, and called for a more concerted effort to prioritize quality education in the country.

Chansa emphasized that the development of schools should be a matter of political will, and expressed hope that the government’s commitment to free education will extend beyond rhetoric to address the fundamental resource shortages, including access to computers, desks, books, and housing for teachers.

The lack of adequate desks in schools is a critical issue that demands urgent attention and concerted efforts from all stakeholders to ensure that students have the necessary infrastructure to support their learning and development.

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The National Action for Quality Education in

Lifestyle

A source at Lusaka City Council
has exclusively disclosed to the Zambian Business Times – ZBT, that the Local Authority
is currently collecting over K131 million kwacha per month from the 4 bus stations
located in the central business district.

This means on an annual basis, on
average the Local authority collects about K1.5 billion from only 4 bus
stations in Lusaka.

Speaking in an exclusive interview
with the Zambian Business Times, a source within the Lusaka City Council
revealed that the council collects about K800,000 from each of the top 3 bus
stations in Lusaka, with even higher amounts being generated from the
intercity bus station due to its accommodation of international buses.

The source at Lusaka City Council
said about 3,200,000 plus is being collected from one bus station like Lima
Tower on a monthly basis without the contribution from the market trades.

“Lima
Tower pays about 114, 285 thousand Kwacha to the council as levy payment on a
daily basis.”

“We
can’t compare intercity with other bus stations because intercity has
international busses and due to that, it contributes a lot to the council which
is about 200,000 to
300,000 as a levy on a daily basis”

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A source at Lusaka City Councilhas exclusively

Tech

The Engineering Institution of Zambia has been elated by the commencement of the construction of the Lusaka – Ndola road which is expected to boost the Country’s economic growth.

Speaking in an exclusive interview with Zambian Business Times – ZBT, EIZ President Wesley Kaluba said the institution was happy to witness the groundbreaking ceremony of the Lusaka- Ndola dual carriageway because engineers will have full participation in the project.

“The project will also bring about learning because as EIZ our job is to regulate and register engineers in the country and it mandatory that all the people that will take part in the project are members of EIZ”.

The institution understands the benefits of the project it brings not only for the country but the SADC region, it a blood artery to the economy it links the mining provinces from the north to the south and our neighbors, said Kaluba.

Kaluba said EIZ expects to see noble participants in the project form the local engineers and the key resources from the management engineers because through the year EIZ has produced qualified engineers that have skills and plans in such projects, he added.

He noted that EIZ will make sure that the engineers on the project are members of EIZ, to insure they deliver long lasting project because the road will be used for trade and therefore it has to be of standard.

“EIZ also expects to see experienced staff operators of the project, because these people can be able to bring order at the work place.He further said that the road will reduce the cost of doing business in a way that people will be able to transport there goods at a fast rate.

“The road reduce on the rate of death because the road will be in good condition for vehicles and it will reduce traffic, he added.” He remarked

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The Engineering Institution of Zambia has been

Mining

The Central Bank, the Bank of Zambia – BoZ, which holds Zambia’s reserves, disclosed that it purchased gold amounting to US$10.6 million in the first quarter of 2024.

Bank of Zambia Governor Dr. Denny Kalyalya said the Central Bank had purchased gold amounting to US$10.6 million in the first quarter of 2024 bringing the total value of gold acquired locally by the Bank of Zambia to US$168.1 million since the initiative began.

Speaking during the presentation of the monetary policy statement for quarter 1 2024, attended by the Zambian Business Times – ZBT, the Bank of Zambia Governor Dr Denny Kalyalya said the US$10.6 million worth of Gold purchased in Q1, brings the total value to US$168.1 million since the Bank started purchasing gold locally.

“In the first quarter of 2024, gold purchases amounted to US$10.6 million. This brings the total value to US$168.1 million since the Bank started purchasing gold locally.”

Furthermore, Dr. Kalyalya highlighted the growth in Gross International Reserves, which increased to US$3.6 billion at the end of March 2024, equivalent to 3.9 months of import cover. This marks an increase from US$3.3 billion at the end of December 2023, which represented 3.7 months of import cover. He attributed this growth primarily to net statutory reserves and underscored the positive impact it has on Zambia’s economic resilience and ability to weather external economic challenges.

The Bank’s proactive approach to diversifying its reserves through gold purchases and the steady increase in Gross International Reserves reflect a strategic effort to safeguard Zambia’s financial security and ensure stability in the face of global economic fluctuations.

 Meanwhile, Dr Kalyalya said, “Notwithstanding market support, Gross International Reserves increased to US$3.6 billion (equivalent to 3.9 months of import cover) at end-March 2024 from US$3.3 billion (3.7months of import cover) at end-December 2023. “This was mainly attributed to net statutory reserves.”

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The Central Bank, the Bank of Zambia

Markets

Zambia is currently facing a major economic crisis as inflation continue to soar, causing financial strain on families and businesses.

According to the latest statistics obtained by the Zambian Business Times, Annual inflation for May 2024 increased to about 15% (14.7 percent) from 13.8 percent recorded in April 2024. This means that on average, prices of goods and services increased by 14.7 percent between May 2023 and May 2024. This development was mainly attributed to price movements of both food and non- food items.

The continued rise in inflation is a major concern for families who are already struggling to make ends meet.

Zambia’s current inflation at 14.8% about 15 percent is 7% above the government 6– 8 percent target band which has been there for quite some time now but has not yielded anything.

Of the overall 14.7 percent annual inflation, the Food and Non-alcoholic beverages group contributed 9.4 percentage points, while the Non-food group accounted for 5.3 percentage points. Of the 5.3 percentage points, Transport contributed the highest at 2.0 percentage points, followed by Housing, water, electricity, gas, and other fuels at 1.0 percentage points, Furnishings, household equipment & routine household maintenance, and Clothing & footwear at 0.8 and 0.6 percentage points, respectively. The rest of the Non-Food group accounted for the remaining 0.9 percentage points

A disaggregation of the annual inflation by province shows that annual inflation during the month under review increased for; Central (18.4 from 17.2%); Copperbelt (14.7%from 13.9%); Eastern (14.8% from13.8%) Lusaka (13.9% from 12.0%), Northern (9.2% from 9.1%); North-western (12.5% from12.2%) and Southern Provinces (16.6% from 16.2%). Annual inflation decreased for Western Province (20.1% from 22.5%) while Luapula Province remained the same at 12.9%

Of the overall 14.7 percent annual inflation, Lusaka province contributed the highest at 4.1 percentage points followed by Copperbelt which contributed 3.1 percentage points. Central and Southern Provinces contributed 1.9 and 1.7 percentage points respectively while Northwestern province had the lowest contribution of 0.4 percentage points

Meanwhile, the overall monthly inflation for May 2024 was recorded at 1.4 percent from 1.0 percent recorded in the previous month. This outturn was mainly attributed to price movements in selected food and non-food items.

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Zambia is currently facing a major economic