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ZED-FIN Financial Services Limited a Zambian wholly owned financial institution has teamed up with Airtel Mobile Commerce Ltd (Airtel Money) to offer loans to Airtel customers through the Airtel portal. The partnership will enable eligible customers to obtain a loan in times of need that will go directly into their Airtel mobile money accounts.

Speaking at the launch of the new loan service, ZED FIN Chief Executive Officer, Justin Chola expressed his excitement about his company’s addition to the Airtel Money Na Sova Platform marking the official launch of Zed-Fin Loans, powered by YABX, a technology provider.

Chola noted that this milestone will allow them to provide loans to Airtel Money subscribers, which will contribute significantly to financial inclusion for the vast majority of Zambian citizens who find it difficult to access financial assistance for their day-to-day micro-businesses or other emergency financial needs.

“Having Zed-Fin Loans on the Airtel Na Sova Platform is an important milestone for us as it will allow us the opportunity to provide loans to Airtel Money subscribers.  This will allow for potential exponential growth in our contribution to financial inclusion for the vast majority of our fellow citizens who ordinarily find it difficult to easily access financial assistance for their day-to-day micro businesses or other emergency financial needs,” Chola said.

“To put this in context, I am referring to Amai Tembo who sells beans at Matero Market. She ordinarily sells K300 worth of beans per day but wants to increase that to K900 per day. Accessing the extra K600 to grow her business is a challenge because she has been excluded from most formal lines of credit. This is where Zed-Fin Loans comes in because our desire is to work with Amai Tembo and help grow her business from selling K300 worth of tomatoes to selling thousands of kwacha worth in a day.”

Meanwhile, Airtel Mobile Commerce Country Director, Andrew Chuma, emphasized the importance of digital financial services, especially for the marginalized, the unbanked, and those who are not attached to formal employment. He said that access to credit remains a huge challenge for these segments of society, who neither have collateral nor credit history or salary adding that solutions such as the Na Sova ZED FIN loan service become vital.

Chuma said Airtel Money is cognizant of the importance the Government had placed on digital financial services and as such believed that such partnerships were important to foster sustainable financial growth in society, therefore the unveiling of the new product with ZED FIN symbolized the Company’s commitment to continue championing the agenda as prescribed in the 8th National Development Plan.

“Government has time and again reminded us of how powerful digital financial services can be not only to institutions but to individuals and this is why when credit is used responsibly it can be used to pay for important things such as school fees as well as provide a lifeline in case of health emergencies,” Chuma said.

To qualify for a loan from the Na Sova ZED FIN service, one needs to be an active Airtel Money customer for at least six months and regularly transact on Airtel Money. They will also need to have paid up any other loans taken through Airtel Money.

The partnership between ZED-FIN Financial Services and Airtel Mobile Commerce Ltd is a significant step towards transforming loan accessibility in Zambia. With their combined efforts, they aim to provide a lifeline to those who need it the most and foster sustainable financial growth in society.

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ZED-FIN Financial Services Limited a Zambian wholly

Uncategorized

The auditors general report for the financial years ended 31st December 2021 and 2022 has revealed that Workers’ Compensation Fund Control Board (WCFCB) Invested  K17 million into Shimaini Investment Limited, a company which did not demonstrate acceptable profitability and stability for three (3) consecutive years.

According to Clause 6.2.1 of the Investment Policy, The Fund may invest in equities of unlisted companies that demonstrate acceptable profitability and stability for three (3) consecutive years and have growth potential and value addition to the investment portfolio.

However, an examination of financial and other relevant records maintained at WCFCB Headquarters and selected stations for the period from 1st April 2019 to 31st December 2022 on 26th February 2021 revealed that the WCFCB Board approved the Investment of K17, 000,000 into Shimaini Investment Limited that had been posting losses from 2016.

The AG report also revealed that Shimaini Investment Limited that WCFCB invested in also defaulted on its June 2023 repayment of over K1 million.

The report further revealed that WCFCB failed to collect rental income of over K6 million.

“On 26th February 2021, the WCFCB Board approved the Investment of K17, 000,000 into Shimaini Investment Limited, a company which did not demonstrate acceptable profitability and stability for three (3) consecutive years in that they had been posting losses from inception in 2016. A review of the loan repayment records revealed that the company had defaulted on its June 2023 repayment of K1, 010, 000,” the report revealed.

“Section 13 of the Rental Policy stipulates that the rent and service charge shall be paid to the WCFCB or to its authorised agent quarterly or for any other period as stated in the lease agreement, in advance, free of exchange and bank charges, and without any deduction whatsoever on or before the first day of the month throughout the period of the lease. A review of documentation submitted for audit for the financial years 2020 to 2022 revealed that WCFCB had made a budget provision for rental income of K52, 395,175 towards which K46, 394,639 was received as income resulting in a variance of uncollected income of K6,000,536,” revealed the report.

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The auditors general report for the financial

Tech

The Zambian government’s recent encouragement to citizens to utilize solar energy amid the 8-hour load shedding has left small businesses struggling to keep up as most of them lack the financial capacity to invest in alternative sources of energy like solar panels which costs above K30,000.

The announcement by the Government that Zambia commences experiencing 8 hours of load shedding from 11th March 2024 has cast a dark shadow on the already negative economic outlook for local businesses and the country at large.

The impending load shedding will put most SMEs in a very uncomfortable position because they will have to go for about half of the day without operating and this will result in a drastic drop in their revenues. And the timing is during peak business hours, which means almost the whole day.

While the idea of utilizing solar energy during the load-shedding period is a good one, it has become apparent that the cost of a solar system required to power up electrical appliances is above K30,000.

This cost is far too high for most small business entities, which lack the financial capacity to afford the solar system. While some solar energy companies offer systems that work on electrical appliances that consume less energy such as fridges, bulbs, and a television set, most small business entities that depend on appliances like welding machines that consume more energy cannot connect them to solar energy systems.

Recently Chief Government Spokesperson Cornelius Mweetwa encouraged Citizens to utilize solar energy during the load-shedding period.

A check by the Zambian Business Times -ZBT on the prices of a solar system needed to power up electrical appliances that consume less energy in selected solar energy companies, however, revealed that buying and installing the solar system in question costs about K35,000.

According to sources, the solar system needed to power appliances that do not consume a lot of energy involves a 1-kilowatt inventor or 1.5 inventor, batteries, panels, a combiner box, battery racks, a PV cable, installation kits, and installation charging systems costing, bringing the combined total to K35,000. This means that most small businesses like salons, barbershops, and welding shops, will have to suspend operations during load-shedding hours as most of them cannot afford alternative sources of energy.

Some solar energy companies have also spoken to, and noted that the K35,000 systems only work on electrical appliances that consume less energy such as fridges, bulbs, a television sets among other appliances.

This means that the encouragement by the government will not also be possible for citizens especially small business entities that depend on appliances like welding machines that consume more energy.

“Anything do with solar, we don’t add any heating appliances. The only things that can work on Solar are maybe a fridge, television, bulbs, or anything that does not consume a lot of energy but things like an electric kettle, a pressing iron, welding machine among other heating appliances that consume a lot of energy, we don’t connect them on solar,” some sources revealed.

“So the solar system needed to power appliances that do not consume a lot of energy involves a 1-kilowatt inventor or 1.5 inventor, batteries, panels, combiner box, battery racks, a PV cable, installation kits and installation charging system costing K35,000,” revealed some sources.

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The Zambian government's recent encouragement to citizens

Lifestyle

The exit of Bwin from the Zambian market has raised concerns about the impact of foreign companies on the local economy and the need for stronger regulations to protect the rights of employees as over 70 employees will be left with no benefits nor clear vision about the company’s exit from the Zambian market.

The Austrian online betting brand acquired by Entain plc earlier confirmed to ZBT that it is exiting the Zambian market claiming that there is a change of strategy at the group level and the focus is now shifted to a high-growth market. However, it has emerged that only 3 people have been served with termination letters.

BWIN Africa Chief Marketing Officer SPENCER OKACH had indicated during the time when Bwin was officially entering the Zambian market in 2022 that 15 Zambians were employed before the launch and 50 more people where going to be employed after the Launch.

Speaking in an exclusive interview with the Zambian Business Times – ZBT, Bwin’s country marketing manager, Golden Ngandu, however said only three people were directly employed by the company, while the rest were outsourced adding that only 3 people were served with termination letters.

When asked about the fate of the ‘outsourced employees’, Ngandu explained that it’s the same procedure that happens when a company shuts down meaning the rest of the people will only be left with nothing. This statement has sparked controversy as many are questioning the fairness of leaving employees without any notice or compensation.

The company claimed that there was a change of strategy at the group level and that the focus has now shifted to a high-growth market. However, this decision has left a number of Zambians with nothing but CVs as they are left without jobs.

Bwin, a global sports betting platform, was launched in Zambia in November 2022 after seeing the booming market of online betting in the country. However, the company says it has since given notice to all regulators, including the Ministry of Tourism, of its decision to pull out of the Zambian market.

Ngandu however stated that the three employees who were directly employed by the company were served with separation letters and each entered into a separation agreement that spelled out all the details of the benefits and the reasons why the company decided to exit the market.

Meanwhile, there has been some allegations indicating that only the big fish “directors” were entered into seperation agreement, leaving the majority poor zambians with nothing to take home with.

“We have since given notice to all our regulators, including the Ministry of Tourism, and in terms of staff like for Zambia, we had a co-staff complement of 3 people who were directly employed by the Company the rest were outsourced and only the three people were notified and each was entered into a separation agreement. The agreement is the one that spells out all the details of the benefits and the reasons why the Company decided to pull out of the Zambian market.”

As the Zambian government works to attract foreign investment, it has been challenged to ensure that the interests of its citizens are not overlooked.

Picture below is Trade & Commerce Minister Chipoka Mulenga welcoming Bwin as they launched operations in Zambia.

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The exit of Bwin from the Zambian

Mining

Maamba Collieries Limited mute on $160M ZESCO debt write-offZambia’s largest coal mine and the nation’s biggest Independent Power Producer (IPP) with Zambia’s only coal-fired Thermal Power Plant (TPP), Maamba Collieries Limited (MCL), has gone mute on the $160 million given up to the state-owned power company – ZESCO after a protracted period of dispute, negotiation, and final arbitration.

The debt between Maamba Collieries Limited and ZESCO had been allowed to accumulate to over $600 million as of 2021 due to the reluctance and dispute by the state-owned power utility Company – ZESCO to settle the bill.

According to the statement issued by ZESCO Managing Director Victor Mapani, Maamba power plant has since agreed to write off the receivables of $160 ($453 a situation which has raised suspicion that Maamba Collieries Limited (the parent company) may have deliberately and corruptly tried to over bill the public utility ZESCO as there has been no justification as to how this huge debt was allowed to continue to grow over time.

This means that the amount of debt owed by ZESCO to the Mamba power plant has been lowered down from $607 million to now only $250 million after the writing off of the $160 million as well as an additional payment of about $197 million by ZESCO to Mamba in the last two years.

When contacted for a comment by the Zambian Business Times – ZBT, the Maamba corporate affairs office could not comment on the matter stating that the country director was outside the country and was the only one authorized to speak.

“There is no one who can give you that information because the director PJ Sudhir left the Country for India on holiday and there is no one sitting in for him so you just have to wait for him to return.”

Maamba power plant is just another independent power producer – IPP after the Itezhi Tezhi Power Corporation – ITPC received half a billion dollars ($653) knock after ZESCO debt write-off following a protracted period of dispute, negotiation, and final arbitration.

The dispute between MCL and the state-owned power utility Company – ZESCO last year 2023 saw even Maamba shutting down operations at one of the 150 MW units thereby affecting the country’s power supply and leading to massive load shedding as the situation was only resolved after the closed-door meeting in which the Head of states President Hakainde Hichilema.

Meanwhile, the state-owned power company in Zambia (ZESCO) has been commended for bringing down the debt owed to IPPs from over $1,800 million in 2021 to now about $583 million representing over 32 percent decrease as of 31st January 2024.

Maamba Collieries Limited (MCL) operates a 300 MW (2 X 150 MW units) modern coal-fired power plant with the capacity to supply 10 percent of the country’s current installed electricity generation capacity.

MCL is owned 65 percent by Nava Bharat Singapore Pte. Ltd and 35 percent by ZCCM-IH, with some US$919 million invested since 2010.

The power generated from the Maamba is sold to ZESCO under a power purchase agreement for a period of 20 years.

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Maamba Collieries Limited mute on $160M ZESCO

Tech

In a show of support for women’s rights and education, the Zambia Institute of Chartered Accountants (ZICA) has donated 25 additional desks and rehabilitated the dining hall at Ngombe Community School.

Speaking during the handover ceremony, ZICA President Yande Siame Mwenye explained that as the world celebrates International Women’s Day which falls on 8th March 2024, it was fitting that ZICA donated to the less privileged in society.

She added that while the Institute had donated desks to the school last year, they thought it was important to consider other areas that would enhance the pupils’ well-being, hence the project to rehabilitate the dining hall.

“Tomorrow is International Women’s Day and it befits that, as we commemorate that special day in this special month, we hand over goodies to the less privileged in society”, said Mwenye.

The ZICA President also reiterated the Institute’s commitment to supporting the education sector in Zambia and improving the learning environment for children. She praised the school for its academic excellence and urged the pupils to work hard and pursue their dreams.

Others who attended the ceremony were ZICA Vice President Mr Joseph Matimba, Council Member Mr. Mulendo Siame, ZICA CEO Mr. Anthony Bwembya, ZiCA Staff, the school management, teachers, pupils, and community members.

Meanwhile, the School Head Teacher, Catherine Changaya, expressed her gratitude to ZICA for the generous gesture adding that the desks and the dining hall would enhance the quality of education and health for the pupils. The pupils, in turn, expressed their gratitude to ZICA and sang songs of appreciation during the event.

The pupils expressed their gratitude to ZICA and sang songs of appreciation during the event. To crown it all ZICA Council and Staff sponsored a luncheon for the pupils which they all enjoyed together in the newly rehabilitated dining hall.

It is heartening to see organizations like ZICA taking an active role in supporting education and promoting women’s rights, especially in vulnerable communities. The donation and rehabilitation of the dining hall is expected to undoubtedly go a long way in enhancing the pupils’ learning environment and well-being.

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In a show of support for women's

Agribusiness

Four (4) Insurance Companies that collected over K102 million in premiums from over 1 million local farmers have gone mute after the revelations and confirmation of the 2023/2024 national disaster drought, a trigger point for processing payouts to all FISP registered farmers.

The Weather insurance index under FISP was meant to be an innovative approach aimed at managing climate related risks using a pre–defined index such as rainfall to determine payouts, but a situation reveals that local farmers risks not getting their payouts from the Insurance Companies.

The Ministry of Agriculture has revealed to the Zambian Business Times – ZBT, that ZISC general insurance, Professional insurance, Mayfair and Hollard insurance companies are the companies that collected over K102 million in weather index insurance premiums from over 1 million farmers under the Farmer input support programme (FISP).

Insurance companies that collected the Weather insurance index under FISP are therefore mandated to facilitate the financial pay-outs for FISP farmers to help them recover their investment losses from weather related events such as drought and floods.

According to the official documentation reviewed by ZBT, all beneficiaries under FISP are required to contribute K400 to be eligible to receive inputs and from this contribution, K100 is paid and allocated as a premium towards the weather index insurance for each farming season.

Speaking in an exclusive interview with ZBT, Ministry of Agriculture Director – Agribusiness and Marketing Musoka Mwendalubi disclosed that during the 2023 farming season, 1,024,000 farmers were registered under FISP and therefore contributed towards the weather index insurance premiums.

“For the 2023 season, we had Madison, ZISC general, professional insurance, Mayfair and Hollard insurance Companies. So we have 1,024,000 farmers under FISP. This means that the insurance companies in question collected a total of K102, 400,000 as premium from FISP farmers in the 2023 farming season.” revealed Mwendalubi.

With the severe droughts being experienced in the country, the insurance companies are supposed to pay out FISP beneficiaries covered under this insurance to help them recover their investment losses from the drought.

However, when contacted by ZBT, ZISC general insurance communications and customer experience Officer Penipher Sikainda confirmed that they are indeed among the insurance companies dealing with the weather index insurance for FISP farmers and confirmed ZISC being a part but was unable to give more details and amounts that should be paid back to the affected local farmers.

 “It’s not all of them, we do insure the FISP farmers but not all of them. The system was changed so we have several insurance companies that handle insurance for FISP farmers,” she said.

Meanwhile efforts to get comments from Professional insurance, Mayfair and Hollard insurance companies, on how much will be paid to farmers to help them recover their investment losses from drought proved futile by press time.

For comments, contribution or whistleblowing email: editor@zambianbusinesstimes.com

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Four (4) Insurance Companies that collected over

Agribusiness

The cheaper mealie meal Zambia National Service – ZNS has been providing to vulnerable citizens is expected to reduce following the revelation that about 76 percent of the crops managed by ZNS have been damaged by the dry spells.

The Zambia National Service (ZNS) has revealed that out of the 1,455 hectares of maize put to crop by ZNS, 1,096 hectares of maize about 76 percent have been destroyed by the droughts leaving only 359 hectares.

With over 76% of their crops affected, it is feared that production of cheaper mealie meals, which is vital for vulnerable citizens, will plummet if immediate measures are not taken.

Recently, President Hakainde Hichilema declared the prolonged drought the country has been experiencing as a national disaster and emergency necessitated by the destruction of crops that affected over a million of households countrywide.

Speaking during a media briefing monitored by the Zambia Business Times – ZBT, ZNS commander lieutenant general Maliti Solochi said Solochi said that from the 359 hectares spared, very little to nothing is expected to be harvested.

He further revealed that revealed that of the 120 hectares of early maize put to crop at ZNS Munsakamba in Mkushi, ZNS expects to harvest about 960 tons of maize.

Solochi therefore revealed that ZNS will be undertaking short-term and medium-term interventions such as suspending the growing of wheat among other measures to heed the declaration of drought as a national disaster and emergency.

“ZNS had put to crop 1,455 hectares of maize out of which 1,096 hectares is completely destroyed with very little to nothing expected to be harvested. This leaves only 359 ha where we are likely to harvest some cobs. 120 hectares of early maize was put to crop at ZNS Munsakamba in Mkushi from which we envisage to harvest about 960 tons,” he said.

“In heeding to the timely declaration of drought as a national disaster and emergency, the Zambia national services will this year suspend the growing of wheat in order to commit all its irrigation equipment to grow irrigated maize. Two (02) new farms namely Shikabeta farm in Rufunsa and Luena farm in Kawambwa will be added to those where ZNS will grow maize. Each of the farms will add 128 and 520 hectares respectively. the Zambia national service will also put to crop 1, 978 hectares of irrigated maize by the end of July this year, with a projected yield of about 1 5 000 metric tons of maize grain by the end of the third quarter of 2024. ZNS will also drill solar boreholes in its ranches to mitigate the water shortages likely to be experienced which may affect livestock.”

“ZNS will continue working around the clock to ensure eagle’s Mealie meal is produced from its milling plants and we shall further continue to bring more retailers based in communities on board to ensure easy access to the commodity. Three (03) more dams are to be constructed this year at airport farms, Sopelo in Lusaka West, and Nyimba. Four more center pivots are being installed to bring the total holding of center pivot irrigation equipment to twenty-six (26). This will add 360 hectares to irrigate crops. Construction of community dams to promote irrigation farming in the country in collaboration with the Ministry of Water and Sanitation,” said Solochi,

The drought crisis facing Zambia is a wake-up call for the government and the agriculture sector to take the issue of climate change seriously as the suspension of wheat cultivation and drilling of solar boreholes may provide temporary relief, but a more comprehensive and long-term strategy is needed to tackle the problem head-on.

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The cheaper mealie meal Zambia National Service

Mining

Chambishi Copper Smelter – CCS, one of Zambia’s largest copper concentrate processing companies has failed to confirm if the Company is adhering to the export proceeds tracking framework directive by the Bank of Zambia – BoZ, which came into effect on 1st January 2024.

This is after Barrick’s Lumwana mine, the second-largest copper miner in Zambia denied exporting copper but trades locally through other players that have smelters, of which CCS is one of the largest Copper Smelting companies in Zambia.

CCS is a largely copper smelting and processing company located within the Chambishi Multi-Facility Economic Zone (MFEZ) and is one of Zambia’s largest copper concentrate processing companies, with a capacity designed to produce about 250,000 tons of copper blister per year.

This is from the copper concentrates that the company purchases from both local and foreign entities mostly from neighboring DRC. It also produces 670,000 tons of sulphuric acid as a by-product for local and export markets.

When contacted by the Zambian Business Times – ZBT, on Friday 1st March 2024, CCS through its Corporate Affairs Officer Elezeti Nyambi refused to confirm if the Company is adhering to the new BoZ directive and only promised to get back after some time. A check, however, with her as of Monday 5th March 2024, established that she was still unable to confirm if the Company is adhering to the directive.

The BOZ export tracking framework requires that all exporters in Zambia open bank accounts with a bank or financial institution domiciled in Zambia and deposit all export proceeds to that account within a period of 90 days.

CCS being one of the largest copper concentrate processing companies in Zambia remains key to the success of this export proceeds tracking framework as copper exports alone account for over 70% of Zambia’s total annual exports.

The BOZ export proceeds tracking framework directive has brought renewed hope, with analysts and economists projecting that, if well implemented, policy actions will be well directed and that the Kwacha may post further gains as this balance of payments monitoring tool is expected to bring more transparency and result in more export dollar inflows into the country.

The export tracking framework among other things requires exporters to open and maintain a bank account with a bank or financial institution domiciled in Zambia and that an exporter shall deposit all proceeds of exports of goods and/or services into this account within ninety (90) days from the date of export.

All exporters in Zambia are required to complete and submit to Zambia Revenue Authority (ZRA), the customs export declaration form.

And the banks or financial institutions that receive these export proceeds are required to make a return or report to BOZ through submission of money receipts and remittances report on the electronic Balance of payment (e-BoP) Monitoring System.

The directive has also prescribed adequate penalties for exporters, banks, financial institutions and other players involved in export that fail to comply, which include revocation of their tax clearance certificate and TPIN.

By time of publication, ZBT was still actively seeking confirming with companies that run smelters if they are complying with this directive. More details to follow.

For comments, contribution or whistleblowing email:editor@zambianbusinesstimes.com

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Chambishi Copper Smelter – CCS, one of

Mining

Economist has warned that the Zambia revenue authority collection target of K125 billion for the financial year 2024 will be unattainable if the country’s mines do not resume to full production.

Speaking in an exclusive interview with the Zambian Business Times, Naylor Kopakopa said that if the mines do not return to full production, the Zambia Revenue Authority (ZRA) will struggle to meet its target. “However, if the mines do resume operations, ZRA may be closer to achieving its target, as the tonnage at KCM and Mopani, and sales tax collection, is expected to increase.”

Kopakopa further explained that ZRA does not seem to have the capacity to collect enough revenue through income tax, as it depends on how sophisticated a firm’s accountants are. He added that ZRA does not have its accounting standards for tax purposes but relies on international accounting standards. This means that even when the mines make a profit, they may make a loss for tax purposes because of the way they do their accounting.

However, if production goes up due to the resumption of work at Mopani and KCM, the tonnage of copper production will go up, and mineral royalty tax, which is based on sales, will help boost revenue collection.

Kopakopa noted that the mining sector is the major area where ZRA can capitalize in terms of revenue collection. The key is the increase in copper production because sales tax is difficult to manipulate since the amount of copper sold on a particular day is known.

“Income tax depends on how sophisticated the accountants of a firm are because the financial reporting standards give a lot of alternative treatment of the items or expenses. So a clever accountant would treat an expense in a way that will help him reduce the tax liability” said Kopakopa. He said ZRA does not have its accounting standards for tax purposes but relies on international accounting standards. “So even when the mines do make a profit, they will make a loss for tax purposes because of the way they do their accounting,” said Kopakopa.

He also discussed the Export Tracking Framework by the Bank of Zambia (BOZ), which he believes will be of help in the collection of revenue. The framework will ensure that all exporters who were not paying taxes will begin paying, thereby increasing revenue collection.

He added that the Zambian government may need to take measures to ensure that the mining sector returns to full production capacity to achieve its revenue collection target.

Additionally, ZRA may need to explore other avenues to increase revenue collection, especially in areas where it has the capacity to capitalize on, such as the mining sector.

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Economist has warned that the Zambia revenue