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Companies

Prudential Life Assurance Zambia has revealed the company’s new brand campaign for 2023 which is meant to reinforce Prudential’s position as the life and health insurer of choice in Zambia, through a brand and marketing campaign called, “Made for Every Family” an extension of last year’s ‘We DO’ campaign.

Prudential plc is an Asia led portfolio of businesses that provides health insurance, asset management and financial security.

Prudential exist to help its customers deal with their biggest financial concerns and to plan for their future with confidence through long-term savings and protection solutions such as health and life insurance, and retirement benefits. Prudential has over 17 million customers worldwide and has operations in Asia and Africa.

Speaking at an event held in Lusaka and attended by the Zambian Business Times – ZBT, Chief Executive Officer, Kachiza Kwenda said, the campaign espouses the organisation’s commitment to a positive, innovative, and action-oriented attitude that is all encompassing.

“At the core of what WE DO is Family. We are committed to making a positive impact on our customers, our employees, and ultimately the Families that make up the communities we live and operate in, by delivering the best financial protection and health solutions to people.” Kwenda said.

“This year we are Celebrating Life, 175 years of service; to the families and communities we’re helping, the progress we’re making and the innovations we’re pursuing.” He noted.

He expressed that through this campaign, Prudential aims to reinforce its embodiment of Family- its diversity, providing protection to everyone in a way that is tailor-made for specific needs, not leaving anyone out, coupled with our forever promise and the ability to deliver.

Deliver better service and innovation to support the long-term goals of our customers.” The surprise twist of the evening was the announcement of the 175 Anniversary Competition by Kwenda, who further expressed the need to give back to our clients “we must give thanks to the people who have made our exponential growth happen. All clients that have their premiums paid up to date will be automatically entered into an online verified system draw and winners chosen at random.”

The competition allows existing clients of Prudential Life Assurance Zambia to take part in one of 6 Trolley dash draws or to win a voucher from Shoprite.

CEO Kachiza Kwenda went on to conduct a ribbon cutting ceremony and live draw for the first trolley dash winner at the glitzy cocktail event.

The “Made for Every family” campaign and 175 Anniversary Trolley Dash Competition will roll out across Zambia and will come to life through several elements, including: Television commercials and Live Draws, campaign Imagery, a refreshed and reinforced visual identity and an inclusive digital experience with social media draws for the vouchers.

The creative campaign is anchored in the fundamentals of the prudential brand – the Family aspect – protecting and providing for the ones we love.

More details on the giveaway draw can be found on the Prudential Facebook, Twitter and Instagram pages.

Prudential is listed on stock exchanges in Hong Kong, Singapore, United Kingdom and New York. In Zambia, Prudential Life Assurance is part of the fast-growing life assurance industry with more than 120,000 clients and has presence in 9 of the 10 provinces, across the country, with plans to continue expanding.

“We add value through our high-quality solutions, focus on economic growth, and care for the communities in which we operate. Prudential Pensions Management Zambia Limited (PPMZ), part of prudential plc, is a pensions and asset manager offering innovative investment solutions to meet the financial needs of clients in Zambia.”

“Our pension’s administration and investment teams’ deep understanding of the Zambian market, paired with our global expertise, is our key differentiator and we manage a total of over K2 Billion across equity, fixed income, and property on behalf of our clients.”

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Prudential Life Assurance Zambia has revealed the

Tech

Editorial – State owned power utility ZESCO has recently been given a go ahead to increase their tariffs for both connection fees as well as household and business users for five consecutive times in the next five years under the guise of attaining the mirage of cost reflective tariffs.

This is despite the fact that there has been no meaningful restructuring and job evaluation at the top heavy and relatively overpaid management. The utility is historically prone to political abuse, its financial performance numbers are either contested or difficult to find, leading to calls for listing of even 1% to local Zambians on Lusaka Securities Exchange – LuSE of its shares so that they are forced to be more transparent and adopt best practice corporate governance practices.

It is also common knowledge that ZESCO has heavy dependence on hydro power generation. According to publicly available numbers, Zambia’s installed power generation capacity is composed of up to 83% hydro, 9% coal, 5% heavy fuel and only 3% solar. This makes the country overly reliant on hydro.

So when there is a drought, it does not only affect both local and commercial farmers due to low rainfall and failure to fill up the irrigation dams, crippling power shortages and rationing kicks in, which spirals into a multifaceted crisis for a vulnerable economy like Zambia’s, adversely affecting almost all industries and economic sectors.

With this level of importance as far as energy security is concerned, one would expect that ZESCO would by now be among the most efficiently run corporations. That the government would make sure that it’s run competently with hiring subjected to free competition to get the most talented staff especially at leadership levels.

But the situation on the ground reveals that there has been failure by successive governments to streamline the top heavy and relatively overpaid ZESCO management. There is continued shyness to remove nepotism as well as remove employment preference based on political connections. The best engineers are never given a chance to run the energy giant. This has led to continued inefficiencies, skewed decision making and lack of accountability for gross incompetence.

Despite all the above issues, the country has again been timely warned by the little respected but very important Metrological – Met experts. Met experts have warned of possible drought (El nino) for the next two to three years, starting with the 2023/2024 rain season. Farmers with access to dams should prepare themselves for more efficient use of water.

But the biggest worry today is that we are not seeing any movement, any solar or alternative energy generation project being launched or initiated to beat a possible drought. The focus seems skewed on attaining cost reflective tariff. All we are seeing is the signing ceremonies and media posturing of more power purchase agreements and talking shops for the over $2 billion solar deal with Middle East based financiers or developers. “Movement on the ground theriz no.”

We are putting out these concerns because we and all right thinking citizens don’t want a repeat of what we saw just about a few months ago where the board chairperson and by extension the top management of ZESCO admitted to miss-leading the republican President and Head of state and the nation at large that Zambia would have adequate power and completely avoid load shedding when later, the country was plunged into a power crisis.

In a functional and transparent economy, such grave mistakes would not only have resulted in them being sacked, but criminal and professional negligence prosecution would have followed due to the heavy financial losses, lost lives , lost jobs, closed businesses & livelihoods etc. that ordinary Zambians and businesses were subjected to.

Let no one be cheated that businesses and households have supported the recent ZESCO tariff increases for the next five years, NO. They have in some way been forced onto consumers and businesses because there is no viable or alternative ways to access cheaper and more cost effective energy or electricity.

And ZESCO should not hoodwink the business community and households that they are driving towards cost reflective tariffs. Cost reflective tariffs are a mirage, a fallacy in an economy like Zambia as the power generation costs are mostly dollar denominated while consumers pay in Kwacha.

Most people by now would have realized that there is a trend were the Kwacha is perpetually depreciating against the dollar. It therefore follows that even if ZESCO increases tariffs to cost reflective say in 2021 when the Kwacha to dollar rate was at about K17 to $1, there would be need for another cost reflective tariffs adjustment a year or two later when the Kwacha has further depreciated to currently about K19 to $1.

Simply put, for as long as the Ministry of Finance continues to fail to find ways of getting a handle on macro-economic variables such as the Kwacha to US dollar exchange rate, for as long as they fail to negotiate for remitting back of export proceeds back into the local economy, for as long as the exchange rate is not stabilized in the medium to long term, the repetitive song of increasing of tariffs to become cost reflective will certainly continue to be sung almost on a yearly basis (as the Kwacha is on a net basis depreciating in the medium to long term).

Power cuts are very economically disruptive and for those who run businesses in Zambia, even for households or businesses that could afford generators or solar back up power, the cost of living or cost of production simply becomes unmanageable or unprofitable. It’s an experience no serious economic managers would want to recur.

Now that our mostly ignored Met experts has issued this timely warning, let’s all make ZESCO hear this message in good time, we as Zambian Business Times – ZBT have done our part by highlighting this concern now in good time before our hydro sources start to run down. Let ZESCO know that timely measures need to be implemented now as no excuses will be accepted.

And we are saying do solar projects now not because it’s the only power generation source, no, it’s because it’s one of the energy generation projects that have a shorter turnaround timeline to implement and which ZESCO confirmed that they have signed an over $2 billion deal.

We are certain that the nation would welcome any other alternatives and affordable power sources that independent experts, developers or even ZESCO can deliver in the remaining second half of the year at an affordable tariff to the majority of Zambia’s businesses and citizens. It is not acceptable that we allow another crippling load-shedding cycle even when timely warning has been availed.

The effects and impact of climate change cannot be ignored even by the biggest sceptics of this science. ZESCO is a national utility that Zambia relies on to drive the agenda of affordable and sustainable energy and this is a reminder that time is flying out with little to no major power supply projects being added to the grid.

This time around, we should not accept for ZESCO to mislead not only the head of state, but all Zambian citizens and businesses that rely on them to take care of this economic imperative. Do not say you were not warned.

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Editorial - State owned power utility ZESCO

Tech

Airtel Networks Zambia Plc, the leading telecommunications and mobile money services provider, has launched its highly anticipated Airtel 5G network which will now provide data speeds up to 10 times faster than 4G with ability to seamlessly connect billions of devices.

Speaking at the launch held at Intercontinental Hotel and attended by the Zambian Business Times – ZBT, Airtel Africa, Regional Director, Apoorva Mehrotra emphasized the company’s dedication to enabling seamless connectivity by unveiling the cutting-edge 5G network.

“Today marks a significant milestone as we proudly introduce our 5G network, a state-of-the-art infrastructure that provides data speeds up to 10 times faster than 4G, incredibly low latency, and the ability to seamlessly connect billions of devices.”

Airtel 5G will revolutionize various sectors, such as smart cities, education, healthcare, Agri-tech, transport systems, entertainment, and more, shaping the future of Zambia’s landscape. “We are deeply privileged to also have the opportunity to contribute to the realization of Government’s vision for the private sector to invest, innovate and thereafter provide incentives to the customers.” Mehrotra said.

Minister of Technology and Science, Felix Mutati who was Guest of Honour said the 5G technology launch was important for the country and the economy.

“The roll out of this technology is in line with our desire to move on the path of an efficient digital economy as a country. This development brought to us by Airtel has indeed brought better digital experience to Zambia as I know that they will continue to invest and improve customer experience,” Mutati said.

“I am happy to see Airtel continuously developing technologies by riding on my 3 ‘I’ ambition; namely; innovation, investment and incentives for the industry. Not so long ago, I launched the Airtel Money-Umoyo funeral cover policy and the Airtel HD (high definition) calls service last month. I want to commend you for the bold and brave investment you have made to enable Zambians to be as equipped as they can be for a future full of fortunes.”

At the launch, the Honourable Minister was able to ‘interview’ himself through the use of the hologram technology which is a three-dimensional projection which can be seen without using any special equipment such as cameras or glasses.

The 5G network rollout is part of Airtel Zambia’s comprehensive infrastructure growth plan, which aims to enhance seamless connectivity for all its products to support Zambia’s 8th National Development Plan regarding digital innovation and inclusivity.

Speaking at the same event, Zambia Information Communication Technology Authority – ZICTA – Director General, Choolwe Nalubamba, said he was happy to see that Airtel had continued to move with the technological evolution urging the Company not to relent in the journey of innovation.

“As regulator of Information and Communication Technologies (ICTs) in the country, issues of technology innovation and ICT development are at the heart of ZICTA’S core mandate, as we seek to ensure that the ICT sector continues to spur a digital revolution for the economic development of Zambia,” Nalubamba said.

Meanwhile, Minister of Information and Media, Chushi Kasanda who also was in attendance said: “Over the years, Airtel has not only grown in scale but has also built capacity in countless individuals, empowering them with skills to perform at their best. Further, the work environment fostered by Airtel and its core values have played a pivotal role as a turning ground in shaping the careers and lives of many people across our great nation.”

And commenting about the launch, Airtel Managing Director, Manu Sood said: “Our 5G launch positions Airtel at the forefront of a technological revolution that exemplifies our dedication to progress, innovation, and empowering our people. The benefits that will transform businesses and industries will create opportunities to further unlock Zambia’s potential. Together, we are building a future where connectivity knows no bounds, innovation knows no limits, and Zambia stands tall as a digital powerhouse.”

With Airtel’s 5G network, customers can now enjoy ultra-fast real-time connectivity for activities like multiplayer online gaming, live streaming, content uploads and downloads, as well as ultra-reliable wireless home internet.

Moreover, businesses that rely heavily on data for web-based applications and virtual meetings will experience greater connectivity.

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Airtel Networks Zambia Plc, the leading telecommunications

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The Zambia Environmental Management Agency – ZEMA has been accused of delaying and eventually frustrating investment and development projects due to its management team that wants to implement first world regulation in a third world country.

According to a source who has had a terrible experience with the Green Economy Ministry Agency, ZEMA is using its environmental protection regulations for extracting bribes as the process they use looks opaque and undefined, leading to creation of avenues for possible corruption to make project approval happen in time.

A source who asked the Zambian Business Times – ZBT to withhold their identity for fear that their business projects may be jeopardized  stated that ZEMA is using regulations that have been cut and paste from first world countries, forgetting that Zambia needs to catch up on development.

The ZEMA management team is always taking its sweet time to review and conclude Environmental Impact Assessments – EIA’s as if they are not aware that there are costs involved by developers as well as financing costs in the waiting period.

And efforts by ZBT to confirm the allegations with ZEMA has also shown that the agency management is always giving excuses to postpone media engagements which makes it difficult to get responses. ZEMA unfortunately has to review and approve major projects which the country needs to grow the economy and create jobs.

President Hakainde Hichilema at his press briefing also called out ZEMA to streamline their operations and improve transparency, as the agency has been sighted by key industry players and investors as an undefined stumbling block to both local and foreign investors due to unnecessary delays and lack of transparency in their approval process.

Efforts by ZBT to meet and get ZEMA management responses as well as measures that are to be put in place to introduce practical delivery and service charters are still underway by time of press.

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The Zambia Environmental Management Agency - ZEMA

Companies

The first National Bank FNB has launched the FNB Zambia bank on wheels which is a movable bank, and will target the rural parts of the country to help promote financial inclusion by bringing financial services closer to the people.

In a bid to increase financial inclusion in Zambia, the First National Bank FNB has come up with an initiative of using a movable bank that will reach out to people across the country and provide them with financial services, and serve as an important mechanism in migrating customers to digital banking platforms.

The FNB “Bank on Wheels” initiative is a state-of-the-art mobile banking unit that will offer Mobility, Accessibility, and an Innovative experience to FNB businesses especially in rural areas.

Speaking at the launch today in Lusaka, FNB chief Executive Officer Bidon Longwe said the Bank on wheels speaks to Mobility, accessibility and experience, and is built on the premise that the bank on wheels will be highly mobile and go to where the customers are providing them with convenience of accessing financial services right at their door steps while ensuring that they have a good experience.

Longwe added that the bank on wheels is a mobile banking unit fully equipped with banking facilities and integrated with a core banking systems to provide customers with their daily banking requirements.

He said that that the bank on wheels will not be moving with cash in transit, and noted that it is fully equipped with CCTV and other security features to enhance the safety of customers and the facilities.

Speaking at the same event, Minister of Finance and National Planning Dr. Musokotwane highlighted some of the challenges faced by government which include, challenges in the manner that government workers in the rural areas especially teachers are paid.

“In my own constituency for example, there are places where when a teacher goes to get their pay, they have to walk three to four days to access their money at the nearest bank. 4 days of walking to the bank, 4 days of walking back, then when they are there maybe they will take another two three days shopping, that means 10 days of the month lost, and the teacher will not be available to teach children” said Musokotwane. He has therefore urged FNB to take this into account do what they can to ensure that teachers are paid on points that are as near as possible.

And science and technology minister said that “with the deployment of technology you will be able to deliver services at a reduced cost, our expectation is that your format of banking, the bank in the hands, and also the bank on the wheels should be able to bring the cost down.” Mutati said that where there is reduced and subdued appetite by government, and technology is driving cost down, ultimately the positive income ratio is supposed to be down, and that when it is down, the benefits should be passed on to the customers by reducing interest costs.

Meanwhile Minister. Chipoka Mulenga said emphasised for more corporate social responsibility by the bank. He said that government has prioritised education, but are challenged with availability and classroom blocks, desks among others.

“We are in a quest to improve our health facilities, we look forward to a facility that we have seen growing in the past 14 years to contribute to government in supporting establishments or construction of facilities like schools, health facilities among many others because this is the future we are raising to come and take up the reigns of what we have that you are setting up as a classic example of a financial sector” said Mulenga.

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The first National Bank FNB has launched

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Police has confirmed to the Zambian Business Times – ZBT that the act of subjecting employees to polygraph tests commonly known as lie detector test by Kagem mine is illegal.

The Gemfields owned Kagem Mine, believed to be the largest gemstone miner in the world has again found itself embroiled with controversial polygraph tests after the deportation of a polygraph consultant that the gemstone mine engaged by the Zambian Immigration department.

The precious stones mine had been a subject of continued accusations of illegally subjecting employees to invasive body searches deemed to reach inhumane and degrading levels for it’s local employees.

Kagem mine employees continue to whistle blow on some of its labour and employee treatment processes by its management which has continued to go unabated.

Records show that even the Zambia Revenue Authority – ZRA had in 2018 raided Kagem Mine and the South Africa based Limpopo Polygraphs for conducting periodic testing at the Zambian based mine, but it seems the company does not want to make amends.

Reports of Kagem mine subjecting employees to lie detection examinations have resurfaced with some stakeholders calling on the investigative wings to prosecute the company as it is generally considered demeaning even by the Zambian labour practices and local cultural norms.

Sources with knowledge of happenings at Kagem mine have revealed that Emarald mine management has continued subjecting employees to lie detector examination as they suspect that locals are stealing gemstones whenever they are exiting the company premises.

According to Police sources, Polygraph tests or lie detection procedures border on invasion of privacy and incisive investigations are only mandated to legally commissioned officers and that the conduct by Kagem is illegal.

Only investigative wings such as the Zambia Police and their commissioned officers are allowed to conduct lie detection tests, as a control measure to prevent arbitrary use as well as to safeguard the dignity of the general citizenry.

According to the information obtained from the Zambia police, the use of polygraphs by private entities in employee is illegal and NOT allowed in Zambia.

Police spokesperson Rae Hamoonga told ZBT that polygraph tests can only be used by law enforcement agencies and only in a situation where it’s part of the Company Policy and that the employee willingly submits themselves to the examinations.

Efforts to get an official response from Kagem Mine on why they are using it on employees, as well as the Ministry of Labour on the matter proved futile by press time.

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Police has confirmed to the Zambian Business

Sport

As the Zambian Female National Team also known as the Copper Queens begin their world cup campaign this Saturday, it is important that they keep themselves healthy and in good shape.

It is no question that when it comes to such strenuous physical activities a healthy body is key, hence the importance of a well-balanced and nutritious diet cannot be overemphasised.

Doctor Dominic Kampolo is a professional dietician under the Tele-doctor platform of professionally trained and qualified doctors in the country. He spoke to the Zambian Business Times ZBT about an ideal sports diet for football players.

Dr. Kampolo said that for athletes to build up nutrition, there is a preparatory phase which has different requirements from the activity stage. He notes that every sports activity has different requirements based on the target. He said that for soccer players, it is important to look out for nutrients that will replenish the muscles such as proteins which can be found in meat products and nuts, Amino Acids, and vitamins.

Dr. Kampolo also spoke on the intake of energy drinks noting that energy drinks that are taken in a way that one wants to output a lot energy at a goal are very harmful due to the metabolic changes that tend to occur when the muscle is overworked, He explained that most of these energy drinks have phosphocreatine, and possess enzymes that break down the energy currency in the body in form of adenosine triphosphate ATP which blocks the breaking down of cycle germs which is a second messenger in the activities that involve muscles to contract and to perform more readily.

“For us to prepare a candidate for such high energy spending activities, we are required to give nutrients that are going to promote blood flow, that are going to promote storage of energy, that are going to promote clearance of toxic substances. It also depends on the level at which you want to approach a candidate from” said Kampolo.

He added that the best foods are non-refined foods, and that the carbohydrates to be taken should be those that are able to produce sugar in a slow manner as opposed to those that produce sugar quickly. “The very sweet sources of carbohydrates release energy very fast. For instance table spoon sugar. But you need the body to be releasing energy slowly which will be able to make the body endure, so you are feeding for endurance” said Kampolo. He mentioned that good sources of carbohydrates that are good for endurance include, potatoes (sweet potatoes, and Irish potatoes), and rice. He also mentioned that Nshima is part of the good carbohydrates, but noted that it has a very high caloric value and produces a lot of glucose.

And when asked about supplements, Dr. Kampolo said that supplements that are given as a boost are not good. He explains that they are the same as the hormones that are given in order to stimulate someone to perform. “What is best is for us to do what we call preparatory feeding for endurance purposes. So we feed the person so that we plan them for endurance, not for us to overfeed them, because when we over feed them, the body will not handle those products well. So you require to dose in the right amounts for a certain period of time to prepare the body” said Kampolo. He notes that over inducing the body causes problems such as heart failure which is very common for sports persons to experience due to the use of such substances.

Dr. Kampolo further noted that a carbohydrate meal is key for players before they can go for their exercises, and that during the time that they are not exercising, they are recommended to have a high protein meal. Dr. Kampolo highlighted that if anything is to be ingested before a game, a fruit drink that is high in carbohydrates would be ideal. He said other drinks behave like drugs and are not encouraged as they have long term side effects.

He also noted that taking in anything that is too solid during the game (half time) is not as encouraged as digestion reduces during strenuous activates which also leads to reduced absorption. He however noted that a snack of a protein and carbohydrates such as groundnuts and cashew nuts would work fine.

Dr. Kampolo has therefore advised the Copper Queens team dieticians to feed the team more on protein snacks with a lot of zinc and calcium. He also noted that the team is female hence it should be well considered that they go through hormonal changes. “They have hormonal changes per individual, so it depends whether someone is undergoing ovulation the hormones change, if they are undergoing menstruation the hormones change. So those things should be taken care of because that is what makes sports ladies to have more injuries as compared to males” said Dr. Kampolo.

He further disclosed that when women are to undergo such strenuous exercises, their hormonal cycles are disturbed, their menstruation is stopped, and their ovulation can be interfered with in order to keep them from having injuries of the tendons, especially the ACL. He notes that the ACLs are the most common injuries that sports ladies go through when they have hormonal changes. He said it is important to consider hormonal changes when feeding women, hence the need to look at diets that are friendly with regard to their cycles.

Dr. Kampolo has wished the Copper Queens well in their campaign, and further advised that synthetic products be avoided to prevent any long term side effects.

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As the Zambian Female National Team also

Mining

Mining Expert has warned that Zambia will hardly see meaningful development from Konkola Copper Mines – KCM especially that the mine is handed back to Vedanta Resources Limited.

Mining expert Edward Simukonda said Zambia will hardly see meaningful development in the country because Vedanta has so much debt most of the money generated in Zambia will be going to solve the liability when they remain the major shareholders of KCM.  The shareholding structure in KCM is 80% Vedanta resources (VR) and 20% ZCCM-IH.

This follows Government’s announcement that only one of the ten important issues remains to be resolved before an agreement could be reached with KCM’s Majority shareholders Vedanta Resources to take over the asset.

Konkola Copper Mines was placed under provisional liquidation in 2019 after the previous Zambian government confirmed that the Vedanta had lied about expansion plans and paid too little tax.

Simukonda however said the recent announcements that the asset will be handed over to Vedanta resources is a mockery to the country especially when Government is fully aware of the bad record the Company have in Zambia.

“Am extremely disappointed in the sense that everyone knows the problem that Vedanta is going through and everyone knows what the country has gone through with Vedanta. So what is going to happen is that all the efforts that the Zambians are going to put in to produce the copper will be helping Vedanta to solve its debt problems.”

“Apart from getting the mine Vedanta misused the nation by failing to declare proper taxes and failing to do other statutory things that have been stipulated by the law but we still go back to them which is very unfortunate. I know they were holding the majority stake in the mine but we could have come up with some kind of a concession to say we take over that mine completely.” Remarked Simukonda.

He added that, “However whatever agreement that have been signed the 20 percent stake that we own should have been adjusted when bringing them back and pushed to 50 percent or more so that the country can be a majority shareholder in it compared to the 20 percent which is currently at hand.”

Simukonda said the 20 percent shareholding is a very disappointing and then I expected government to react otherwise because who does not know the problems Vedanta is facing they owe money all over the show.

“We are just a bunch of people that countries around the world are laughing because we are giving a broke guy millions to help him pay back his debt so like I said we are not going to see any meaningful development because what is going to happen is that Vedanta is going to be sorting out its problems using Zambia.”

According to the Minister of Mines and Minerals Development Paul Kabuswe, it is anticipated that the asset will be handed over to Vedanta within July 2023 after one of the 10 key issues raised by the Government have been addressed.

Members of the Public, are however eagerly waiting to see details of the ten issues Government had raised in its roundtables discussion with the Indian investor “Vedanta resources” before it commences operations at KCM.

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Mining Expert has warned that Zambia will

Companies

To establish a strategic relationship to address the climate change impact in Zambia, First National Bank (FNB) Zambia and Worldwide Fund for Nature (WWF) Zambia have entered into a partnership through a Memorandum of Understanding (MOU).

Speaking during the signing of the memorandum of understanding to cement the partnership, FNB Zambia Chief Executive Officer, Bydon Longwe said, as a bank that is constantly evolving with the ever-changing needs of the customers and society, the partnership with WWF amplifies FNB’s intent to help create a better world and society for all, in line with its ethos.

Longwe stated that FNB is aware that the Environmental, Social and Governance (ESG) topic has become critical in how business is undertaken.

“I would like to congratulate Nachilala Nkombo and her WWF team on the successful launch of the second PachiPanda Innovation Challenge in Zambia last week. I understand that challenge is aimed at encouraging and supporting innovative solutions that address pressing environmental and societal challenges within the country. I am pleased to state that FNB is pledging to support the challenge through the provision of sustainable financial advice and other key initiatives to the shortlisted teams. I believe this will amplify our collective commitment towards a sustainable world.” Stated Longwe in a statement availed to the Zambian Business Times.

Meanwhile, WWF Zambia Country Director, Nachilala Nkombo stated that measuring the potential effects of climate change on financial institutions is a challenging task adding that WWF Zambia partnering with FNB Zambia will support the bank in developing tools, methodologies and processes to address the climate risk that banks face.

“In this context, it is important to note that WWF Zambia is better placed to assist in assessing environmental risk to FNB Zambia and outlining investment opportunities in a rapidly changing climate and environment by utilising various methods. Methods such as the water risk filter, biodiversity risk filter, science-based target initiatives, and sustainable banking assessment.” She added.

FNB Zambia and WWF Zambia’s partnership will cover but will not be limited to the following key initiatives built on the sustainability umbrella:

1. Financial Intermediation: Linkages for investors to borrowers in a quest to improve access to capital. Strong demand often outstrips supply which may result in attracting a more diversified pool of investors.

2. Transaction Structuring: This will include assistance to customers/investors in realising the benefits to be accrued for their sustainability investments and structuring of green bonds among other sustainable finance needs.

3. Conditional Underwriting: Offer customers the option to access finance or re-financing for eligible green assets/projects.

4. Other Assistance: Provide guidance on use of Proceeds, Management of Proceeds, and Process for Project Evaluation & Selection and Reporting; including demonstration of links to Renewable Energy, Biodiversity Conservation, Sustainable Water Management, Pollution Prevention & Control and Green Buildings, among other initiatives.

FNB Zambia and WWF Zambia has since pledged to continue to work with like-minded organisations committed to driving the sustainability agenda in the country and beyond.

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To establish a strategic relationship to address

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The Zambian Kwacha which in the mid-June 2023 had seen some gains and appreciated from highs of about K19 to lows of about K16 has now depreciated and about to return to K19 per United states Dollars –USD..

ZBT had published an article indicating that the Kwacha appreciation was temporal as there was no fundamentals that could sustain it in the long run but some people thought it was being Political.

The Zambian Kwacha is now as of Friday 14th July 2023, buying at K18.5176 and selling at K18.8824 against the United States dollars up from at K16.8342 and selling at K17.1658 in mid-June.

See article below published last Month June 20th 2023……

“Current Kwacha appreciation temporal – Economist”

An economist and financial expert has warned that the current appreciation of Kwacha against the United States Dollar – USD is temporal, unsustainable and may not have a long term positive impact on the ground given the country’s current economic state and weak fundamentals.

The Zambian Kwacha has as of today – Tuesday 20th June 2023 posted serious gains in value against the USD trading from about K19.23 the previous day to about K16.83. The dollar is now buying at K16.8342 and selling at K17.1658 as of Tuesday 20th June 2023 from highs of buying at K19.2306 and selling at K19.6094 respectively as of Monday 19th June 2023.

Reacting to the steep movement, a financial and economic expert has argued that, “I don’t see the Zambian economy being able to sustain it for a long time because you must also take into consideration the fact that right now, Zambia is not paying back (servicing) it’s foreign exchange denominated debt because it is on a debt suspension initiative till the restructuring is concluded and approved.”

Speaking in an exclusive interview with the Zambian Business Times -ZBT, Economist, Researcher and Consultant Salwindi Notulu said although the appreciation of the Zambian Kwacha against the US dollar will have an immediate impact on spot transactions like those settling payments for imported goods and services as this will reduce the Kwacha needed to be converted, the appreciation will have little to no impact on the ground in the medium term.

Notulu explained that this is because of the current balance of reserves that the country has is low, hence the level of sustainability of these gains can simply not be guaranteed.

“Basically what am saying is that if there is any fluctuations in the Supply or demand side on the market, whether they are due to internal or external happenings, those will have an impact in terms of the exchange rates, but in terms of stability in the medium to long term, I would not really be positive that we will be able to sustain it given our current economic situation. So this may just be a one off gain caused by other things happening outside or within the country.”

“From what is obtaining on the ground, I would assume it to be a temporal wind fall and not something that we can say it will continue going down or remain stable. You also need to take into consideration that prices are sticky going downwards but when its going upwards, they are very flexible.”

He added that this may be a short term windfall, so in terms of people on the ground, you can’t really say there will be any effect that will be felt unless it’s sustained over a much longer period of time.

“So this may just be a one off thing and we don’t even know for how long it will last, so only the big companies and large traders who can benefit and take advantage of this, but for ordinary people on the ground, the gains should be sustained over a longer period of time.

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The Zambian Kwacha which in the mid-June