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Markets

The Oil Marketing Companies Association of Zambia (OMCAZ) expected fuel pump prices for November 2022 to be maintained or adjusted downwards, but the Energy Regulation Board – ERB has announced an upward adjustment, perhaps demonstrating the widening expectations gap even between the industry players and the regulator.

Speaking in an exclusive interview with the Zambian Business Times-ZBT before the adjustment was announced, OMCAZ President Dr. Kafula Mubanga explained that OMCs are not expecting any upward adjustment for fuel prices from ERB owing to the fact that the Kwacha has been performing very well in the last few months.

Dr. Mubanga said [crude oil and finished petroleum] prices on the international market have not been escalated, in which case – it is anticipate that there won’t be any price adjustment adding that hopefully it will be maintained on the same trajectory or possibly adjusted downwards.

He said given the fundamentals of the market where the Kwacha performed well and the oil prices on the international market has not escalated, it is hoped that this will be able to result in the maintenance of the price or having prices adjusted downwards.

“You anticipate that with any adjustment upwards it comes with its own effects on businesses the cost of doing business is most likely higher but we hope that this month the government should look at the accrued benefits of Kwacha on the international market against the US Dollar and then be able to adjust the cost downwards or maintaining the cost given the fundamentals.” He said.

However, ERB announced a whooping 20% increase in Kerosene prices, a 7% and 5% increase in both petrol and diesel. This has left many stakeholders wondering why the prices have gone up. ERB is yet to release the breakdown or cost build up computation for a further detailed analysis.

And on the expected impact on pump prices following announcements that fuel blending will now be allowed in Zambia, Dr. Mubanga said the announced blending by the Minister of Energy Chibwe Kapala provides direction which if well implemented, can help reduce the pump prices in Zambia.

He however urged government to put in place specific measures that will prevent illegal and sub-standard blending, so that there is no illegal practice around it. “That the window will give us the feel of what sort of product we are going to have at the end of the day and that we can progress to blend more than the initial 10%”.

Stakeholders that include businesses and households have complained of the exhausting monthly fuel price adjustment which ERB and the Ministry of Energy insist is working for everyone, but some say it’s may be working for the government but not for its people or citizens.

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The Oil Marketing Companies Association of Zambia (OMCAZ)

Companies

The Zambia Revenue Authority – ZRA has been accused of selective payments of tax refunds after it emerged that some foreign owned mines Value Added Tax – VAT refunds liabilities are being  paid off regularly while that of locally and state owned mines such as Mopani Copper Mines are not being given the same treatment.

The Zambian Business Times – ZBT has received information that ZRA owes Mopani Copper Mines  about $110 million in VAT – refunds, but the rate at which ZRA is refunding the ZCCM IH majority owned mine is not as consistent when compare to foreign owned mines.

While Mopani is looking for the $300 million capital injection to revamp operations and make the mine profitable, the selective and slow payments of refunds from ZRA is not helping matters. Mopani new parent company ZCCM IH instead of floating shares on Lusaka Security Exchange – LuSE to raise the needed funds seem to favor the option of shading equity to some foreign investors and has engaged an advisor to endorse the decisions  to sell stake to a foreign equity partner.

When contacted by the Zambian Business Times-ZBT, to give their position, ZRA Corporate Affairs Manager Oliver Nzala said the law under taxation does not allow the authority to give information to the third party or the public. Nzala explained that due to confidentiality issues the authority does not give out information on whether Mopani is Owing to ZRA or the other way round.

When told that this is a public interest matter and that their is a risk of Mopani ending up in foreign hands when it can raise the capital on LuSE locally, the ZRA corporate affairs manager insisted that “We are unable to respond to your query due to the confidentiality provisions embedded in the legislation ZRA administers which stipulates the limited situations which permit such information to be divulged.”

Both Mopani Copper Mines Management and Mines Minister Paul Kabuswe have confirmed that Mopani needs about $300 million capital injection to make the mine fully productive and enable the company to complete its expansion project in a bid to double production.

Mining and finance experts have argued that the $110 million owed in VAT refunds which other mines are being paid may help reduce the deficit from the $300 million needed to make the mine profitable. It seems that the local management has been starved of capital so that ZCCM IH justifies its intensions to offload the mine back into foreign hands.

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The Zambia Revenue Authority - ZRA has

Companies

Reports have emerged that the Bank of Zambia (BOZ) has rejected the request to approve the merger between Access Bank Zambia and Atlas Mara Zambia, leaving affected stakeholders, clients and employees in limbo on the way forward.

An impeccable source with knowledge of the merger transaction stated that the request to BOZ to approve the transaction was tantamount to asking the regulator to approve an illegality. There are some serious insider dealing issues which BOZ is aware of which has made it difficult for the regulator to approve.

In response to a query from the Zambian Business Times-ZBT, the Bank of Zambia – BOZ has refused to confirm the report but instead asked that the affected banks confirm the status of the transaction. BOZ stated that as the supervisor of the financial sector with a mandate to safeguard financial system stability, BOZ does not provide bank specific information on supervisory and regulatory matters.

BOZ explained that in this regard, the relevant institutions or bank were in the best position to provide specific information. However, efforts to get a comment on the matter from both Access Bank and Atlas Mara proved futile by press time.

In 2021, Access Bank Group, straight from acquiring another local bank – Cavmont bank in Zambia announced that it had intentions to grow its Zambian business by merging with Atlas Mara. On 25 October 2021, the West African Bank announced that it would be merging its Zambian operations-Access Bank Zambia and Atlas Mara Zambia and the enlarged operation would be called Access Bank Zambia.

According to a statement seen by the Zambian Business Times-ZBT, Access Bank Group CEO Herbert Wigwe said, “This transaction is a milestone that brings us closer to our broader strategic objectives. The merger of Atlas Mara Zambia and Access Bank Zambia is expected to augment our presence in Zambia and the wider COMESA region”.

The Access Bank Group CEO also hinted that its newly recruited Country Manager Lishala Situmbeko would lead the merged entity, which effectively means that this may be at the expense of the Atlas Mara top management team.

Wigwe noted that, “We are excited with the increased earnings contribution from the enlarged Access Bank Zambia which has also appointed its new Managing Director Lishala Situmbeko”. This transaction is now almost one year and no approvals have been made by BOZ indicating that there are some reservations from the central bank.

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Reports have emerged that the Bank of

Tech

Stakeholders in the underperforming railway sector have demanded that Zambia Railways Limited-ZRL management should come out in the open and explain where and how the $120 million Eurobond that was injected in the company was utilised when the railway sector has remained in a deplorable state.

Speaking in an exclusive interview with the Zambian Business Times-ZBT, a source who asked to have their name withheld said a US$120 million Eurobond was injected to revive operations at the Zambia Railways Limited between 2012 and 2013 but up to date, nothing much has changed. The new UPND government should conduct an enquiry and inform the public on what really happened.

The $120 million Eurobond was given to Zambia Railways to undertake the rehabilitation of the track, purchase of locomotives and purchase of wagons.

“If the said three things were not done, then the money was misappropriated but only ZRL management and Government officials at the time should answer that question, because government has the resources to do a forensic audit”, the source said.

“When we asked if the Eurobond was used for the intended purposes, the response has been for anyone to go to Zambia Railways and see if any wagon or Locomotive was bought and if not, then the answer is plain for all to see. Secondly, was the track rehabilitated? Partially yes but speeds have gone down to 15km per hour on average” the source added.

Some stakeholders have noted that in essence, Zambia Railways has no track that can sustain the economic development of Zambia as at now and this explains the market share that the rail has of less than 10% meaning 90% goes to the road, which puts a lot of pressure on the roads.

The source mentioned that the state of the track right now is worrisome as there are no short to medium or long-term measures in place adding that the only measure is to have a wagonload of concrete sleepers put at strategic stations to mitigate and respond to derailments.

“Ultimately the medium to long-term action is to actualize the recapitalization process, Zambia Railways is in dire need of recapitalization to survive and the track must be given priority but we all want to know where the $120 million went or was utilized”, the source said.

The state of roads has become a major concern with more road traffic accidents being reported. The alternative to road travel which is more cost effective is the railway system, but this has also collapsed with trains having speeds of about 15km per hour, which are not viable. While other African countries have invested and upgraded to electric trains, Zambia does not seem to have a clear plan of action in this area.

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Stakeholders in the underperforming railway sector have

Mining

Minister of Finance Dr. Situmbeko Musokotwane has been challenged to come out in the open and give clear details and milestones on how realistic the aspiration or target for Zambia to hit the 3 million tons per annum copper production in the next nine years as he has continued to refer to it even in the 2023 national budget.

Top mining, economists and financial experts have questioned Dr. Musokotwane’s motive behind the continued reference to hitting the 3 million tons per annum copper production without supporting mining or exploration projects which are large enough to support such aspirations.

And the Centre for Trade Policy and Development – CTPD has also weighed in and notes that the budget speech mentions that the country needs to attain the three million metric tonnes annual target for copper production.

CTPD Senior Researcher – Extractives Webby Banda said “We cannot see any exploration and Mine developmental projects that will lead to the attaining of the three million metric tonnes copper production target.”

Banda said this is against the backdrop that we cannot attain the three million metric tonnes with the current producing projects only. He echoed other stakeholders that have admitted that the target is unattainable – stating that growing the mining sector to the level of producing three million metric tonnes from the current level means that we must grow the sector by almost three-fold.

“In other words, we must have additional three identical mining operations for every current project. Additionally, mining takes a long time to reach the exploitation phase (i.e., in the best-case scenario, it takes about 5 – 10 years).” he maintained.

“The other question that needs deep interrogation is that even with the current 800,000 tonnes of annual copper production, the country continues to face problems with illicit financial flows, transfer mispricing, lack of value addition, lack of backward linkages (local content), problems in major mines such as KCM and Mopani, so how will 3 million annual copper production be attained?”

Banda further told ZBT that even if Zambia increase Copper production to 3 million tons per annum, what is the guarantee that these problems above will be resolved to induce a surge in the local benefits take?

Finance Minister Dr. Situmbeko Musokotwane announced that government is targeting to increased copper production from the current 800,000 tons per annum to 3 million tons per annum in 10 years when justifying his decision to awarding tax incentives to the mining industry, a number that continues to be questioned by more and more experts.

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Minister of Finance Dr. Situmbeko Musokotwane has

Lifestyle

International governance watchdog local unit, Transparency International Zambia – TIZ has disclosed that the Electoral Commission of Zambia ECZ are to be blame for the record low voter turnout recorded for both Kabushi and Kwacha Constituencies on the Copperbelt.

The recently held Kwacha by-elections in Kitwe recorded a shocking 14% voter turn out while Kabushi of Ndola recorded another record low voter turn out of about 24%, a voter turn out that questions the credibility and community endorsement as well as representativeness of the final results.

Voters in the two constituencies as per inference from the final voter turn out, shunned taking part after it emerged that main opposition and immediate past ruling party – the Patriotic Front – PF candidates had been barred from re-contesting on legal and political technicalities, thereby denying the residents their right to pick leaders of their choice.

Speaking in an exclusive interview with the Zambian Business Times-ZBT, TIZ President Sampa Kalunga stated that there was a lot of what the institution termed as ‘political engineering’ which resulted into illegal activities taking place in the two constituencies.

“The two by-elections have left a big dent in the country’s democratic credentials and the quality of the justice system as there were a lot of political fighting between the ruling UPND and the main opposition PF.” he told ZBT.

Kalunga said the Kabushi and Kwacha by-election have made the courts look indecisive and very contradicting, we have seen that whenever the courts have tried to interpret the law, citizens have been left with more questions than they went with.

“We have seen where courts fail to give a clear no and a clear yes, a situation that has raised questions about the courts ability to deliver justice as they were meant to.” The TIZ President said the two by-elections have rendered the country’s democratic credentials, the courts and the justice system to be highly questioned and the perception of a number of people is that they demand for answers that are clear for all to understand.

“As much as we respect the courts, they have not lived up to our expectations as the by-elections have really damaged the reputation of all the key stakeholders.”

“We have become less – in terms of democracy during this time of by-elections in the two constituencies and also our courts have given us less confidence in the way they have handled the issues concerning the elections and further the ECZ itself has rendered itself to be questioned whether it is capable of being an impartial body that can handle the elections in Zambia fairly.” He said.

“President Hakainde Hichilema – HH was campaigning even before judgement was passed, this can be construed that he knew something before anybody else.”

“There is need for the governing UPND to learn that such behaviour were we see certain projects only being inspected during campaigns is leading back to the same system which used to happen in the previous regime.”

“We have also seen the government itself being overbearing we cannot do this, we have been over delayed tactical unfairly delays were somebody from the government cannot be present at the court so that they wait for the time to elapse.”

“The pain we having is being reminded of the same things that were happening in the previous government continuing happening under the UPND government.” He said.

The governing UPND won both constituencies amid what some have described as voter silent treatment that saw the elections being shunned. The UPND candidates total voter tally was too low to win such big constituencies, but’s its supporters contend that the low voter turn out shows that people are happy with the current government and that large turn out are for we’re their is a need for change of government.

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International governance watchdog local unit, Transparency International

Tech

Even as power utility ZESCO proposes to increase electricity connection fees among other proposed increaments in tariffs, it’s worrying to note that 70% of Zambia’s household are currently not connected to the electricity national grid.

According to the revelation by the Energy Regulation Board – ERB to the Zambian Business Times – ZBT, the official number of households connected to the national grid as at 30th June, 2022 was about 1.2 million.

When ZBT compared this 1.2 million households connected to the grid to a total of about 3.5 million households for the entire country using the official Zamstats average family size of 5.5 people and a national projected population of about 19 million people, this confirms that only about 30% of households in Zambia are connected to the electricity national grid.

This revelation puts state owned power utility ZESCO on the spot for its infatuation for exports when 70% of its citizens have no access to electricity at household level. The power utility despite this damning statistic has proceeded to request for an upward tariff adjustment of over 600%.

Responding to a press query from ZBT, ERB Corporate affairs Manager Kasumpa Namukolo said according to the report the regulator received from ZESCO as at 30th June, 2022, the official number of households connected was 1,177,699 (about 1.2 million) compared to 1,154,409 recorded at the end of quarter 1 of 2022.

She however said the breakdown of customers connected to the grid by province, district or constituency ward level, could best be obtained from their licensed grid connected distribution companies. This is despite the fact that universal access to electricity is a fundamental objective of any responsible ministry of energy as well as ERB.

“Though as a regulator, ERB has no direct role in connecting households to the grid, the Board guarantees that licensed distribution enterprises are appropriately compensated through a reasonable tariff or connection charges, which ensure growth in extending the grid and/or connecting more districts.” She said.

Kasumpa explained that Key to the ERB’s mandate is to ensure that the electricity is financially and technically viable through implementation of regulatory practices that promote investment in the sector in line with Government policy.

She said ERB is mandated under the Electricity Act No.11 of 2019 to secure a regular, efficient, coordinated and economic supply of electricity and also to facilitate universal access. Kasumpa however mentioned that ZESCO and Rural Electrification Authority (REA) are the two key institutions working in collaboration with the Ministry of Energy undertaking a number of projects to ensure that more districts are connected to the grid.

ERB stated that some of the projects being undertaken include the Lusaka Transmission & Distribution Rehabilitation Project (LTDRP) – Last Mile, Electricity Services Access Project (ESAP) and Sustainable Electricity Supply Southern Division (SESSD) among other projects.

When separately contacted to give the official number of districts connected to the national grid, both the Rural Electrification authority – REA and the Copperbelt Energy Corporation – CEC referred ZBT to ZESCO who had not responded by press time.

Analysts say putting up of electrify infrastructure and connecting all districts and achieving over 90% connections to the electricity national grid for all households in Zambia is as important as putting up road and other essential infrastructure necessary such as schools and hospitals for national development.

The increased allocation to REA is a welcome move which should be followed up by clear objectives such as how many districts will be connected in 2023 and what timelines are attached to when all the 116 districts are connected to the national grid. Agro development which rely on irrigation for instance and general Industrial Investments in most districts and the hinterlands of Zambia are hindered by lack of reliable source of electricity.

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Even as power utility ZESCO proposes to

Agribusiness

The Tobacco Association of Zambia – TAZ has revealed that it members expect Virginia tobacco exports of approximately $92 million p and Burly Tobacco exports of approximately $6 million (combined about $100 million)  to be earned by its member farmers as export revenues.

Speaking in an exclusive interview with the Zambian Business Times – ZBT, TAZ General Manager Adam Gordon said Virginia tobacco production increased while Burly tobacco production remained flat between 2020/2021 to 2021/2022 farming season.

Zambia exports over 90% of all its tobacco production, which Agronomists say can be economically leveraged to increase foreign exchange earnings and boost employment in the Agro sector. Zambia has the requisite good soils and weather to massively increase production and earnings from Tobacco.

The TAZ GM explained that Virginia tobacco production increased in volume from 31 million Kg’s  to 33 million Kg’s  from 2021 to 2022 whilst Burly tobacco remained constant at about 5.5 million kilograms. 

Zambia’s neighboring countries like Malawi and Zimbabwe have succeeded in making Tobacco a major foreign exchange earner. If well organized, this crop which is 90% exported makes more business sense to cultivate and can earn the farmers and the country significant amounts in foreign exchange and profits.

See other ZBT article on tobacco farming in Zambia https://zambianbusinesstimes.com/tbz-invests-in-electronic-platform-to-facilitate-tobacco-industry-regulation/ and https://zambianbusinesstimes.com/ritco-to-launch-first-cutrag-plant-in-zambia/

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The Tobacco Association of Zambia - TAZ has

Mining

The continued closure of Chambishi metals is negatively affecting the construction sector as the availability of gypsum which this mine used to produce, affects about 5 to 10% of locally produced Cement prices. Cement is a key determinant of the cost of brick and mortar construction.

Key stakeholders in the mining and construction sectors have challenged government and ministry of mines to prioritize the re-opening of Kalulushi District and Chambishi township-based Chambishi metals, a key mine that produced cobalt and gypsum in Zambia.

A mining expert has told the Zambian Business Times – ZBT that it is unfortunate that the issues around Chambishi metals have not been resolved leading to loss of much needed employment opportunities for citizens as well as government missing out on the opportunity to earn tax and non revenue.

Eurasian Resources Group – ERG put the mine on care and maintenance in January 2020 sending over 200 workers home due to what at the time they blamed as “lack of feedstock” to continue sustaining its operations.

Simukonda said it was not right to continue putting a processing plant on care and maintenance when there are enough materials in the country to be processed for both copper and cobalt. He said Chambishi Metals is a significant mine as it was the only place where significant cobalt was being processed in Zambia.

“That mine is a very significant and if government is not going to prioritize reopening the mine, then I don’t know what they are doing.” He said. “Cobalt price is about 3-4 times the price of copper now but if we can’t look after our own property or improve already existing system of cobalt processing, then I don’t know what we are doing.” the mining expert told ZBT.

He said from the onset, Chambishi metals was not supposed to be closed as it is supposed to be one of the big mines proving employment to the local communities and contributing to government revenues for the country. Government should prioritize this and press the owners and the management to consider reopening Chambishi metals.

Chambishi Metals proposed putting the operations on care and maintenance for two years because of failing to secure concentrates to keep the company going. The problem had been compounded by the some taxes that were once imposed on imports of concentrated from Democratic Republic of Congo (DRC) which were later removed.

The other challenge is that the mines based in the DRC were reluctant to export their concentrates after establishing their own smelters. Chambishi Metals is the country’s largest producer of gypsum, a key ingredient in the manufacturing of cement.

Zambia is a key Cement and Lime producer which need to source for gypsum. In the current state of affairs, cement companies resort to importing the gypsum component, which could impact final costs by about 10 to 20% depending on the prevailing exchange rates and cost of transportation. See other articles on Chambishi metals https://zambianbusinesstimes.com/govt-urged-to-seek-ways-to-re-open-chambishi-metals/

Other articles on Chambishi metals are https://zambianbusinesstimes.com/erg-challenged-to-re-open-or-surrender-chambishi-metals/ and https://zambianbusinesstimes.com/cement-price-hike-linked-to-shortage-of-gypsum-closure-of-chambishi-metals/

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The continued closure of Chambishi metals is

Markets

FNB has today at a launch event held at its head offices in Johanesburg announced the reimagining of its help and iconic acadia tree logo as it strives to make every day easier and tomorrow better for all its customers, taking a bold step forward on its journey into the future.

At revetting event attended by the Zambian Business Times – ZBT, FNB CEO, Jacques Celliers stated that “for 184 years, our sense of care has been vital to our efforts to help millions of individuals, families, and businesses realise their dreams and aspirations. Our efforts to transition beyond banking are still deeply rooted in our promise of helping customers with advice they can trust, solutions that are easy to use and safe, and a brand that is relevant at every life stage. Our journey to help customers navigate life is similar to the versatile Acacia tree, that has been deeply rooted within our brand and continues to grow and thrive withstanding the test of time.”

FNB CEO Jacques Celliers

Celliers further stated that FNB is re-imaging it’s advice. “FNB is focused on being advice-led, rather than product-led in the delivery of its solutions. In its journey to transition beyond banking, it is striving to become an integrated advice partner connecting the dots between their customers’ day to day activities and their aspirations and goals”, the FNB CEO stated.

“We aspire to be a trusted partner helping customers, their families, and their businesses thrive and achieve their goals through positive changes in financial behaviour. To this end, we want to make it easy for our customers to free up cashflow through best value for money solutions that make their money go further to realise their investment and insurance needs in line with their goals. We want to help customers through various life stages for themselves, their families and theirbusinesses, and to ensure we advise them on the right solutions for their needs,” explained Celliers.

Zambia’s FNB country Head of Retail Banking Mwamba Musambo who was one of the speakers at the Johannesburg event stated that FNB was also reimagining user experience and revamping its app.

 The FNB App, Africa’s first banking App, has been redesigned to offer even more intuitive help through its ease of use and a safer digital experience. We have listened to our customers and have set out on a journey of a new user experience underpinned by personalisation. Customers can now personalise their FNB App by customising its home screen and selecting frequently used or preferred features. Customers can also view a snapshot of their transactional accounts, credit, investments, insurance, and value-added services. In addition, the search function has been improved to help customers find services much quicker. Similar enhancements are being made to the internet banking channel.

 FNB has also introduced Money Protect, a new and industry-first benefit of free insurance cover for certain fraud-related losses when using interfaces such as the FNB App and ATMs. The benefit demonstrates FNB’s commitment to helping customers transition to safer digital interfaces.

“We continue to facilitate our customers’ journey from analogue to digital and digital to platform. We’re excited to see millions of our customers embracing the migration to more accessible, user-friendly, and safer interfaces. Our digital interfaces have become a one-stop shop for customers’ financial and lifestyle needs, with over 3 billion transactions and 1.6 billion digital interactions over the past 12 months. Likewise, we recognise that fraud is a reality in our society, and we are continuously enhancing our measures to assist millions of our digitally active customers in mitigating these risks,” says Celliers.

On Reimagining payments, the bank re-affirmed that “payments and cashflow are the lifeblood of any economy, and today we’re proud to highlight some of our unmatched standout offerings available within our digital payments ecosystem, making it more inclusive and convenient for customers to pay and get paid. The facilitation of payments for individuals and businesses is one of the key features of the power of network effects of our platform,” adds Celliers. 

FNB Pay is now the payments umbrella in the FNB App. With a few taps, customers can now split a bill and those who run businesses can receive contactless payments easily and safely on their android smart devices, without the need for a separate point-of-sale device. The new or enhanced payment solutions that are available on the FNB App include:

·        Instant Payments – a first-to-market instant payment solution that enables customers to digitally pay anyone via the FNB App using just a card number. The recipient gets the money instantly in their bank account, irrespective of where they bank.

·        PayMe – allows customers to request a payment digitally to any FNB Banked cellphone number. The person requesting the money simply follows a few prompts, and the ‘payer’ is immediately notified and simply needs to accept the request to make an immediate payment.

·        ChatPay – allows customers to pay or request payment from any FNB customer using the FNB App’s chat functionality without the need for an account number. Customers can initiate a chat using their contact list, and because the interaction takes place within FNB’s platform, they can be confident that it is safe.

·        Bill Payments – a quick and convenient way for customers to use the FNB App to pay their EasyPay or Pay@ bills including municipal rates, medical and other services.

·        Virtual Card – Customers can now use their Global Virtual Cards for travel bookings such as buying flights or booking accommodation and adding the virtual card to third-party digital wallets such as Google Wallet or Apple Pay for convenient and safer payments when traveling abroad.

·        Speedee App – allows businesses to receive contactless payments easily and safely on their android smart devices, without the need for a separate point-of-sale device.

 And FNB group Chief Marketing Officer, Faye Mfikwe stated that the bank has refreshed its iconic brand to become more versatile and resonate beyond banking and financial services. She  explained the brand’s evolution by acknowledging that change is important to staying relevant to customers. “The refresh helps us to create a versatile brand look and feel that aligns with our accelerating transition to helping customers beyond banking into lifestyle and business solutions categories”.

FNB will be holding special events across its markets in Africa  with FNB Zambia CEO Bydon Longwe expected to grace the Zambian event. 

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FNB has today at a launch event