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Alba Iulia
Friday, February 21, 2020

BoZ chief assures Zambians on Finance Bank

Economy BoZ chief assures Zambians on Finance Bank

Bank of Zambia Governor Dr. Caleb Fundanga

THE Bank of Zambia (BoZ) has said the recent changes in the administration set-up of Finance Bank will not negatively affect the bank’s financial standing in any way.

BoZ Govenor Caleb Fundanga said the central bank was closely following the happenings at Finance Bank and had not noted any problems.

He also said the investigations by the Drug Enforcement Commission at Finsbury Park, a shareholder in Finance Bank Zambia, would not in any way affect the bank.

Speaking at a Press briefing in Lusaka yesterday, Dr Fundanga said Finance Bank was an independent legal entity and the investigations at Finsbury would not in any way affect the financial institution.

“Any action at Finsbury should not be seen to affect Finance Bank and, in fact, Finsbury has reduced its shareholding to 10 per cent from 25 per cent and the 15 per cent shares will be sold to an acceptable buyer,” Dr Fundanga said.

Dr Fundanga said the board changes at the bank were meant to strengthen it and make it stronger.

He said the BoZ was optimistic that Finance Bank would continue to operate without any disturbances.

He said Rajan Mahtani’s stepping down from the board was accepted by the BoZ and that the newly-appointed chairperson Jacob Mwanza was equally competent and credible.

Dr Fundanga said the BoZ would continue to monitoring Finance Bank so that the institution continued to operate within the confines of the law.

The role of BoZ is to supervise and regulate financial institutions in the country and Finance Bank is not an exception.

Dr Fundanga said Finance Bank was an important financial institution in Zambia as it served the remotest parts of the nation.

So far, he said, the assets of the bank were secure and implored the public not to panic about the future of Finance Bank.

And Dr Mwanza said his greatest challenge and responsibility was to broaden the ownership base of the bank.

He said it was the vision of the bank that the ownership encompassed as many Zambians as possible and soon, the shares of the bank would be floated on the Lusaka Stock exchange (LuSE).

Dr Mwanza also said he would ensure that Finance Bank was run professionally and observed the legal framework in the financial sectors.

[Times of Zambia]

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  1. Mr Governor , your explanations answer some of my questions and hope the sitiuation is as you ve put it , coz we dont want to wake one day and fine the bank closed and our money gone. You know things like this have happened to other banks in the past.:*:*:*:*:*:*:*:*:*:*:*:*:*:*

  2. Thank you Bwana Governor. This is helpful to know in the wake of many rumors. Please ensure that the depositors’ interests are protected. Let Mathani be dealt with separately from Finance Bank. Thousands of depositors and over 6,000 people (through employees) have their interest in the Bank.

  3. Why has Govt closed all its account’s with Finance Bank??? Mahtani thought he could play the same dirty games he was playing with Mwanawasa…If you committed crimes you should face the law

  4. I hope the Governor’s statement calms down things. In the financial sector rumour and perception can be more serious than fact. Please, make sure that our hard earned cash does not disappear. This has happened in the past. I actually had some money in Meridian BIAO when it collapsed.

  5. Mr Governor

    we have listerned very well but on the other hand govertment has another plain to fix its enemies the opposition . please you must work to protect the interest of we poor people who are getting and serving
    in this bank . Zambian have confindence in you that can perform to the aspiration of people.

  6. I have confidence in our central bank. Just a reminder though, they are mandated/need to be objective&non-partisan in any undertaking.Lets remember that God is watching all our deeds& will reward us at the end of days.Rev.21&22.

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