Standard Chartered Bank stakes K5 billion for Kwacha rebasing

STANDARD Chartered Bank managing director Mizinga Melu
STANDARD Chartered Bank managing director Mizinga Melu

Standard Chartered Bank Plc has revealed that it has committed about 5billion kwacha towards the rebasing of the kwacha a process which has been embarked upon by the central bank of bank.

Managing Director Mizinga Melu says the K5 billion will be used by the bank to upgrade its systems and infrastructure.

Mrs. Melu said part of the money will also go towards staff training in order to ensure a smooth transition to the new kwacha.

“We are setting aside K5 billion for this very important exercise, it will involve a lot of training for our people and our customers in order to achieve the objectives of this exercise,” Mrs. Melu told Reporters at a media breakfast in Lusaka.

And Mrs. Melu revealed that Standard Chartered Bank saw its net profit jump by 61percent and currently stands at K104.9billion.

“We have had an exceptional first six months. Our loan and advances also grew at 58percent and stands at K1, 936.5billion,” Mrs. Melu said.

She has disclosed that the bank’s deposits grew by 6percent and currently stands at K3, 717 billion with the balance sheet growing at 4percent to stands at K4, 912billion.

On the 2013 national budget due to be presented this Friday, Mrs. Melu said she would like to see more funding to go towards the agriculture sector to continue with the positive performance of the sector over the past couple of years.


  1. vote

    There is nothing more **** than an educated and loaded woman…maybe in my next lifetime Mrs Melu will be mine, just maybe

  2. vote

    Iwe ka Mizinga, stop charging exorbitant loan intrests. It is killing workers and stop the crazy atm charges. Here u are boasting about the super profits u making. atase. The profits being made using depositors money yet u fail to reward the same depositors. let us withdraw massively and have a run on the bank.

  3. vote

    What a shameful pack of spineless bloggers. No woner Zambia is what it is. Rather make your daughter and sons to emulate Mizinga instead. Yeeeish. Zambians.

  4. vote

    The chic I met at News Cafe and shagged on Friday is 1000,000,000 sweeter and hotter than Mizinga Melu. Unfortunately I didnt get her her number, but Iam going back to News Cafe this Friday hopefully I pick her again. Mizinga Melu atase, that kama nose, atase. Mine is beauty without brains.

  5. vote

    very useless ventures,old man still day dreaming of Kaunda days. i know someone is getting kick backs from the company printing this money.i can imagine it will be tough for prostitutes counting and carrying those coins.

  6. vote

    K5billion for a pointless exercise. And that’s just one bank. Has anyone really counted the cost of this rebasing? Especially that non of the perceived benefits actually translate into tangible value creation. Useful, yes. Buts its not urgent, and its most certainly is not a priority. Just saying.

  7. vote

    What a waste of money. This re-basing is NO priority. Farmers need their money. PRIORITIES PLEASE. NKONGOLE NKONGOLE where are we going kanshi?

  8. vote

    Ms Melu, I am worried about my shares in your Bank not earning me income. I know you have doubled your pay over the time plus bonuses whilst shares of investors are not earning them anything. You use our money to make those profits but you let us go without dividends from our shares. Give us what is due to us if you are worth it.  

  9. vote

    Mizinga, you’re boasting about profits. What about our shares which are now selling at K2.00 per share? What is our divident this time around. We spent money on
    those shares. Do something please.

  10. vote

    Thes foreign owned banks are thieves I ll never bank with them. They dont even give back to the community even in the face of such super profits. We need money for our soccer team and computers for our schs. Ndalama zatu izo

  11. vote

    Thanks for all compliments for the Tonga chick, right from Mazabuka!! No wonder our Bemba brothers have harpooned our sisters. And even Mizinga is now a Melu. Bro I envy you for the catch with beauty, respect, and moooooolllllaaaaaaaaa>>>>>>>>>>she is loaded in Pound Sterling!! Twalumba womuchihi wesu Mizinga, watusumpula toba Tonga. Leza abe anduwe nhimbi.

  12. vote

    #14 Kapiji mema thats right this bank is British and they’re here to milk us dry just like they did by colonizing us.Lets emulate kenyans who recently sued the Brits for their exploitative colonialism and abuse.

  13. vote

    There is nothing here to see don’t see what you boys are drooling about here, just some banker MD promoting her bank by releasing pointless statements as usual!

  14. vote

    So 5 billion kwacha is a drop in the ocean if you can make so many billions in six months. What have you given back to the customers? Is it us milking forever?

  15. vote

    These foreign banks Stanchart and Barclays should start sponsoring football teams like Zanaco bank. They’re just reaping from Zambia without paying back. Standard chartered shares are the worst performing despite their cost conciousness. Zanaco’s shares are the best perfoming. Barclays is not even listed.

  16. vote

    She is Mrs Mizinga Shansonga Melu. Young sister to fugitive Attan Shansonga but the bembas were swift to get her. Sharp good looking Ila lady and very down to earth. Off course she has mooolaa in pounds sterling. No doubt about that. Genuinely worked for. Wezu ngwangu mushimbi ndamuyaya loko nkambo ngu musongo.