Sunday, July 21, 2024

Workers Compensation seals deal with Stand Chart for employee loans


The Workers Compensation Fund Control Board (WCFCB) and Standard Chartered Bank have entered an agreement aimed at providing loans to WCFCB employees.

Speaking during the signing ceremony, WCFCB Chief Executive Officer (CEO), Elizabeth Lungu said the Memorandum of Understanding (MOU) commits the two parties to work together more closely towards the common goal of empowering employees.

“I am very confident that with our concerted efforts, the MOU we are about to sign toady will deliver the benefits it promises. My colleagues and I look forward to working closely with you in the years to come”, she said.

Ms Lungu also expressed optimism that through efforts and commitment, the two parties will be able to achieve more out of the relationship adding that they will be able to develop stronger business relationships.

And Standard Chartered Bank, Head Client acquisition, retail clientele, Kaumba Kapaku said that the employee banking partnership between the WCFCB and Standard Chartered will deepen the corporate banking relationship.

He added thatches will enable employees of the Board to access personal financing at competitive interest rates to enable them undertake personal projects such as among them acquire land and build houses.


  1. Nothing new here. not even worth reporting about. Companies have there arrangements all the time. I was expecting to see a great low interest rate, say less that 8% p.a.

    The question now is, where have you guys been? No preferential rate here so what is this?

  2. For me this is not a progressive move , why getting a Loan from a Bank and not the Institution you are working for. I believe WCFCB is a finational institute. Why should you subject your workers to Bank Interest Rate. This is being mean or Akaso Madam uyu.

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