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Alba Iulia
Friday, August 7, 2020

NATSAVE workers stage protest as Ministry promises new board

Economy NATSAVE workers stage protest as Ministry promises new board

Workers at NATSAVE on Thursday held a protest demanding an explanation from Government over the reinstatement of three suspended directors who were under investigations for financial irregularities.

The workers, who gathered at NATSAVE Head Office on Lusaka’s Cairo road, also carried placards with messages denouncing the board of directors.

They were are also demanding an explanation from Government on why Chief Executive Officer Cephas Chabu has been sent on forced leave.

The workers want Minister of Finance Alexander Chikwanda to fire the directors because of alleged mismanagement of the bank.
And Zambia Union of Financial Institutions and Allied Workers General Secretary Chingati Msiska told journalists said the workers are aggrieved that Government has allowed one of the suspended directors to be acting CEO when investigations are still underway.

Mr Msiska urged the workers to resume work until investigations are finalised.

He said investigations should be expedited to lessen tension at the government financial institution.

Meanwhile the ministry of finance has released the following statement to the media


Lusaka, 17th December, 2015. I am pleased to inform the public that the new board of the National Savings and Credit Bank will soon be reconstituted to ensure the strengthening of governance systems and provision of effective policy oversight in the operations of NATSAVE.

In addition, to facilitate smooth conduct of investigations into the activities and operations of NATSAVE by relevant law enforcement wings of government, Mr. Cephas Chabu, Managing Director, has proceeded on administrative leave. In his place, the Director [Legal Services] who is also the Board Secretary, Mr. Mwila Chibiliti has with immediate effect been appointed to act as Managing Director for administrative convenience only.

I also take this opportunity to assure the esteemed clients of NATSAVE and the banking industry that the bank remains firm and as strong as ever. The government on its part, will continue to invest in the bank as one of the avenue for reaching the unbanked areas of the country.

Issued by:

Fredson Yamba
Secretary to the Treasury
Ministry of Finance


Workers at NATSAVE Protesting
Workers at NATSAVE Protesting

Workers at NATSAVE Protesting
Workers at NATSAVE Protesting


  1. I don’t blame the staff from hiding their faces…Asking Fossil Chikwanda and Lazy Lungu’s govt to investigate corruption issues is like asking a monkey to investigate loss of maize in the field….his colleague in Tanzania has fired the ACC chief as he means business and has genuine interest in stamping out corruption.

    • & there they go again, appointing one of the culprits to “STEADY THE SHIP”, not surprised, the workers ask, “Kodi Bank Ni Ya Nyoko???” We really have to thank RB for making famous the comment!!

  2. Jay Jay, you can rest assured that under UPMD we would see corruption, nepotism at levels never seen before and never to be seen in the future. You just have to look at the characters campaigning for UPMD for their own selfish ends, not for HH but for what they can get out of him as president. And what would HH do when he would owe his presidency to these same criminal characters?

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