ZamPost’s subsidiary Zampost Microfinance has announced that it has raised K 25 million capital in just two months, a major step into transforming the entity into a bank.
Post Master General McPherson Chanda revealed that as part of the ZamPost’s diversification agenda, ZamPost incorporated ZamPost Microfinance Limited (ZMFL) about 2 years ago and acquired a Deposit Taking License from Bank of Zambia 2 months ago.
Mr Chanda said over the past 2 months ZMFL has raised over K25m capital.
He said the firm is now targeting to raise another K25m by December 31st, 2016.
“ZMFL provides a competitive rate of return for investors. Moreover, it is profitable and is expected to be one of the ZamPost subsidiaries that will provide reliable dividend income – streams to the holding company. Creating strong income streams is how we will look after our staff and retirees,” Mr Chanda said.
He said ZMFL will be transformed into a Post Bank in three years.
“This vision has the strong support of our inspiring Minister of Transport and Communication Hon Brian Mushimba MP who visited ZamPost HQ last weekend. This afternoon our Finance Director Best Mwaichi and self-inspected the ongoing refurbishment in readiness for opening the ZMFL branch at Lusaka Main Post Office,” he said.
Mr Chanda said more branches will be set up at all major Post Offices countrywide.