The board of directors of the National Savings and Credit Bank (NATSAVE) has fired Mr. Cephas Chabu from his position as Managing Director effective Thursday 29th June 2017.

Board Chairman Evans Chibiliti announced in a statement that Mrs. Mary Munansangu, who is currently Deputy Managing Director of the Bank will act in the position of Managing Director for administrative convenience.

Cephas Chabu
Cephas Chabu

“The Board wishes to thank Mr. Chabu for his effort in raising the profile of the bank and wishes him well in his future endeavours,” Dr Chibiliti said.

Recently, the Zambia Union of Financial Institutions and Allied Workers (ZUFIAW) called on Government to immediately restructure management at NATSAVE for what it called blatant failure to properly manage the institution.

ZUFIAW General Secretary Chingati Msiska said despite the Union and management having concluded negotiations for the 2017 Collective Agreement, management however is refusing to sign the document claiming they need to get prior approval from the Permanent Secretary in the Ministry of Finance.

He advised management that this document be signed and effected as soon as possible in order to avoid industrial unrest.

According to the law, management gets mandate prior to negotiations such that when they reach an agreement on the bargaining unit table, it is binding to both parties.

“We request the Ministry of Finance to restructure and fire the entire NATSAVE management which has clearly failed the workers and other stakeholders”.  “The government must take keen interest in the failed management and management wrangles at the institution,” Mr. Msiska had said.

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  1. Politicans you quick to fire people through the press. Please have respect for people and thank them for what they have done in the past years before you got to that postion of yours.


  2. One can only hope that the directors know what they have done. The guy they have fired has transformed NATSAVE from a money drainer to a money maker. If this is the best way to reward him it can only be a culture



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