The Bank of Zambia has announced that it has taken possession of ZAMPOST MicroFinance Limited and Pan African Building Society on account of insolvency.
The action is with effect from today,19th day of July 2019.
The move is pursuant to Section 64(2) (e) of the Banking and Financial Services Act (BFSA), No. 7 of 2017 which empowers the Central Bank to take possession of a financial service provider where such a financial service provider fails to comply with this Act and any rule or regulatory statement issued in accordance with this Act or any other applicable law.
In a statement, the Bank of Zambia says it has determined that Zampost Microfinance Limited and Pan African Building Society are insolvent.
“Therefore, the Bank of Zambia has exercised its authority under the law to safeguard the interests of the public and provide for the orderly exit of the two institutions from the financial sector,” it said.
“Zampost Microfinance Limited and Pan African Building Society are now under the possession of the Bank of Zambia. During this period, the Bank of Zambia shall prepare statements of affairs of the assets and liabilities of the two institutions and take any other action it deems fit.”
Were these deposit taking microfins? I pity the depositors
How I hope ZICTA would take over Zamtel and
ERB took over Zesco.
Explanation is fairly simple. It’s well-nigh impossible to hv healthy commercial entities when the macro-economic environment has been mismanaged. It’s like aquatic creatures in a lake or river. If the lake or river is poisoned due to say contamination, all creatures in the lake will be affected and the extent of their affection will be determined by the severity of the poison in the part of the lake where they are. Some creatures will die ,some will just be weakened but will survive.
Further to my analogy above, whn economists such as Situmbeko Musokotwane are dispensing advice, listen to them. If u don’t understand wht they are saying ask them to clarify. Economists are often blamed but mostly unfairly in my view bcos they don’t make the most important economic decisions such as how large national budget will be. Politicians make such decisions. So who u put in elective office can seriously affect all and sundry.
When is the Pensions and Insurance Authority going to follow BOZ and takeover Insolvent insurance companies, starting with Sanlam Life that does not meet minimum capital requirement and has been externalising policyholders money to its holding company by the millions? What is ZRA doing allowing Hakainde Hichilema and Muna Hantuba to resort to transfer pricing and his boer masters are in return funding his election campaigns.
continue suffering you zambians chose to accept a stolen vote by pf when hh was trying to fight for what is right. me am here enjoying my holiday in the luxurious malta with my beautiful swiss white blonde wife who has a lovely bossom of a chest.
Lusaka Times, why is this guy with an inferiority complex still commenting. Continue banning him, so as we can intellectually comment.
Iwe ka nzelu numbers don’t lie. I have more upvotes than you. Go and kiss a live wire for all I care. What in my comment is inferiority complex. My wife is white they is fact. She is beautiful another fact. She is blonde a fact. She has a large pointy chest fact. It’s not my fault you are not exposed and have never been with women from other countries. I have the unblocking mechanism. Lusaka time are now tirred
90% of upendi are his calibre. Imagine what could become of Zambia.
THAT is why the party has failed to produce a single mp in more than a decade.
from what I observed when I was in Zambia a month ago, zampost microfinance services would have succumbed to online services that are springing up in Zambia as well as other parts of Africa. it’s the usual situation in Zambia where the wheels of change in these institutions turn like the pushback tractor, they still have directors who do literally nothing but draw huge salaries. otherwise it should have diversified years back
For once, I agree with you. Technocrats need to take over the said companies, young and vibrant ones.
This week has been nothing but good news, I emphasize, because Zambians misread everything, the government has actually been working. With a new BOZ vice, and minister of finance. Changes at ministries and stabilization.
Soon to be followed by GRZ assets being taken over by China ,the IMF and international banks due to Lungu’s insolvent management style.
K25M raised within two months. Within a split of a second the company is insolvent. The director to explain this Zampost micr microfin Myth please. The whole world was informed this was a cash cow minting dollrs.
Lungu appoint the same known thieving bas.tards who are his friends to run down parastatals; they stolen everything and now BOZ takes over empty coffers leaving tax payers to pay for all those huge debts!!
Unless something is done, if not a few yrs from now it will be ZNBS becoming insolvent…i know people cant agree as at now, but i know what im talking about.
ZNBS just photocopy deposit and withdraw slips
ALOT OF THESE PARASTATALS ARE INSOLVET. OUT OF 10 ORGANISATION TO BE HONEST 3 CAN BE VIABLE THE REST ARE INSOLVENT. THAT IS THE CLEAR PICTURE EVEN THE AUDITING FIRMS WOULD AGREE WITH ME. IT IS JUST NAMES AND ALOT OF THEM ARE JUST SHELLS.ZAMPOST, SUNDAY CHANDA AND HIS BROTHER ARE TO BE HELD RESPONSIBLE. I FEEL PITY FOR THE WORKERS CZ THEY HAVE HAD BEEN PUTTING IN THERE BEST BUT IN THE END DISAPPOINTMENT.
THEY,SHOULD NOT BE BEHAVING AS THOUGH THEY ARE PERFECT ABENA RED LIP. HOW MANY PEOPLE HAVE THEY MADE SUFFER CZ OF THERE MIS DEED? ALOT. JAIL IS AWAITING FOR ALL OF THEM. CZ GOD ABOVE IS SEEING AND NO ONE CAN WITH STAND THE ANGER OF GOD.BETTER TO DO THE SANKARA WAY OF JUDGING THEM. NO LAWYER BUT U REPRESENT YOURSELF. U ARE FOUND WANTING EXCUTION.
we hope for the best. hope that comes soonest
This is as a result of corruption and mismanagement of resources. How many businesses have gone under because they failed to forsee and lay a plan to ensure business continues that copes and adapts to changing times. Give a Zambian k2,000 upfront to get a job done and he or she will be thinking of how much they can squeeze out of it first to sort out current pressing issues they have thereby doing a shody job rather than use it to deliver a good job to earn their pay later. Our own thinking is the reason we are like this today. Change and stretch your thinking to start seeing and planning beyond the current time, quit being limited to and by your current status because the world doesn’t end today.