Standard Chartered Bank Zambia Launches International Banking

By Daily News Reporter

Standard Chartered Bank has today launched its International Banking (IB) product offering. Through International Banking, the Bank will now offer its Zambian clients with access to global banking products and services offered in international financial centres including the UAE and the UK, amongst others.

Speaking during the launch of International Banking (IB), Standard Chartered Bank Zambia CEO, Sonny Zulu, stated that the introduction of IB in Zambia marks a significant milestone for Standard Chartered and signals a profound promise to cater to the evolving needs of its valued clients in Zambia.

“This is a pivotal moment for Standard Chartered Bank Zambia as we fortify our commitment to our clients by providing them with access to global financial opportunities. And it will enhance our ability to offer tailored solutions and an expanded array of products that cater to diverse investment requirements, positioning our clients for sustained success on the international stage.” Zulu Said.

He further added that the launch aligns seamlessly with "Here for Good" proposition, emphasizing our unwavering dedication to the Zambian market as a pivotal hub for growth and prosperity.

“It is the only international bank offering both retail and corporate banking, as well as our long-standing heritage and global network, Standard Chartered is ideally placed for a prominent role in this ever-expanding market,” he said.

The CEO expressed his enthusiasm for the unprecedented value that International Banking services will deliver to clients, empowering them to navigate the global financial landscape with confidence and ease.

“Our newly introduced IB services which offer a wide array of benefits, which include but are not limited to, recognition of clients' international status, opportunities to grow wealth internationally, and the convenience of seamless banking through features such as multi-currency account opening and global fund transfers. Additionally, clients can leverage the ability to own property overseas, among other advantages,” he added.

Mr. Zulu, also added, “We are the go-to bank for wealth and investment solutions based on our network and global expertise. The IB services will empower clients to diversify their investments and unlock unprecedented opportunities by tapping into Standard Chartered Bank’s renowned offices in London, Dubai, Singapore, Hong Kong, China and India. We encourage local communities to come on board and enjoy these services.”

Standard Chartered was the first bank to open in Zambia 118 years ago. The Bank is firmly committed to promoting economic growth by offering affordable and convenient products to its clients.                                              

 ZMA TO ENSURE ACCURATE MEASUREMENTS IN ALL SECTORS

 

“The agency will continue enforcing the provisions of the Metrology Act No. 6 of 2017 through meticulous statutory compliance inspections, covering both locally produced and imported prepackaged commodities” Nkobeni

 

By Daily News Reporter

 

The Zambia Metrology Agency (ZMA) has played a crucial role in 2023, ensuring accurate measurements across various sectors and safeguarding consumer rights.

 

From maintaining national standards to inspecting pre-packaged goods, their efforts have impacted trade, agriculture, and daily life for Zambians

This is in line with their outlined strategic objectives in the 2022-2026 Strategic Plan.

 

The agency ensures that the scale used to measure the products are standardized and not fine tuned to suit the seller or the other way round. This cuts across different fields from agriculture, mining to the petroleum industry.

 

And ZMA has plans to broaden its services, which include electric meter testing, installation of electric vehicle charging points, water meter testing, and enhancements in healthcare and road safety management.

 

Speaking to the during ZMA’s media interaction in Lusaka, ZMA executive director Humphrey Nkobeni expressed appreciation for the support received from the board of directors, governmental ministries, media, and the public.

 

Addressing concerns spanning various sectors such as construction, manufacturing, petroleum, and agriculture, ZMA implements a range of enforcement measures, from guiding SMEs towards compliance to resorting to fines and prosecution as a last resort.

 

Challenges encountered by ZMA include adapting to evolving technology and securing adequate resources, yet opportunities emerge in advocating for precise measurements to strengthen fair trade practices.

 

In the petroleum sector, ZMA prioritizes improving compliance, ensuring the use of approved measuring instruments, and rectifying measurement discrepancies. Similarly, it supports the construction sector by ensuring adherence to standards in infrastructure projects.

Prompt reporting of consumer complaints facilitates enforcement actions, supported by automation to enhance operational efficiency and reduce turnaround times.

 

The agency surpassed annual targets in key areas like non-tax revenue, verifications, and inspections and over 51,700 measuring instruments were verified for accuracy, exceeding the set target.

 

And the achievements of the agency in maintaining national measurement standards, accrediting five laboratories to international standards, and providing calibration services for over 3,300 measuring instruments.

 

It will also continue to provide top-notch metrology services across the nation and the agency ensured that five (5) of its laboratories were accredited to the Quality Management System.

 

He further added that the agency will continue enforcing the provisions of the Metrology Act No. 6 of 2017 through meticulous statutory compliance inspections, covering both locally produced and imported prepackaged commodities.

 

"Through a meticulous risk-based inspection approach, comprehensive inspections were conducted on both locally produced and imported prepackaged commodities at various stages such as importation, manufacturing, or through market surveillance." He added.

 

He said locally produced pre-packaged goods achieved a 95% compliance rate, reflecting improvement from previous years, and 98.6 percent of imported pre-packaged goods and 100 percent of imported measuring instruments adhered to regulations.

 

Meanwhile, the agency also responded to consumer complaints, leading to 26 enforcement actions, including product seizures, cautions, and fines.

 

So far the agency received a combine 39 consumer complaints mainly from petroleum, manufacturing, construction, and agriculture and the complaints were coupled with the agency’s planned inspections led to 26 enforcement actions, resulting in some product seizures, cautions, and fines.

 

Standard Chartered Bank Zambia Launches State-of-the-Art Priority Centre Branch

 

By Daily News Reporter

 

The Standard Chartered Bank Zambia has officially launched an ultra- modern Priority Centre at its iconic Head Office building-a pioneering step in the evolution of banking excellence. The exclusive Priority Centre branch represents a paradigm shift in the realm of affluent banking, setting a new precedent for client-centric services in Zambia.

As the first of its kind in Africa and only second to Hong Kong in its design, the branch embodies modernity, convenience, and sophistication, reflective of the bank's unwavering pursuit of innovation.

Speaking during the launch, Standard Chartered Bank Zambia, CEO, Sonny Zulu, stated that the new facility is expected to offer world class services to the Bank’s priority client segment in a unique and modern environment. 

 "The launch of the Priority Centre branch is a proud moment for the Bank as we continue to demonstrate our commitment to innovation and excellence in client service. This new branch reflects our dedication to offering world-class services, and we are delighted to present our clients with an environment that not only facilitates banking, but also encourages wealth growth and financial success,” he said.

Highlighting the Bank's unwavering commitment to Zambia, Sonny reaffirmed the bank’s continued investment in the country.   "As Zambia’s only international Bank (Retail and Corporate), we are deeply committed to Zambia and its potential for growth and prosperity. This new investment in the form of the Priority Centre branch is a testament to our belief in the country's future. We don't just want people to Bank; we want to offer solutions that enable our clients to grow their wealth and conduct their banking in an environment such as this,” Sonny explained.

The CEO added that the launch of the Priority Centre branch signifies a pivotal moment in the Bank's journey, as it continues to revolutionize the banking landscape in Zambia by delivering unparalleled experiences to its esteemed clients.

The spacious and modern design of the Priority Centre aims to foster meaningful engagements between clients and Relationship Managers, facilitating seamless and personalized banking experiences. By embracing this progressive approach, Standard Chartered Bank Zambia has reiterated its commitment to offering world-class services, setting the benchmark for exceptional client care and financial solutions.

 

“LET US QUICKLY ADDRESS THE ISSUE OF AI THROUGH FAIRNESS AND RESPONSIBIVE WAY”

“Artificial Intelligence has taken the digital world by storm and it will also have serious implications for consumers safety and digital fairness………………………” Fwoloshi

By Daily News Reporter

Zambia this year will join the rest of the world in commemorating the world consumer rights day which will fall on the 15^th of March 2024 and under the theme” Fair and Responsible AI for consumers”,

Speaking to the media in Lusaka Consumer Protection Organizing Committee Chairperson Ms. Kutemba Roselind Fwoloshi and NHIMA Membership and Contribution Manager said that Artificial Intelligence has the potential to enhance consumers ‘purchasing decision –making process by providing them with personalized recommendations based on the their preference and past behavior.

“Businesses can leverage AI to detect fraudulent activates and safeguard consumers against scams and phishing attacks,” she said.

She also stated that they is potential misuse of AI and traders may use it to manipulate consumer behavior that are not in their best interest of the consumers and its crucial for consumers to be informed of their consumer rights and traders or business outlets to be transparency in their use of AI.

“As consumers it is for us to understand what AI is, how it works and its impact on our lives in order for us harness its significance” Fwoloshi said.

She has further urged all consumers and the general public to ensure that they is transparency and accountability in AI systems and to safeguard consumer privacy and data protection in the collection, processing and use of personal information by AI technologies.

“’let us all commit ourselves to promote fair and responsible AI for the benefit of all consumers”’ she said

And CCPC Director Consumer Protection Mrs. Eunice P. Hamavhwa added that Zambia has maintained the highest bar in being part of this world Rights consumer day which has necessitated by the global call to protect consumers from unfair business practices and to have access to safe, quality goods and services,

“This day will highlight its need for various stakeholders to work together to promote consumer rights and address consumer concerns and we feel the move for Zambia to commemorate this day create  a platform for enhanced consumer awareness,” Hamavhwa said.

She said that with the drive of both the private and public sectors to digitize services in Zambia and there has been an increase in the use of advanced technology tools across all sectors of this country’s economy.

 

 

OPPOSITION MPS WARNED

By Daily News Reporter

Parliamentary Chief Whip Safford Mulusa warned independent and opposition Members of Parliament to desist from issuing media statements on the conduct of the house as it is a breach of parliamentary etiquette.

He noted that recently some independent Members of Parliament held a press briefing, who questioned the impartiality of the Speaker was unfortunate as there is a procedure for them to have their queries handled.

He has also condemned Lumezi Independent Member of Parliament MUNIR ZULU who recently insinuated that members of staff at the National Assembly are from the Zambezi region.

 

 

ZICA TO CONTINUE TO HIGH STANDARD OF ACCOUNTING AND TAXATION PRACTICE

By Daily News Reporter

The Zambia Institute of Chartered Accountants - ZICA Has said that it will continue to promoting high standards of accounting and taxation practice in Zambia.

Speaking during the official opening of ZICA tax updates workshop in Lusaka which aims of providing attendees with the latest information and guidance on tax laws and regulations that affect businesses and the accounting profession, ZICA Chief Executive Officer, Anthony Bwembya said Compliance with tax laws is the cornerstone of good corporate citizenship for businesses and unwavering patriotism for a professional accountant.

Bwembya said ZICA recognises this crucial role that accountants and the business community play in the tax value chain adding that tax collection process is incomplete without accountants and as such, ZICA will always endeavour to keep its members abreast of the latest developments in tax legislation. "This is the reason why tax workshops will continue to be an annual feature on the institute's CPD calendar."

Bwembya said the workshop was designed to be interactive and fit-for-purpose, aimed at achieving dual objectives of raising tax compliance and maintaining professional knowledge and skill at the required level.

"Our nation is confronted with many constraints hampering our attempts to increase tax revenue. The high proportion of the informal sector, coupled with high levels of debt and the structure of the economy, have a severe bearing on the domestic tax effort." He said.

“Through this ZICA workshop is to provide a platform where businesses and accountants can learn and interact directly with policy setters, policy enforcers, and tax experts." Said Bwembya.

The event featured resource persons and facilitators from EY, KPMG, PwC, ZRA, BOZ, Ministry of Finance and Ministry of Justice, who are experts in their respective fields and shared their expertise with attendees, and provided a platform for businesses and accountants to learn and interact directly with policymakers, policy enforcers, and tax experts.

 

REA APPROVES K594 MILLION BUDGET FOR RURAL ELECTRIFICATION PROJECTS IN 2024

By Daily News Reporter

The Rural Electrification Authority -REA- Board of Directors has approved a K594, 214,177 budget for the implementation of rural electrification projects across the 10 provinces of Zambia. 

Speaking to the Media in Lusaka, REA Chief Executive Office Linus Chanda said with this budget, the authority will undertake 48 new grid development projects, 8 new off-grid renewable energy projects in 2024 and will complete 64 grid development projects which commenced in 2023.

Engineer Chanda further said that the new off grid renewable projects that REA which will undertake include solar for health project, solar for agriculture, solar for markets, solar for chief’s palaces, solar for households, biogas digesters, solar mini grid network at Ntatumbila in Nakonde district and expansion of the grid at the 640kw Kasanjiku Mini-Hydro Power plant in Mwinilunga district.

He has revealed that cumulatively, all projects to be undertaken by the authority will yield into 28,389 households, 252 schools, 206 rural health centers, 57 markets, 115 chiefs’ palaces and 39 other public facilities that include local courts, police stations, immigration offices, agriculture camps, and national assembly offices.