BANKING SECTOR ASSETS PEAK K150.5 BN …first quarter outlay

DELIBERATE pol- icy action to stop Ponzi and Pyramid schemes from re- branding and continue their operations is needed, says Bankers Association of Zam- bia. million in 2019, respectively. “Despite South Africa be- ing one of Zambia’s biggest trade partn

Out of this figure, only 25 percent were Non-Tradition- hanced awareness al Exports (NTEs). with a similar product under a but also need support to be

The export market con- different company name. backed by policy so that if a tinues to be one of the key “There are a lot of organ- company is known, it should markets which would propel isations that are Pyramid be able to be flagged com- growth in the Zambian man- or Ponzi schemes, and the pletely and not rebrand or op- ufacturing sector, Zambia moment they are flagged, erate illegally,” she said.

THE Association banking sector of assets Manufacturers

there may be need for a de- Meanwhile, BAZ Fraud Pre- increased by 9.5 percent to (ZAM) close the first president, quarter at Ezekiel Se- liberate policy action to stop vention and Security Com- K150.5 kele, billion, said indicating in Lusaka a recently. percent, largely influenced by the

these companies from simply mittee growth Member, in assets Saviour positive growth owing to digital A Mr platform Ponzi Sekele adoption. scheme said is the a market fraud- re-branding and continuing Musonda, On the overall recently financial indicated

performance and condition for The sector non-traditional sustained the flow export of ulent credit as investment reflected by the scam prom- their operations. that Commercial of the banking sector banks for the were 3.8 ising remained percent high growth rates large, in net of loans especially return with in “This is because they re- working around the clock, en-

first quarter of 2021, Ms Zimba and advances, says Bankers indicated that it remained

countries risk to such investors. as South Af- Association little of Zambia (BAZ) brand and come back with a hancing satisfactory, security with profitability while others Public rica On Relations and the the Officer, other United Miriam hand, States a pyr- of similar product under a differ- were changing systems in an

more than doubled and boosted Zimba. regulatory capital through

amid America scheme (USA). is

Responding to a press a business ent company name,” Ms Zim- effort retained to fight earnings. fraud. query, model This Ms Zimba that was said recruits because the members South Af- ba said in an interview. Mr Musonda said fraud

She explained that both primary credit flow was funded by and total regulatory capital

rica a and promise USA imported of payments goods or deposit via liabilities and new Ms Zimba believed that was revolving adequacy ratios, and at 17.3 becoming percent disbursements services from Zambia for under enrolling the of which others NTEs having a regulation in place sophisticated each day and

and 19.7 percent, respectively,

Targeted Medium Term remained above the minimum

comprised the scheme, of 91.6 rather per cent would protect consumers. therefore mitigating

Refinancing into Facility (TMTRF). than regulatory Sekelele

capital requirements it needed of supplying and The Bank 100 of Zambia percent, investments (BoZ) respectively. or sale “We need something which concerted effort.

5.0 percent and 10.0 percent. in April last year put in place “The higher profitability was the of K10 product. He billion said TMTRF this to at assist the Zambia’s is regulatory in nature either He

largely said on account institutions of interest were with Exporters BAZ Public Awards Relations 2021. Offi- from the Ministry of Finance, alive liquidity to businesses and income, impairment loss

statistics to the showed risks associated that NTEs individuals during the Covid-19 write-backs on account of period. cer, Mr Mirriam Sekele Zimba, pointed observed out that the Bank of Zambia or other with

improved fraud economic were outlook working and

to SADC and AGOA have ris- that Zambia Ponzi had and larger Pyramid export regulatory bodies. around the clock, enhancing

“In terms of growth, the Government securities maturities. banking sector assets remained largely favourable, She explained that the increase en sharply In addition, non-interest in the past income decade increased schemes volumes security particularly, controls, realised while foreign others by 9.5 were to South in the Africa habit as Bank than of Zambia percent to continued “We are calling was noted in for balances en- with

Monday close to the first USA, quarter which at K150.5 was to provide about liquidity support to financial institutions abroad by and exchange now account gains were higher for 95 per billion. 28,

the financial sector through the 18.1 percent and Government and the sector recorded lower

US$200 million and June 2021

TMTRF,” US$22 Ms Zimba

“Liquidity conditions said. securities investments by 9.6 cent operating 96 per costs,” cent Ms Zimba of the said. total