Story of the Day
Pan-African cross-border payment app Chipper Cash is set to acquire Zambian fintech company Zoona Transactions International, according to a statement shared with TechCabal. This acquisition will allow Chipper Cash, which has a self-reported user count of 5 million, to add new online services and a new agent network to its offerings. This move is also an expansion strategy by the company into Zambia. Read more
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The Economic Intelligence Unit’s report on Zambia has projected that the country’s mining sector will expand rapidly after the debt restructuring deal is reached. According to the latest EIU report, revenue was expected to rise steadily as a proportion of GDP as mining sector output and growth in the non-mining economy strengthen. Read more: News Diggers
Minister of Technology and Science Felix Mutati says government wants every corner of the country to have network connectivity by 2024. Speaking, Saturday, Mutati said the government realised US$41 million from its recent auction of spectrum, and was therefore reinvesting the same funds in rural areas. Read more: News Diggers
The Securities (Amendment) Bill passed through the Second Reading stage on Thursday, after Finance and National Planning Minister Dr Situmbeko Musokotwane refused to withdraw it. The parliamentary committee for planning and budgeting rejected the Securities Amendment Bill on grounds that it contained provisions that may be detrimental to the proper functioning of capital markets by expanding the Commission’s powers while reducing its accountability in how it conducted its mandate. Read more: News Diggers
MTN Zambia on Friday became the first mobile operator in the country a to offer 5G services commercially, after undertaking trials of the transformative technology over the past 11 months. Zambian president Hakainde Hichilema presided over the launch of the network at Mulungushi International Conference Centre in Lusaka. “The launch of this ultra-fast communication capacity serves as a clear indication of MTN’s commitment to being a major player in Zambia’s digital economy,” said MTN chairman Mcebisi Jonas. “We look forward to continuing to work together to meaningfully impact the growth and development of Zambia.” Read more: Gadget
As the world looks to transition away from fossil fuels, and governments around the world increase investment in low-carbon energy, the security of the supply of critical minerals is top of mind. To meet global net-zero and decarbonisation targets, countries will require stable and significantly larger supplies of minerals and metals critical for the energy transition. Zambia is in a position to benefit from the growing demand for copper to support the global energy transition. The country is politically stable and it has large reserves of copper, in addition to a long history of copper mining. Read more: Mail & Guardian
The Bank of China Zambia Ltd. celebrated its 25 years of banking services in Zambia as a bridge facilitating the ever-growing economic and trade exchanges between the two countries. During the celebration event held on Friday, the bank’s managing director Wang Qi said the bank is proud of its 25-year service in Zambia and pledged that the bank will continue to provide strong and ardent support to the country’s economic development. Read more: MSN
International Business and Finance
African leaders meeting in Niger’s capital Niamey have called for a doubling of efforts to promote industrialization in Africa. The leaders including Nigeria’s Muhammadu Buhari, Rwanda’s Paul Kagame and Zimbabwe’s Emmerson Mnangagwa made the call during an Extraordinary Summit on Industrialization and Economic Diversification. The leaders also urged increased private sector participation areas such as agriculture, agro-industry, health, education, infrastructure, and especially energy, which are key to advancing industry. Read more: Africa News
The South African Reserve Bank’s monetary policy committee (MPC) has lifted the repo rate by another 75 basis points, marking the sixth consecutive hike in a year. Two of the five committee members preferred a lower 50 basis point hike. The repo rate, which affects the cost of borrowing, now stands at 7%, higher than its level before the Covid-19 pandemic. Speaking after the announcement on Thursday, Reserve Bank governor Lesetja Kganyago said he still believed that the policy stance remained accommodative, supporting credit growth while also tackling elevated inflation. Read more: Mail & Guardian
The US has banned the sale and import of new communications equipment from five Chinese companies, including Huawei and ZTE, amid concerns over national security. Other companies listed include Hikvision, Dahua and Hytera, which make video surveillance equipment and two-way radio systems. It is the first time US regulators have taken such a move on security grounds. Read more: BBC News
Capital Markets Report
In 9 trades recorded Friday, 38,701 shares were transacted resulting in a turnover of K78,413.00.A share price gain of K0.01 was recorded in Zanaco. A share price loss of K0.01 was recorded in CEC Africa on the quoted tier. Trading activity was also recorded in CEC Zambia, Standard Chartered Bank Limited, Zambia Breweries, and Zambeef. The LuSE All Share Index (LASI) closed at 7,167.78 points, 0.05% up from it’s previous close at 7,164.46 points. The market closed on a capitalization of K72,131,729,852.84 including Shoprite Holdings and K37,349,044.412.84 excluding Shoprite Holdings.