Story of the Day
The Chief Executive of Zambia’s largest financial technology company, Probase Limited, has stated that the sector is forecast to process over K200 billion worth of transactions in 2022. “The Fintech landscape in Zambia has grown tremendously over the years, and the Fintech activities range from but not limited to; digital payment platforms, mobile money, system integration, alternative finance and financial management all with the aim of aiding their clients with financial technology”, said Roy Muyelu, Founder and CEO of Probase and current Chairperson of the influential and newly established fintech body Payments Association of Zambia on 22 Sept 2022. “Last year mobile money payments accounted for K170 billion worth of transactions and this year we are on track for K200 billion for the first time ever.” Read more
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Zambia has agreed with Vedanta Resources Limited to pause hearings on their dispute over Konkola Copper Mines for six months and seek an “amicable settlement”, state mining investment firm ZCCM-IH said on Tuesday. Zambia in May 2019 handed control of KCM to a state-appointed provisional liquidator, triggering a protracted legal battle with owner Vedanta. Zambia’s mines minister said in July that he had told ZCCM-IH to seek an out-of-court settlement. Read more: Mining
The Southern Africa Swiss Business Hub, the representative of the Switzerland Global Enterprise (S-GE) and based at the Embassy of Switzerland in Pretoria, says it is considering investing in Zambia due to the country’s economic turnaround and a conducive business environment. Head of Swiss Business Hub-Southern Africa Stephanie Labite, says the hub wants to spread its business tentacles across Southern and East Africa, supporting Small and Medium-Sized Enterprises (SMEs) and that Zambia is up the pecking order on its plans. Ms. Labite said this in Pretoria during a business meeting with Zambia Acting High Commissioner to South Africa Inonge Mwenya. Read more: The Independent Observer
Government says it will continue to strengthen bilateral ties with Saudi Arabia in the promotion of Zambia’s sustainable development and economic growth. Information and Media Minister Chushi Kasanda says Government will continue to foster relations with the Saudi government as a way of creating synergies that will enhance development and create opportunities for people in both nations. Kasanda said this when she graced the Saudi Arabia 92nd National day in Lusaka. Read more: MENA FN
Ukheshe’s SME in-a-box solution is making tangible changes to the lives of millions in Zambia through a partnership with Digital PayGo, improving financial inclusion and enhancing business dealings for entrepreneurs. Digital PayGo, a local Zambian fintech driving a mobile-first approach, enhancing the digital payment space for SMEs, is the first partner to utilise Ukheshe’s SME in-a-box solution to its fullest extent and provides a range of virtual financial services to its customers. Read more: IT News Africa
Zambia is expediting the formulation and enactment of a law to regulate carbon markets and insure the creation of an environmental integrity and allow the country to benefit from the proceeds. The government in collaboration with various players are finalising the bill that will facilitate the enactment of the law in parliament to among other objectives, strengthen coordination of the response to climate change; enhance the regulation of carbon markets including ensuring environmental integrity and benefit sharing in the proceeds of the carbon markets with local communities. Read more: Farmer’s Review Africa
International Business and Finance
The International Monetary Fund has openly criticised the UK government over its plan for tax cuts, warning that the measures are likely to fuel the cost-of-living crisis. In an unusually outspoken statement, the IMF said the proposal was likely to increase inequality and add to pressures pushing up prices. Markets have already raised alarm over the plans, sending the pound plunging. The government says the measures will kickstart economic growth. Read more: CNBC
China’s yuan has hit fresh record lows against the surging US dollar. The internationally-traded yuan fell to its lowest level since data first became available in 2011. China’s domestic currency also reached its weakest point since the 2008 global financial crisis. It comes as the dollar continues to rise in value against other major currencies, after the US central bank increased interest rates again earlier this month. Read more: BBC News
Some of Wall Street biggest companies have been fined a total of $1.8bn by US financial watchdogs after staff discussed deals and trades on their personal devices and apps. The Securities and Exchange Commission (SEC) says the investigation uncovered “pervasive off-channel communications”. Barclays, UBS and Goldman Sachs were among the 16 firms named by regulators. The sweeping industry probe is a landmark case for the SEC and Commodity Futures Trading Commission (CFTC). Read more: BBC News
The Central Bank of Nigeria has revised the country’s interest rate and raised it from 14% to 15.5%. The interest rate was revised by the policy-setting committee of the CBN. They raised the monetary policy rate (MPR), which measures the interest rate, in an attempt to secure the money market within an economy. The decision to increase the interest rate was driven by the widening rate of inflation both in local and foreign markets. This is the third time the bank is raising the benchmark interest rate in five months. The apex bank had raised the interest rate from 11.5% to 13% back in May, and in July, the interest rate shot up from 13% to 14%. Read more: Business Insider
Capital Markets Report
In 112 trades recorded yesterday, 150,222 shares were transacted resulting in a turnover of K575,888. A share price gain was recorded in Zanaco of K0.20. Trading activity was also recorded in AECI, Copperbelt Energy Corporation, Chilanga Cement, Real Estate Investments Zambia, Zambia Breweries, Zambeef, ZAMEFA, Zambia Sugar, and ZAFFICO. The LuSE All Share Index (LASI) closed at 7,341.42 points, 0.90% up from its previous close of 7,275.08 points. The market closed on a capitalization of K72,887,568,846 including Shoprite Holdings and K38,104,883,406 excluding Shoprite Holdings.