NAPSA IS NOT A BANK OR A MONEY LENDER!
DR. MUSOKOTWANE AND HIS TEAM SHOULD DIRECT CONTRACTORS ON LUSAKA-NDOLA DUAL CARRIAGE-WAY TO GO TO BANKS
By Amb. Emmanuel Mwamba
■ NAPSA is NOT a Bank to lend money to any one! Including its own members,let alone contractors.
■ the scheme does NOT give loans to members including for personal loans.
■the Authority however, supports financial institutions by providing liquidity for on-ward lending.
■ Zanaco Bank, First National Bank, Finance Bank, and Zambia National Building Society have partnered with NAPSA to enable citizens access loans.
■ Recently, NAPSA invested in the Zambia Industrial Commercial Bank upto 65% shareholding.
■ NAPSA is NOT a bank under the Banking and Financial Services Act of 1994 and is NOT a Money-Lender and has NO Money-lending Licence under the Money Lenders Act Chapter 398 of the Laws of Zambia.
NAPSA INVESTMENT
We must recognise that pensions funds invested primarily in stocks and bonds, often using a liability-matching strategy.
Pension funds can also invest in the housing and infrastructure sectors through financial instruments such as shares and debt securities.
To this effect, NAPSA has a special-purpose vehicle which manages investments of its assets.
■Assets of the Authority are invested in full compliance with the requirements of relevant statutory and regulatory provision such as the National Pension Scheme Act No. 40 of 1996 of the Laws of Zambia, the Securities and Exchange Commission, Zambia Revenue Authority Bank of Zambia and the Pensions and Insurance Authority.
■ The mandate to invest funds lies with the Board of Trustees that ensures that the assets of the Fund are invested prudently. In general, the Board of Trustees ensures that investments are made exclusively in the interest of the members of the pension fund.
PENSION AND INSURANCE
Pension Funds and Insurance are financial intermediaries which offer social insurance by providing income to the insured persons following their retirement. Insurance on the other hand offer policies and annuities.
GO TO THE BANKS, LEAVE NAPSA ALONE
The structure of the Ndola-Lusaka Dual Carriage-Way project is clearly corrupt, irregular and is NOT a Public Private Partnership (PPP).
The Contractors over the Lusaka-Ndola Dual Carriage Way therefore, should be encouraged to seek financial support for their project from Banks, Development Banks, and other financial Instutions.
If Government is keen to use pensioners money, let NAPSA do the road through its investment wing. It should be given latitude to pick its own contractors and a road management agency to recover its money. It can actually partner with the National Road Fund Agency (NRFA).
President Hakainde Hichilema is actually seeking to abolish NRFA so that its work including that of collecting toll fees, can be transfered to the Road Development Agency and to private firms.
Twakana!