TAKEOVER OF INVESTRUST BANK BY BOZ WORRIES ZUPED
…we should strive to support local banks as opposed to having more foreign banks in Zambia
Lusaka… Wednesday April 3, 2024 (SMART EAGLES)
The Zambians for Peace Unity and Development (ZUPED) has expressed concern over the take over of Investrust Bank by the Bank of Zambia due to its insolviency.
Zambia’s Central Bank has announced the takeover of Investrust Bank PLC effective April 2, 2024 due to its insolvency.
Bank of Zambia (BoZ) Assistant Director – Communications, Besnat Mwanza, made the announcement in a statement issued in Lusaka yesterday.
But ZUPED President Ronnie Jere says this is worrying because in July last year, the Central Bank took control of a state – owned Development Bank of Zambia (DBZ).
Mr Jere said these are entities under the Industrial Development Corporation (IDC) whose chairman is President Hakainde Hichilema.
Mr Jere emphasized the need for government to support local banks as opposed to depending on foreign ones.
“With effect July 21, 2023, the Central Bank took control of the Development Bank of Zambia (DBZ), and yesterday we were notified of the takeover of Investrust Bank. Why are we failing to keep and support our local banks? Something must be done,” he said.
Mr Jere has also expressed concern over the escalating high cost of living in the country saying this needs an urgent solution.
“The levels of poverty in the country are worrying. If those who are in government are not seeing it, let them go on the ground and get first time information from the people on the levels of poverty.”
He said with the introduction of loadshedding in the country, businesses are struggling to thrive.
“This is a serious issue which should not be ignored. If big entities like banks are closing, what more small businesses? Small business holders are struggling to keep their businesses, the likes of saloons, baber shops, welders and others; they are closing down.”
He hoped that homemade solutions and measures will be found by the government in order to deal with the current challenges in the country.