Government, Zanaco stealing from civil servants

Government, Zanaco stealing from civil servants

Kindly expose the rot that is going on between ZANACO bank and PMEC. All those who obtained loans from Zanaco in 2013 have had their loans extended by more than 20 months!! This is under the pretext of interest rate changes. What is odd is that once the loan is fully paid, the loanee receives their full salary the following month as expected but deductions resume a month later. This is done without any communication to the concerned parties. The questions that beg answers are:

1. Who gives Zanaco authority to engage in a new contract without the loanee’s consent?
2. Who gives PMEC the right to remit money to Zanaco when no contract has been signed for the new period?
3. What is the formula for the new calculations that deductions should spun 20 months and more?

Furtherstill, while deductions for ZNBS are made from clients’ salaries, monies are not remitted to Building Society. Clients are unable to make withdraws going back 3 months due to lack of remittances.

It appears this government is broke to the bone and will stop at nothing to rake in any seemingly idle money, if it means stealing from already over taxed civil servants. It is high time these illegal syndicates between government and financial institutions were exposed.

Kindly withhold my ID.

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  • comment-avatar
    Owen 3 days ago

    The truth is that financial lending institutions have really reaped from citizens.It is common sense to assert that it is a syndicate.If it wasn’t the banks would not be free to act in the manner they are doing.Zanaco and Znbs are in a mess,investigate.

  • comment-avatar

    Its true for ZNBS(Zambia National Building Society) we have not received our stop holder savings for 3 month. I agree with the author 100%

  • comment-avatar
    Mpundu 2 weeks ago

    In one breath you say ZANACO; in the next you say ZNBS; which is which?