There is no need for BoZ to give Stanbic Covid relief funds

There is no need for BoZ to give Stanbic Covid relief funds

Stanbic Bank, a branch of Standard Bank of South Africa says it will be given part of the K10 billion relief fund provided by the government of Zambia through the bank of Zambia.

This is not acceptable. Stanbic does not need relief from the Bank Zambia. It is time Zambia learns to protect indigenous business owned by Zambians. The money from the bank of Zambia should provide relief to Zambian companies. Stanbic operates in Zambia but it’s a South African bank. It is in Zambia to make profits for its shareholders, owners in Johannesburg. It is not here to help Zambian bankers. To say that Stanbic wants to access part of the K10 billion to help Zambian struggling businesses is the the usual bull…. Stanbic is not a charitable organisation and it is not parastatal. Their prime objective is to make profit. It is not to empower Zambians . Where they put money, the expect profit. Where they don’t receive profit, they grab property. The bad record of Stanbic on how it treats Zambian customers who fail to back is in public domain.

If the government of Zambia wants to provide relief to Zambian companies that have been negatively impacted by the Covid 19, it should give this relief directly to the victims. The Bank of Zambia can give this money to the Citizens Economic Empowerment Commission (CEC) to disburse to Zambian companies. We know CEC is not a good project as it is run corruptly and on tribal basis, but it still has a semblance of an organisation designed to help Zambians. In that regard, it can’t be compared to Stanbic. If the government wants to channel this money through banks, they should give Zanaco, Natsave and Indo- Zambia bank where the people of Zambia have a stake. Besides, Stanbic has already received financial assistance from its home government of South Africa. It can not try to steal even the little meant for local institutions. The people at Bank of Zambia should be patriotic for once and be able to resist bribes from Stanbic.

 

Zambian companies matter

Share this post