Worthless Kwacha affects CIMA, ACCA students

Worthless Kwacha affects CIMA, ACCA students

Students sitting for courses examined in UK such as Association of Chartered Certified Accountant (ACCA) and Chartered Institute of Management Accountants (CIMA) are feeling the effect of a worthless Kwacha.

To sit for CIMA or ACCA exams you have to be pay exam fees in British Pounds. Exams are due this and next Month, June. But with the Kwacha having lost value to the British Pound, students from poor families will have to either defer the exams or just pull out.
According to the Bank of Zambia http://www.boz.zm/
Screen Shot 2014-05-05 at 07.33.24rates published last Friday, you now need K10, 700 Zambian Kwacha (K10. 70 ngwee PF money) to buy one British Pound.
When the MMD handed over power to PF, one pound was worth K8, 000.

Students sitting for CIMA exams are required to pay between £69 and £108 per exam paper. Students take between 3 and five exam papers. For those who do not have credit or eligible debit cards, they also need to pay money transmission fees through bank drafts.

Lets say one student is taking three courses at £100 each. It means they have to pay K3, 229 (PF money). Yet, if the PF had managed to maintain the exchange rate where MMD left it, such a student would only have been required to pay K2000.

K3, 200 is nothing for government officials and their children, but to most Zambians it is beyond their reach.
Said one student who has failed to raise the fees;
‘I have no choice but to defer my exams to December because my parents have no money. They had to pay for my younger brothers and sisters, as you know school have just opened.
‘So I have to wait and maybe by December we shall raise the money. But of course that means additional costs as I have to continue studying and there is no guarantee that come December I will have the money. And I cant find even a part-time job.’

Share this post