ZANACO in shambles, shareholders advised to be cautious

ZANACO in shambles, shareholders advised to be cautious

Screen Shot 2014-01-31 at 07.18.11As ailing dictator Michael Sata goes for medication in London after firing nurses and acting President who is also Finance Minister Alexandra Chikwanda is busy contracting debts, ZANACO PLC the country’s largest bank in terms of branch network is on intensive care, courtesy of the Patriotic Front Corruption.

For the past three days ZANACO services have been inaccessible. The reason is because some PF cadres linked to ZANACO irregularly procured and installed a new Software called Flex Cube that has brought more harm than good to the financial sector.

ZANACO is trying to change from version 11 of Flex Cube to version 12.

Part of the problem arises from the fact ZANACO did not run a parallel programme but instead immediately cut off the existing facility but the new system is defective.

Had ZANACO gone for a parallel arrangement, depositors could have been depositing money in a new account and old account.

The development has led to most people failing to withdraw money to pay for School fees or buy food.

Late last year, the Zambian Watchdog carried a story that ZANACO was going to face serious technical challenges because some PF cadres in association with some members of ZANACO management had corruptly procured a software that they hurriedly wanted installed.

On another scale, ZANACO is facing policy uncertainties due to the commission of Inquiry whose findings were never communicated to shareholders.

In its early days and out of excitement, the PF regime appointed a commission of inquiry to investigate how ZANACO was partially privatised in 2007.

This was just one of the numerous commissions of Inquiry Sata appointed but amounted to nothing apart from wasting public money.

Sata is hiding the findings of such inquires because they did not find what he wanted or what is pleasing for his politicking.

But Sata being illiterate has no idea how sensitive banks are.

ZANACO management issued a statement a few weeks ago advising its shareholders to exercise caution when dealing with the bank because nobody knows what will happen to the bank after the report is released.

In short, shareholders are being told that maybe ZANACO will be reposed like Zamtel.

See the advert published in Zambian Newspaper earlier this month.

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