June 4

Central Bank of Zambia Approves k2.3 Billion for Businesses to Remain Afloat

By Kelly Njombo

THE Bank of Zambia (BoZ) has approved K2.3 billion for microfinance institutions and commercial banks to help businesses remain afloat amid the coronavirus impact.
Association of Microfinance Institutions in Zambia (AMIZ) president Jetty Lungu said loan applications valued at K4.6 billion were made by microfinance institutions and commercial banks and only K2.3 billion was approved.

“Sixty percent of the loan application approvals were from the microfinance institutions and disbursement of the funds has not yet started. Half of the funds were not approved because financial institutions need to demonstrate to the central bank how it will benefit clients,” Mr Lungu said.

Photo courtesy of Ninno JackJr.

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Coronavirus, Finance