K6.41 bn stimulus funds approved

BUUMBA CHIMBULU writes
@SunZambian
OVER K6.41 billion has been approved by the Bank of Zambia (BoZ) to both commercial banks and non-bank under its stimulus package meant to ease the burden of cash flow for businesses during the Covid-19 pandemic.
In April this year, the BoZ announced a K10 billion Medium-Term Refinancing Facility to enable FSPs to support businesses and households that have being impacted by Covid-19 which has had an adverse impact on the economy.
Out of the set amount for the facility, K7.29 billion worth of applications had been received by the Central Bank as at 28 October, 2020 from both banks and non-banks.
In the latest update from the Central Bank on the stimulus package released yesterday, K6.41 billion had been approved to both banks and non-bank.
The Central Bank also indicated that: “K2.42 billion has been approved to eight non-banks and seven commercial banks.”
Among the Financial Service Providers who have so far benefited from the approved funds by the Central bank include Atlas Mara with K533 million, Indo Zambia Bank at K323.9 million and Access Bank whose amount stands at K99.80 million.
Other beneficiaries are Stanbic Bank Zambia with K494.40 million, First Capital Bank at K61 million, Absa Bank Zambia K45.20 million and K13.20 for First Alliance Bank.
Others are Microfinance Zambia K24.62 million, Zambia National Building Society K38.17 million and NATSAVE K500 million, Pulse at K74.00 million, betternow Finance K2.98 million, Izwe loans K137.05 million, Xtenda K73.97 million, Altus K3.89 million