Business

Intermarket possession to ensure stability in sector, says BAZ

BOZ

KABANDA CHULU, Lusaka
THE Bankers Association of Zambia (BAZ) says the possession of Intermarket Banking Corporation by the central bank is aimed at ensuring the stability of the banking sector, and has since advised the public to remain calm during the transition period.
On Tuesday, the Bank of Zambia (BoZ) took possession of the bank citing low capital requirements and breaching of the law, including engaging in conduct that was deemed unsafe and unsound in banking.
BoZ further stated that the move to take over operations at Intermarket is aimed at safeguarding the interests of depositors and preserving the integrity of the financial system.
Commenting on the matter, BAZ chairperson Charles Mudiwa said the association is fully aware of the painful and difficult situation regarding the possession of Intermarket Banking Corporation Limited.
“This action taken by BoZ, while unfortunate, is an exceptional issue and is aimed at protecting the integrity of the country’s payment systems and the stability of the banking sector.
“We wish to assure the general public that the banking sector remains resilient, adequately capitalised and sound, and that during this transition, services from the other commercial banks shall remain available,” he said.
Mr Mudiwa said members of the public are advised to remain calm and make use of other sector players for their banking services.
“BAZ remains committed to ensuring payment systems’ stability, continuity of operations and quality service provision in the banking sector, despite this unfortunate event,” he said.

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