Business

Zampost bureau de change ceases

BoZ Building.

NKOLE MULAMBIA, Ndola
ZAMPOST Bureau De Change has surrendered its trading licence to Bank of Zambia (BoZ) due to non-profit making, and 17 workers have since been separated from the company.
According to Zampost public relations unit, the bureau ceased to operate in January 2015 due to adverse conditions affecting the bureau de change sector.
In a statement in Ndola yesterday Zampost, however, said 13 bureau de change companies surrendered their licences to BoZ by December 2014.
“The challenges facing the sector have been discussed with the companies and the regulator, so the adverse conditions facing the sector did not spare Zampost bureau de change and it became a loss making,” the unit notes.
The board of directors then decided to disinvest in September 2014 and, consequently, the bureau ceased operations in January 2015.
The total number of people employed by the bureau was 17, and they have been paid their separation dues.
The unit states that while Zampost exists by act of Parliament, its subsidiaries are set up as a strategic initiative by the holding company with a requirement for delivering profitability to help resolve the many long-standing debts the firm has accumulated since 1994.


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