LUANGWA ‘BANKLESS’ AFTER INVESTRUST COLLAPSE

Luangwa Town Council secretary Steven Malenga has appealed to the banking sector to open branches in the district following the collapse of Investrust Bank.

Mr Malenga said the council has recorded a decline in revenue collection and business activities have come to a halt following the bank’s closure.

He said the council is unable to collect levies from businesses due to the restriction of the accounts held at the defunct bank.

“The entire district is affected. All Luangwa Town Council accounts, including CDF accounts, were held at the only bank in the district, and many civil and businesses are unable to operate, [we] have experienced fuel shortages, the only two filling stations in the district have run out of stock, they are unable to make transactions due to this development,” he said.

Zambia Daily Mail