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PRESS STATEMENT FOR IMMEDIATE RELEASE
3rd October 2023
Access Bank Zambia Managing Director Lishala C. Situmbeko has recommended that the proposed levy on mobile money transactions be implemented in a way that will not disadvantage local players.
Mr. Situmbeko said the introduction of levy on mobile money transactions should not disadvantage local players on the market because the sector has created many jobs for young people and has contributed to the growth of the economy.
He said this on Friday 28th September 2023, during a panel discussion at the Zambia Institute of Chartered Accountants (ZICA) 2024 National Budget Analysis Dinner, where Minister of Finance and National Planning Dr. Situmbeko Musokotwane was guest of honor.
The Minister, earlier in the day presented the 2024 National Budget in which the government has proposed an introduction of tax levy on mobile money transfer transactions ranging from K0.08 to K1.80.
“Whenever a sector is experiencing exponential growth, it naturally attracts the attention of tax authorities. Mobile money transactions are a key economic activity and the introduction of levy on mobile money transactions is an anticipated direction.” Mr. Situmbeko said.
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The Access Bank Managing Director who described the 2024 National Budget as cautiously optimistic commended government for being consistent in its articulation of policies which prioritize production. Mr. Situmbeko said policy consistency creates a stable environment, which is good for business.
“The amount of time and depth spent by Dr. Musokotwane discussing agriculture, mining, manufacturing, and tourism is a clear indication of the government’s deliberate efforts to create a sustainable and enabling environment to spur production in these sectors.”
“When you look at agriculture, mining, manufacturing, and tourism, there is an immense potential for these sectors to play a part in contributing to economic growth,” he said.
On mining, the Managing Director said there is need to tie down the value chain within the sector so that benefits can trickle down to citizens. Access Bank Zambia is ready to support value chains in mining, and other sectors through our Distributor Credit Programme (DCP), a financing programme designed to provide flexible working capital, asset, and trade financing to Distributors of all Large Corporates across different sectors in Zambia.
Mr. Situmbeko is confident that once issues surrounding mining and debt have been addressed, there will be a positive impact on the economy.
Dr. Musokotwane last Friday, presented a K177.9 billion National Budget which Members of Parliament will debate before it is approved.
Ends…
Issued By Kalumbu Nyikosa-Kearns
Head – Corporate Communications and Brand Management
Email: kearnsk@accessbankplc.com
Mobile: +260 764 902469
