Govt’s micro finance body plans worry ZICA

ZICA president Frederick Banda has expressed concern over government’s intention to create a microfinance lending institution where civil servants can borrow money at five per cent interest.

And acting finance minister Robert Sichinga has appealed to accountants to help the government create employment for about five million youth.

During the Zambia Institute of Chartered Accountants (ZICA) annual ball at Zambezi Sun Hotel in Livingstone on Saturday, Banda opposed government’s plan to create a microfinance institution for civil servants, questioning why civil servants should be made to borrow at interest rates lower than the cost of capital.

He said civil servants should participate in the mainstream economy by borrowing from commercial banks like any other citizen.