Read time: 3 minutes

Zambia’s Pensions Authority invests in MTN

By , ITWeb’s Zambian correspondent.
Zambia , 22 Dec 2020

Zambia’s National Pensions Scheme Authority (NAPSA) has acquired 8% shares (valued at ZMK287-million) in MTN Zambia.

In a media statement released by NAPSA, the Authority’s director general Yollard Kachinda said his organisation attaches importance to the development of telecommunications and that the extension of mobile network coverage to remote areas enhances financial inclusion by supporting widespread mobile money usage.

Kachinda said the mobile phone is no longer just a tool for communication, but an important component in trade and commerce.

He added: “For us at NAPSA, telecommunications technology has not only helped us to drastically improve service delivery to our members through the introduction of mobile-based services, but has also enhanced efficiency in the overall management of the scheme, leading to increased customer satisfaction. The technology has greatly helped us in extending social security coverage to the informal sector by simplifying on-boarding and payment processes. It is for this reason that we have put telecommunication as a key growth sector in our investment strategy.”

MTN Zambia CEO Bart Hofker said the company’s alliance with NAPSA reflects a shared vision with government to o make MTN a truly Zambian- owned company and to continue to contribute to the local economy.

Hofker said: “As part of our undertaking to the Zambia Information and Communications Technology Authority (ZICTA), 8% of our shares are now held by NAPSA and this was done by private placement process. As MTN Zambia, we are always looking for innovative ways of giving back to our citizens because we realise that, in this highly competitive industry, Zambian citizens are more than key and they are simply the reasons for our success as MTN Zambia.”

ZICTA regulation compels all foreign-owned telecom companies to have 10% of shares held by Zambians, and MTN was the only foreign-owned operator in the country that had not complied.

Read more
Daily newsletter