Financial institutions urged to guide against illicit financial flows


The Central Bank has called on financial institutions in the country to remain alert and continue adhering to international best practices that are aimed at detecting illicit financial flows.

Bank of Zambia acting Assistant Director for Bank Supervision, Beatrice Kalale, said this was because of the rising criminal activities in and outside the economy.

Kalale said this during the official opening of the 9th United Bank of Africa (UBA) Chipata branch in Eastern Province on Wednesday.

She said one of the key priority areas of the Central Bank was to help preserve the integrity of the financial system and help to minimize the effects of financial flows which have the potential to taint the sector.

“As you strive to grow your clientele base, you should uphold good customer due diligence practices and procedures when onboarding customers and as part of the continuous monitoring to protect the integrity of the financial sector,” Kalale said.

She also commended the bank for the milestone and employed management to reach to customers and provide digital literacy as it services parts of the country.

On climate change, Kalale called for concerted effort to encourage farming and business practices that are sustainable and environmentally friendly.

“Climate change is becoming more prominent as most countries experience it’s effects. Climate change related risks continue to pose threats to financial system stability,” Kalale said.

UBA Board Chairperson, Tukiya Mabula, said the Banks presence in 20 African countries strategically positioned it to facilitate trade and connect Zambia to the rest of the continent.

“I therefore urge businesses to capitalize and ride on UBAs extensive touch points to conduct their businesses,” Mabula said.

She said the bank was ready to assist businesses and traders with international trade by offering services such as letters of credit, export or import finance and foreign exchange services.

Read More:Zambia ranks 10th on Foreign Direct inflows in Africa, report says

Bank Chief Executive Officer, Chinedu Obeta, said the new Chipata branch served an important role in boosting economic growth, increasing financial inclusion and supporting local business.

“The branch is ideally located in the administrative, financial and economic center of Eastern Province purposely to boost the growth and development of the region,” Obeta said.

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