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SPEECH BY THE ZUFIAW GENERAL SECRETARY AT
THE ZANACO SIGNING CEREMONY, 17TH MARCH 2025

The Chief Executive Officer
Senior Management
The Deputy General Secretary Org and Rec
The Chairperson of the Bargaining Unit
The Delegation Leaders
Branch Leaders
Union Members
The Media

Ladies and Gentlemen

CEO let me express my gratitude for being part of this
ceremony today which symbolizes both the Union’s and
the Bank’s commitment to collaborating as social partners
in ensuring that the employees of the Bank have
favourable and competitive salaries and other Conditions
of Service. ZUFIAW remains committed to enhancing the
partnership we have enjoyed for many years. On behalf of
the National Executive Council and indeed on my very own
behalf, we wish to thank you for the support rendered to
the Union during our 2024 Bi-Annual Conference and the
ZUFIAW@63 Dinner Gala.

CEO, as a key stakeholder we are fully aware of the
difficult environment in the financial sector and the
challenges the financial players are facing because of the
high cost of doing business due to the drought, increase
in the energy transition costs, increase in the Statutory
Reserve Ration not discounting the reforms in the foreign
exchange market. We have noted in the recent past that
Government through the Central Bank has continuously
reversed the Monetary Policy Rate currently at 14.5%. This
continued increase in the Monetary Policy Rate has
increased the cost of borrowing because of high interest
rates being offered by Commercial Banks and Micro
financial service providers. Madam CEO, ZUFIAW is on
record of challenging the Central Bank to find other fiscal
consideration measures aimed at addressing the high
inflation, which is currently at 16.8%, upholding of the
financial stability and creating an environment that
promotes growth and resilience of the economy.

CEO, we were very certain that ZANACO will set another
record of a K2billion profit for 2024, however, we wish to
congratulate you and your team on the performance of the
Bank for 2024 having recorded 6% revenue growth to
K5.58 billion and a 3% increase in the Profit After Tax of
K1.79 billion while customer deposits and loans grew by
6% and 24% respectively. As a Union, we are proud of this
achievement knowing that our members have contributed
to meeting the expectations of the shareholders in line
with our value of hardwork. We wish to affirm that we will
continue to advocate for hardwork and productivity among
our members to ensure the bank remains on this
trajectory.

CEO, let me take this opportunity to profoundly thank the
Bargaining Unit for attaching urgency and
professionalism to the negotiations process by ensuring
that the negotiations were concluded amicably by
awarding the unionized employees of the Bank K670
salary increment and K2,000 transport allowance across
the board plus an additional performance increment
ranging from K870 to K1290 based on the performance
ratings. We are very confident that this increment will
motivate our members to contribute more to ensuring the
bank returns to its number one position.

Despite all these celebrations, we are also aware that some
of your Branch Managers especially those in the
upcountry Branches are denying our members the
Conditions of Service contained in our Collective
Agreement by making our members work during lunch
and late hours without paying them lunch, dinner,
transport and overtime. I wish to take this opportunity to
firmly request your office to align these managers for them
to appreciate that the Collective Agreement is a legally
binding document between the Union and the Bank, and
they have no authority to deny our members if they have
genuinely worked let alone threatening transfers if they
speak out. The Union remains commitment to upholding
the integrity and relevance of the collective agreement and
ensure our members enjoy the Conditions of Service
contained therein.

As we start the 2025 Financial Literacy Week, we are
calling upon ZANACO and all financial players and
stakeholders to ensure that in this environment where
everyone is looking for fast money, workers and the
citizens at large are well informed on the need to think
before they follow and safeguard their money.
Lastly, I wish to assure our Branch Executive of our
continued support as they carry out their mandate. We
look forward to working with you for the good of our
members at the Bank. Please remain professional and
engage Management regularly to address the challenges
our members are facing but most importantly ensure our
members are fully aligned to the strategic agenda of the
Bank.

Thank you for your attention and God bless you.

Kasapo Sundrea Kabende (Mr.)
ZUFIAW GENERAL SECRETARY & CEO