By Staff Reporter
The Zambia National Commercial Bank has increased interest on loan facilities by 1 percent following the Bank of Zambia (BoZ) Monetary Policy Committee (MPC) statement announcing the increase in the BoZ monetary policy from 12.50 to 13.50 percent.
“Please be advised that the interest rate on MPR referencd credit facilities held with Zanaco will increase by 1 percent with effect from 1st June, 2024,” Zanaco stated. “This adjustment will either result in increased loan tenors or increased monthly installments as the case may be.”
Zanaco urged customers to visit the nearest branches to advise on their preferred repayment options by Friday, May 31, 2024.
“Kindly note that in the event that the repayment preference is not communicated by the aforementioned date, then the bank will proceed to extend the tenor or the loan. Business customers are encouraged to engage their Relationship Manager for further details,” stated the Zanaco management
