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Mopani employees petition government over Stanbic bank loans

Written by on May 8, 2021

Mopani employees have petitioned government to come to their aid and address issues surrounding Stanbic Bank for unilaterally increasing interest rates on their personal loans for over 7 years now.

Speaking on behalf of the protesting Mopani employees, Arthur Samakayi said the bank has continued to recover loans from miners despite them agreeing to finish servicing them in five years.

Mr. Samakayi said this at Katilungu house in Kitwe yesterday, where placard carrying Mopani employees gathered to express their displeasure demanding government to intervene in the matter and bring the issue to an end.

He said miners have suffered a lot by what he called unfair deductions of their loans by Stanbic bank adding since 2014 Mopani workers have been challenging Stanbic Bank for unilaterally increasing the interest rates on their personal loans from 15 to 40 percent.

Meanwhile, Mopani employees have demanded for their benefits from government before handing over the mine to the new investor.

And Mine Workers Union of Zambia (MUZ) President Joseph Chewe has given Stanbic Bank 14 days ultimatum to resolve the misunderstanding between Mopani Employees and the bank.

Mr. Chewe said failure to oblige; the union will sanction all miners to withdraw their clientele from the bank.

 


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