NEW JUDGMENT ALERT! Is an employee on a permanent contract entitled to severance pay?The Court of Appeal in the case of: Stanbic Bank Zambia Ltd vs. Natasha Patel (2024) ZMCA (the “Stanbic case”), addressed this exact question. In this Alert, we highlight five (5) key takeaways from the Stanbic case that all employers, employees and legal advisers should be aware of. Read on to find out more. #NovusHMLegal #CaseLaw #EmploymentLaw #SeverancePay
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ISSUING CHEQUES ON INSUFFICIENTLY FUNDED BANK ACCOUNT The National Payment Systems Act is an act of parliament that was enacted on 12th April, 2007. The purpose of the Act is to provide a legal backing for the operation of the various payment mechanisms in Zambia. The Act empowers the Bank of Zambia to provide a regulatory function that ensure safe, secure and reliable payment systems. The National Payment System Act No.1 of 2007. Section #33 (1) states that “any person who willfully, dishonestly or with intent to defraud issues a cheque on an insufficient funded account or causes to be issued a cheque to be drawn on that account and which cheque when it is presented for payment is dishonoured, commits an offence and is liable on conviction to a fine not exceeding one hundred thousand penalty units or to imprisonment for a term not exceeding two years or to both.” (5) For the purposes of subsection (1), "insufficiently funded account" means an account which has inadequate funds to meet the value of the cheque presented or which has no money at all; and "intent to defraud" has the meaning assigned to it by section three hundred and forty-five of the Penal Code. Cap, 87. #DishonouredCheques #NonSufficientFunds
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The wealth management unit of Standard Chartered Bank Kenya in partnership with Human8, recently unveiled their inaugural Kenya Bonus Study. The study aims to examine how Kenyans have been utilizing, and how they plan to spend their bonuses in 2024. The research revealed that female consumers are inclined to allocate their bonuses towards family obligations. #KenyaBonusStudy #FinancialInsights #WealthManagement #BonusAllocation
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The Zambia mobile money ecosystem continues to grow from around K50m transaction values in January 2012 to over K30bn in March 2024. The Ecosystem hit an inflection point in December of 2016 spurred by a combination of regulation and shifts in consumer behaviour. The Rise of Mobile Money in Zambia. #DigitalEconomy #Payments #FinancialInclusion #Mobile #MobileMoney #DataStoryTelling #InnovationInPayments
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Legal Alert | Supreme Court's Landmark Decision on Interest Rates The Supreme Court of Kenya has made a landmark ruling on interest rates imposed by banks. In the case of Stanbic Bank Kenya Limited v Santowels Limited, the Court held that banks must seek approval from the Cabinet Secretary for Finance before increasing interest rates, as per Section 44 of the Banking Act. This decision is set to reshape the commercial lending landscape, protecting borrowers from exploitative rates and potentially triggering new litigation. For an in-depth analysis, read our latest article below. Stay informed. #LegalUpdate #BankingLaw #SupremeCourt #InterestRates #KenyaLaw
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📣 Legal Alert: Court Guidance on Interest Charges for Non-Performing Loans (NPLs) in Zambia. 🧑⚖️ In a recent decision, the Zambian Court of Appeal has provided crucial guidance on the treatment of interest charges for NPLs. Our latest article delves into the specifics of the #Chilola Intertrade v #CEEC case and explores its potential impact on lending institutions across the country. 📖 Read the full article below to gain valuable insights into this significant development in Zambian lending practices and learn how to navigate the evolving legal landscape. Mike Chilufya Constance Namatai Mwango #LegalAlert #NPLs #Zambia #LendingInstitutions #CourtDecision #InterestCharges
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Kenyans can be quite litigious on matters finance and loans. 🥲😄 KCB Bank Group Group CEO in one of the interviews highlighted the frustration banks face when courts issue direction and ruling on defaulted loans i.e sell assets used to secure loans. What do Kenyans do? They file an appeal in a different court! Kenya's Boniface Mwangi has been working (low-key) on a platform aimed at enhancing debts. What do you think? Lipa Deni Now is a platform dedicated to recovering outstanding debts, fostering public accountability, and preventing notorious defaulters - individuals and institutions - from exploiting others.
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#CDHAlert | In today's alert, Stella S. (Situma) talks about increase in interest rates: A delicate balance between contractual freedom and consumer protection. In Petition Number E005 of 2023 Stanbic Bank Kenya Limited v Santowels Limited [2024] the Kenyan Supreme Court found that any variation of interest on a loan from a bank or financial institution is subject to approval as stipulated in section 44 of the Banking Act. Banks and financial institutions have the liberty to contractually agree on a variable interest rate. A notice to the borrower on variation of the interest rate without more will not suffice. Click here to read more - https://bit.ly/4eOXO90 #FinanceandBanking #CDHKenya #BankingAct #FinancialInstitutions
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Cash on delivery is the dominant form of payment method in Zimbabwe. It is largely popular due to the high transaction fees associated with digital forms of payment. Mobile money is a close second owing to how easy it is to open a mobile money account versus a bank account. #economy #mobilemoney #finance #financialinclusion #payments #cash #zimbabwe #money
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The Bank of Ghana [BoG] has called on the banking and finance industry to prioritise innovation, adaptation, and evolution to meet the changing needs of the sector. Click here: https://lnkd.in/dRrdgBkp #BFTOnline #EconomicNews #FinancialNews #BusinessNews
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Ever wondered what will happen to your money if your bank goes into liquidation or becomes insolvent? What should be your next move to ensure that you get reimbursed? Our May article by Obedia Ana Nortey provides an overview of the establishment and operation of the Ghana Deposit Protection Scheme, including the procedure for reimbursements in case of bank failure, coverage limits and eligibility of deposits. The article also highlights how e-money is protected under the Scheme. Read more below: #article #may #deposit #depositinsurance #depositprotection #scheme #nationalscheme #insolvency #liquidation #corporatelaw #emoney #linkedindaily
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