The Zambia State Insurance Company ZSIC General Insurance Limited and the Citizens Economic Empowerment Commission (CEEC) have signed a Memorandum of Understanding (MoU) for the management of risk on CEEC empowerment facilities.

CEEC Director General, Muwe Mungule said the MoU is the Commission’s initiative to protect its facilities by providing the beneficiaries with insurance against losses that could disrupt their business operations.

Dr. Mungule explained that the Commission has had several challenges including collection of repayments by beneficiaries who have been faced with operational challenges as a result of losses they experienced in their operations.

He added that the partnership with ZSIC GI is strategic and appropriate as it will help to avoid some losses that were experienced in the past.

Acting ZSIC Director General , Sylvia Nguluwe said the MoU concretizes the strategic relationship between the two institutions and will help to increase repayment among CEEC beneficiaries as their equipment and assets will be insured. 

Ms. Nguluwe highlighted that the partnership will also help to create sustainability on the empowerment programs and harness business growth and job creation.

She disclosed that through the partnership, over 140 vehicles have been insured with 20 vehicle claims amounting to over K300,000 being disbursed so far.