.Siamunene

By MAIMBOLWA MULIKELELA? –

GOVERNMENT is enacting legislation to regulate the importation of second–hand vehicles to protect Zambia from being a dumping ground.
The second-hand vehicles account for more than 60 per cent of the car population which is now increasing at a rate of around 45,000 new vehicle registrations per year but their road worthiness remains a source of great concern.
Transport, Works, Supply and Communications Deputy Minister, Richwell Siamunene said the legislation, which was in its finality, would look at limiting the manufacturing date of a vehicle before being imported.
Mr Siamunene said an open-importation regardless of the year of manufacture had not benefited the vehicle owners, where instances of vehicles not lasting had increased ending up selling them as scrap metal.
Against this background, Mr Siamunene said there was need to seal the loopholes and help importers benefit from the vehicles they purchased using online modes of importation.
“We are in the process of finalising this piece of legislature to ensure that importers of vehicles don’t get vehicles regardless of the year of manufacture, because this has proved not beneficial to them but adds to the number of cars coming into the country and so we want to ensure that Zambia doesn’t become a dumping ground,” he said.
Mr Siamunene said this in Lusaka when he launched the Standard Chartered Bank Auto loan scheme, a financial alternative that would benefit individuals and Small Medium Entrepreneurs (SMEs).
He said a growing middleclass had emerged in the nation leading to an increasing demand for high quality consumer goods and services, among them motor vehicles.
“In this regard, financing options and other alternatives for acquisition of such products are being encouraged from individuals and the corporate world. Considering our vehicle population which?currently stands at approximately 650,000 of whiose majority are used vehicles,” he said.
Standard Chartered Bank global head clients-segment,
Euan Campbell said the bank was a pioneer in providing a variety of financing solutions tailored to suit customer needs.?“We are proud to announce that our auto product offering is a first of its kind product in the market.
All the vehicles brought under the Standard Chartered Bank auto loan product will come pre-fitted with car tracking devises to protect both our clients and their assets,” he said.
Mr Campbell explained that the affordable interest rates and longer tenure of six years would make new vehicle ownership affordable to the Zambian citizens.