By CHATULA KANGALI –

INCREASED money transfer services has given a huge competition to Swiftcash, Zambia Postal Services Corporation (ZAMPOST)’s main source of revenue, which has been in monopoly for the past 10 years.
Post Master General, McPherson Chanda said in a statement that ZAMPOST was currently recording a loss of K1.5 million per month and K18 million annually due to increased competition.
Mr Chanda said in the company’s bi-monthly report that Swiftcash had seen a reduction in market share due to the emergency of four major competitors.
He said Swiftcash was currently competing with mobile phone companies, chains stores and those operating from the street in money transfer services.
“The corporation’s monthly income statement over the past years up to June 2014 revealed that Swiftcash had been the mainstay of Zampost generating about 45 percent of the corporations’ income,” he stated.
Mr Chanda added that Swifcash was still Zambia’s largest money transfer service despite the competition.
He said about K1.5 million of the corporation monthly revenue was going to competitors and that the competition would result into salary areas, unpaid retirees and litigation.
Mr Chanda said ZAMPOST would, however, continue being innovative and diversifying.
Meanwhile the ZAMPOST Micro Finance Loan (ZMFL) has remained profitable and would soon register a K100 million Medium Term Note (MTN) on the Lusaka Stock Exchange (LuSE).
Mr Chanda said ZMFL clientele had grown and the corporation had exceeded its available funds.
He said ZAMPOST was planning to purchase and sell shares through LuSE to allow citizens become part-owners of the country’s profitable companies.