AUTHORITY SOUGHT MEMO

TO: FINANCE DEPARTMENT

CC: BANK OPERATIONS

FROM: BUSINESS BANKING

DATE: 06 SEPTEMBER 2022

RE: REVERSAL OF INTEREST CHARGED ON LUSARDI INVESTMENTS

LOAN ACCOUNTS

Authority Sought
Authority sought to reverse interest totalling ZWL55,770.77 back into Lusardi Investments
operating account 1001804819. The interest was charged on Lusardi Investments invoice
discounting loan contracts that do not charge interest as per the attached facility letter. The loan
accounts and interest to be reversed are as detailed below (all amounts are in ZWL).

Loan Account Total Deducted Discounted Invoice Amount Interest Charged

1049910319 2,606,380.79 2,557,542.24 48,838.55
1041751076 1,070,066.39 1,063,134.17 6,932.22

Totals 3,676,447.18 3,620,676.41 55,770.77

Background
 Lusardi Investments was granted a ZWL10,000,000 Invoice Discounting Facility in
October 2021.
 The facility approved conditions have upfront discounting commission fees of 5% per
month, with 0% interest rate.
 Upon disbursement, the centralised processing team could not capture the facility as
per the approved facility conditions due to R19 system limitations.
 Centralised processing then engaged the purple ark team and it was agreed that the
minimum interest rate required by the system should be captured in the interim whilst a
change request is being raised to make the pricing functionality is flexible in R19.
 The UATs for this functionality were completed on 11 June 2021. The solution was rolled
out and new disbursements are being captured at 0% interest.

Lusardi Interest Reversal 29 August 2022 Page 1 of 2

Approved Facility Conditions
 Limit Usage: To discount invoices from Liquid Telecom
 Tenor: 12 months
 Discount Commission: 5% upfront per month
 Arrangement Fee: 5% flat upfront

Recommended by: Enwell Boweni

Relationship Manager

06.09.2022
_________________________________________Date _____________________

Recommended by: Amanda Murisa

Relationship Manager

06.09.2022
_________________________________________Date _____________________

Approved by: Geeny Makunde

Financial Controller Reporting

_________________________________________Date _____________________

Lusardi Interest Reversal 29 August 2022 Page 2 of 2