Strictly Private and Confidential

24th March 2024

Bobbline Hamukanza Cheembela

Atlas Mara House
Corner of Nasser and Church Road
LUSAKA

Dear Bobbline Hamukanza,

RE: AMALGAMATION OF AFRICAN BANKING CORPORATION ZAMBIA LIMITED T/A

ATLAS MARA AND ACCESS BANK ZAMBIA LIMITED: CONSENT TO TRANSFER
EMPLOYMENT CONTRACT

Reference is made to the above.

Following Access Bank Zambia Limited acquisition of 100% shares in African Banking Corporation
Zambia Limited T/A Atlas Mara (“the Bank”), the Bank and Access Bank Zambia Limited shall
amalgamate into a single banking entity and trade under the Access Bank brand.

We are confident that the amalgamation of the two Banks shall result in a more robust and
competitive Bank with a wider footprint, as well as increased opportunities for the staff as a result
of being part of a larger network.

In effecting the amalgamation, the Banks undertake to ensure compliance with the Laws of
Zambia. As such, in accordance with Section 28 of the Employment Code Act No. 3 of 2019
(“the Act”), the Bank hereby seeks your consent to transfer your employment contract to Access
Bank Zambia Limited as Deputy Managing Director to be based in Lusaka with a monthly
remuneration of K318,799.14. Other conditions of service are as outlined in your Offer Letter
from Access Bank Zambia Limited, however your basic conditions of service will remain the same.

In addition, we hereby notify you that, should you consent to the said transfer of your
employment contract to Access Bank Zambia Limited, this shall also result in the transfer of any
subsisting credit facilities that you may have with the Bank to Access Bank Zambia Limited. These
facilities will continue to run on the same terms and conditions as contracted. Further, your years
of service under the Atlas Mara employment contract will be carried on by Access Bank Zambia
Limited

We advise that in the event that you do not consent to the transfer of your employment contract
to Access Bank Zambia Limited within the time frame to be indicated, your contract shall
automatically terminate after the contractual notice period. This will entitle you to a severance
pay of K3,745,889.90 calculated at 25% of Basic pay earned from May 2020 to date which is
the more favorable option than the 2 months’ pay for each completed years of service. Further,
any facilities that you may have with the Bank shall be settled within the provisions of the existing
credit policy.

Kindly communicate your decision by 3rd April 2024 by signing the letter and returning a copy of
this letter to the Human Capital Department. Failure to which, you shall be deemed to have
elected to separate with the Bank.

Please feel free to contact the undersigned should you have any questions prior to communicating
your decision.

Yours faithfully,
Access Bank Corporation

Oluseyi Kumapayi
EXECUTIVE DIRECTOR AFRICA SUBSIDIARIES

I…………………………………………………………………………have read and understood the contents of

this letter and unequivocally and without duress consent/ do not consent to the transfer of my
employment contract to Access Bank Zambia Limited.

Signature: ……………………………………………………………..

Date: ……………………………………………………………………

As witnessed by:

Labour Officer

Name: …………………………………………………………………….

Signature: …………………………………………………………………

Date: ……………………………………………………………………….
Breakdown of Benefits and Loan Obligations

Benefits Amount (ZMW)

Salary up to 30 April 2024 318,799.14
Leave days liability up to 30 April 2024 278,949.25
Severance Package 3,745,889.90
Total 4,343,638.28
Loan Obligations
Outstanding Mortgage as of 29 February 528,444.09
2024
Outstanding Personal Loan as of 29 370,918.76
February 2024
Outstanding Car loan as of 29 February 0.00
2024
Outstanding Salary Advance as of 29 0.00
February 2024
Outstanding Salary Backed Loan as of 29 0.00
February 2024
Outstanding Personal Development 0.00
Loan as of 29 February 2024
Outstanding Education Loan as of 29 0.00
February 2024
Total 899,362.85