Bank of Zambia Jubilee Logo
Bank of Zambia Jubilee Logo

WARNING AGAINST DOING BUSINESS WITH UNLICENSED BANKING OF FINANCIAL SERVICES BUSINESSES

The Bank of Zambia wishes to alert and warn members of the general public against placing deposits with ISUNGILE PAYMENT SOLUTIONS, a company that is not a licensed financial institution in terms of, and with regard to the Banking and Financial Services Act, Chapter 388 of the Laws of Zambia.

The Bank of Zambia is concerned that ISUNGILE PAYMENT SOLUTIONS may be soliciting money from members of the public and cautions that doing business with an unlicensed institution highly exposes the depositor to grave danger and risk of loss of the various prudential protections that are available under the Banking and Financial Services Act.

Additionally, the Bank of Zambia has received information that ISUNGILE PAYMENT SOLUTIONS facilitates the participation by members of the public, in money circulation schemes. Please note that conducting, or participating in a money circulation scheme is prohibited under section 127A of the Banking and Financial Services Act.

In this regard, the Bank of Zambia warns that a person who, in contravention of the Banking and Financial Services Act:

  1. Conducts an unlicensed banking or financial services business;

  2. Conducts a money circulation scheme ; or

  3. Participates in a money circulation scheme,

WILL BE SUBJECTED TO, AND BE EXPOSED TO CRIMINAL PROSECUTION.

The Bank invites members of the public to submit information that will assist in stopping these illegalities.

For clarification or submission of information, please contact:

Head of Communications

P.O. Box 30080

LUSAKA

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15 COMMENTS

    • A money circulation scheme is what the PF Government does to the Zambian people.

      It borrows 3 billion dollars in Kwacha on the local money market when the Dollar is worth five Kwacha and converts it to dollars. Then it makes the Kwacha worth only eleven to the dollar hoping that it will make more than 50% by the time it has to be repaid and reconverted back to Kwacha!

      The only problem is by the time this is supposed to happen they discover all the money has disappeared into corrupt road contracts!

      And the local bank interest rate is 45%!!! That’s kaloba for you.

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  1. BoZ if this Isungile is breaking the law why not prosecute them. While your alert is welcome people will always fall for “ka red na ka black” especially in dire economic times like now. So instead of just warning us proactively protect us.

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    • I have a feeling BOZ also did not know Isungile was operating illegally.Its only after people cried out thats when they said something meaning they do not check their records.This is more serious than most people think. we may lose our hard earned money.

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  2. BoZ Rubbish concentrate on the dollar and help easy borrowing terms from commercial banks. Greedy chaps! infact Boz should be closed no relevance to our situations apart from stripping government thru huge Salaries. in Zambia seems you cant see benefits of saving money through banks my 100,000ZMK (October-2015 was US$14,286 now $8,930) insungile ili che! Ndeisungila nemwine.

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    • Its true Isungile has been collecting money from peole lying to them that they will get it back with interest after a certain period.They have not given the peole their money.Their offices are closed,the phone numbers are not going through or they just never pick up.We dont know where they are.May be in Lusaka,they are can be found.
      Thats zambian businessmen for you.Just conmen….

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  3. Why can’t thy go after PF & President WHO HAVE BEEN GIVING SOFT LOANS TO MARKETEERS ON THE CB & other places – NEITHER ARE REGULATED BY THE BANKING ACT!!!!!! BOZ STOP BEING STUPIDD

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  4. Typical of Zambian mentality . Because the company is owned by Zambians you want to destroy it. If it was owned by foreigners you give a go ahead. For example was it necessary for you to grant Zoona and shoprite to get involved in money transfer. These two companies are owned by south Africans. Every month they take out dollars and you start crying about forex shortage on the market. What value is Zoona adding by putting to ntemba made of planks all over the city (dirt)

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  5. There is also IKULILI. They are also doing the same. I am afraid a lot of people will lose their money the next few months.

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  6. There is also IKULILE. People will ;lose their ,money the next few months when the company winds up

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