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:
Conducts an unlicensed banking or financial services business;
Conducts a money circulation scheme ; or
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