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BOZ and DEC’s Anti Money Laundering Investigations Unit closes in on Comsave and ONO

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The Bank of Zambia says preliminary investigations into Comsave Credit Union and ONO Savings and Credit Association have revealed that the two institutions were collecting and lending money from members of the public as independent administrators under the disguise of Village Banking.

In the joint statement to ZANIS by BOZ and DEC communications units, it has also been noted that the activities had a semblance of Money Circulation Schemes which are prohibited under the Banking and Financial Services Act.

In consultation with BOZ, The DEC-Anti Money Laundering Investigations Unit has exercised its authority under the law to safeguard the interests of the public.

The statement indicated that members of the public who may have been undertaking financial transactions with either Comsave or OSCA will be advised to submit documentary evidence of their respective deposits in the accounts of the two entities.

The Central Bank urged members of the public to know and understand who they are dealing with before engaging in any business or financial transaction.

And the Drug Enforcement Commission appealed to members of the public to remain calm as investigations are still ongoing.

Village Banking is a closed group of self-selected individuals, with clearly defined rules and procedures for saving and borrowing money within the group, as well as sharing the interest earned.

8 COMMENTS

  1. 2 scenario in Zambia:
    – most of them are scams. $1 million per firetruck is a scam. Ba minister show me your d!ck if you want to see mine, is also a scam. Findlay on presidential plane and tours is a scam.
    – CEC, Prime TV, The Post, KCM and other successful business get sabotaged if they are not supporting PF.
    Those 2 companies might just be a successful story being sabotaged.

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  2. BOZ where have you been all this time , and useless DEC make sure that the people donot lose money ,
    when you ,ACC and GRZ has covred the owners or thieves behind the 48houses .We are watching
    all this situation and shall see how it goes . Note that the day of reckoning shall soon come for all
    promotying wrong doing

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  3. When your Boma is too broke, it resorts to Predatory tactics to reap where they have not sown! Why didn’t BOZ regularize and incubate these businesses and turn them into Zambian success stories? Small startup businesses should be expected to have teething problems. That is the reason why progressive countries have National Institutions to Incubate startup businesses to bring them up to speed with all regulatory requirements at almost no significant cost to the young business. This was the original idea behind the setting up of CEEC which unfortunately has morphed into something else. How many local businesses are we going to kill on flimsy reasons? All Village Banking Subscribers, share your money NOW before you become the next victims! These local systems have been helping our people…

  4. but because of Muzungu rules, we want to kill local solutions to local problems? No wonder we continue to enrich foreign banks owned by the Muzungu! Our own local Financial Institutions are penalized by the same Muzungu rules we call our laws! We’ll continue admiring our Friends in Nigeria who value local talent! There are too many success stories in Nigeria because Nigerians genuinely help each other unlike in Zambia where we have too many PhDs (Pull him or her down). What a Christian Nation!

  5. but because of Muzungu rules, we want to kill local solutions to local problems? No wonder we continue to enrich foreign banks owned by the Muzungu! Our own local Financial Institutions are penalized by the same Muzungu rules we call our laws! We’ll continue admiring our Friends in Nigeria who value local talent! There are too many success stories in Nigeria because Nigerians genuinely help each other unlike in Zambia where we have too many PhDs (Pull him or her down). What a Christian Nation!!

  6. The law is the law. Money laundering has negative impact not only on our economy but also social development. This type of activity can lead to a society hooked on drugs and other vices. I say sort these criminals out . We know that the upnd members are now panicking and covering up for hh.

  7. The law is the law. Money laundering has negative impact not only on our economy but also social development. This type of activity can lead to a society hooked on drugs and other vices. I say sort these criminals out . We know that the upnd members are now panicking and covering up for hh. Don’t leave any stone unturned

  8. Chikubabe wants us to think the unthinkable although I disagree with his citation of Nigeria as one country that’s worth emulating. I don’t know his source of news. Nigeria is a country on the brink of becoming a failed state, at least in some parts. The point he’s making is, “wht should we do with wht appears to be successful but unlicensed financial businesses? ” Should we close them or help them to become regular and licensed operations? I think this is food for thought in the wake such high unemployment.

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