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The Bank of Zambia (BoZ) has placed Ecsponent Financial Services Limited, trading as MyBucks, under liquidation due to insolvency.
As of February 16, 2025, MyBucks had accumulated liabilities of K141.6 million and a capital deficiency of K172.2 million.
This was disclosed in a statement issued in Lusaka on Wednesday by Dr. Francis Chipimo, BoZ Deputy Governor and Registrar of Financial Service Providers.
Chipimo said the decision was made pursuant to Section 73 of the Banking and Financial Services (Amendment) Act of 2020, read together with the Banking and Financial Services Act of 2017.
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“The Bank of Zambia Board of Directors, at a meeting held on June 3, 2025, approved the statement of affairs and resolved to place Ecsponent Financial Services Limited (T/A MyBucks) under liquidation,” Chipimo said.
He added that the Board had also approved the appointment of Chimuka Mweelwa, BoZ Senior Analyst for Laws, Regulations and Liquidation, as Liquidation Manager with effect from June 3, 2025, to oversee the process.
“In accordance with Section 127 of the Banking and Financial Services Act of 2017, the Bank of Zambia hereby notifies depositors, directors, shareholders, creditors and other interested parties that Ecsponent Financial Services Limited (T/A MyBucks) has been placed under liquidation,” Dr. Chipimo stated.
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