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Bank of Zambia warns of illegal money schemes, tells citizens to report suspicious financial houses


The Bank of Zambia (BoZ) is concerned about the increased number of people that have fallen prey to money circulation scheme promoters and lost their hard-earned income.

Central Bank Governor, Denny Kalyalya, therefore, sounded a note of warning to the general public to be vigilant and report all suspicious financial institutions to law enforcement agencies.

He observed that as people migrated towards greater use of digital financial services, it was important for them to be sensitised about the use of these services in a safe and secure manner to avoid risks such as fraud and cybercrime.

He said this on Monday in Lusaka at the launch of the 2023 Financial Literacy Week in a speech read for him by the Central Bank Deputy Governor for Operations, Francis Chipimo.

“I want to warn fraudsters that the law will catch up with them, as evidenced by the recent arrests that have been made by our security wings in collaboration with the various regulators and financial service providers,” Kalyalya said.

Read more: Bank of Zambia threatens imprisonment for operators of ponzi, pyramid schemes

He also urged financial service providers to provide information about the different types of services and products that were available to the public as well as some of the risks that maybe associated with them.

The Governor said this information was intended to help individuals and businesses to increase their awareness on the number of ways to save and invest their financial resources, as well as how to manage their financial affairs safely in an increasingly digitised environment.

Speaking earliar, Bankers Association of Zambia Chairperson, Mizinga Melu, said digital platforms had helped to upscale the financial inclusion agenda.

Bank of Zambia warns of illegal money schemes, tells citizens to report suspicious financial houses

Standared Chartered Bank Zambia Chief Executive Officer, Sonny Zulu and Absa Bank Zambia Managing Director, Mizinga Melu who is also Bankers Association of Zambia Chairperson at the launch of the Financial Literacy Week on Monday in Lusaka.

Melu also encouraged the public to consider investing in various assets such as stocks, pension fund and bonds among others.

“If people implement good financial decisions their future will be granted. Products such as pension funds will have something to fall back on when they retire,” she said.

Melu said the public should also consider insuring their assets such as their house to mitigate against losses which is even cheaper compared to insuring a car.

Presiding over the event, Education Minister, Douglas Siakalima, said financial literacy today was crucial for all societies, particularly following the global pandemic which has caused economic damage to many economies around the world.

Siakalima said in a speech read for him by permanent secretary administration, Noriana Muneku, that because of this, the need for financial and economic education was gaining more attention.

He said developing human resources and endowing them with financial and economic knowledge and skills is one of the essential functions of a modern educational curricula.

“I am pleased to note that over the years, the Ministry of Education has been a partner in advancing financial education in Zambia. This effort has culminated in the revision of the school curriculum with financial education embedded in most subjects from primary to secondary levels,” Siakalima said.

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