Bank of Zambia (BoZ) Drug Enforcement Commission (DEC) Saturday 1st August 2020 Joint Press Statement on Comsave Credit Union (Comsave) and ONO Savings and Credit Association (OSCA)

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Bank of Zambia (BoZ) Drug Enforcement Commission (DEC) Saturday 1st August 2020 Joint Press Statement on Comsave Credit Union (Comsave) and ONO Savings and Credit Association (OSCA)

Phone:+260211399300 +260211253622

Email: info@boz.zm Email: Dec.pro@deczambia.gov.zm

Lusaka, Saturday, 1st August, 2020- FURTHER to our earlier statement, members of the public are hereby informed that preliminary investigations into Comsave Credit Union (Comsave) and ONO Savings and Credit Association (OSCA) 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. 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.

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 the Bank of Zambia, the DEC-Anti Money Laundering Investigations Unit, has, therefore, exercised its authority under the law to safeguard the interests of the public.

The Bank of Zambia will in due course issue a statement to help the public distinguish Village Banking from Money Circulation Schemes and what constitutes Financial Services that can only be provided under license from the relevant authorities.

We are doing our level best to ensure that interests of all stakeholders are protected, while the due process of the law takes its full course.

Members of the public who may have been undertaking financial transactions with either Comsave or OSCA, will be advised at an appropriate time to submit documentary evidence of their respective deposits in the accounts of the two entities.

We wish to reiterate that members of the public should be diligent and remain vigilant in their financial dealings, especially in the light of increased financial crimes, as well as companies that lure people with the promise of high and unrealizable returns.

It is imperative for one to know and understand who they are dealing with before engaging in any business or financial transaction.

We therefore, appeal to members of the public to remain calm as investigations are still ongoing.

Issued by :

Communications Division Public Relations Unit

Bank of Zambia Drug Enforcement Commission

Phone: +260211399300 +260211253622

Email: info@boz.zm Email: Dec.pro@deczambia.gov.zm