Reported by: Samuel Ernest
Date: 17th February, 2025.
Lusaka, Zambia.
The Bank of Zambia has officially taken possession of Ecsponent Financial Services Limited (Trading as MyBucks Zambia) in accordance with Section 64 of the Banking and Financial Services Act (BFSA), No. 7 of 2017, due to insolvency.
This decisive action, approved by the Bank of Zambia Board of Directors on February 16, 2025, at 16:23 hours, is aimed at safeguarding the interests of depositors, creditors, and the overall stability of the financial sector.
The intervention ensures a structured and orderly approach to addressing the financial challenges faced by the institution.
As part of the regulatory process, the Bank of Zambia will undertake a comprehensive review of MyBucks Zambia’s financial position and implement measures in line with Section 73 of the BFSA.
This statement was issued by Ms. Besnat Mwanza, Assistant Director – Communications at the Bank of Zambia.
The Agency