Regulatory Alerts2023-01-01
CB Circular No. 20/2023: Notice of Taking Possession of Betternow Finance Company Limited
The Bank of Zambia has taken immediate possession of Betternow Finance Company Limited pursuant to Section 64 of the Banking and Financial Services Act, 2017. The entity will maintain restricted operations under Possession Manager Mr. Mumbi Kapaso, who now assumes control over all payment instructions and bank account activities at financial service providers. Financial institutions are directed to process all relevant transactions through the Possession Manager effective July 21, 2023.
[Logo: Bank of Zambia]
Bank of Zambia OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
BOZ/EXEC/DGO/nbfis/bp
July 21, 2023
CB Circular No. : 20/2023
To : All Chief Executive Officers of Financial Service Providers
NOTICE OF TAKING POSSESSION OF BETTERNOW FINANCE COMPANY LIMITED
The Bank of Zambia has taken possession of Betternow Finance Company Limited with immediate effect in accordance with section 64 of the Banking and Financial Services Act, 2017. Betternow Finance Company Limited will continue business operations on a restricted basis under Mr. Mumbi Kapaso, a Possession Manager appointed by the Bank of Zambia.
Further, we advise that effective July 21, 2023, all payment instructions and operations of bank accounts for Betternow Finance Company at your institutions will be handled by the Possession Manager.
Kindly be advised accordingly.
[Signature]
Francis Chipimo (PhD) DEPUTY GOVERNOR – OPERATIONS AND REGISTRAR OF FINANCIAL SERVICE PROVIDERS
cc Governor Deputy Registrar of Financial Service Providers Director – Non-Bank Financial Institutions Supervision Director – Bank Supervision General Counsel and Bank Secretary
Bank Square, Cairo Road, P.O. Box 30080, Lusaka, Zambia Tel: +260-211-399303, 399300, E-mail: dgo@boz.zm. Web: http://www.boz.zm