Regulatory Alerts2023-01-01
CB Circular No. 19/2023: Notice of Taking Possession of Development Bank of Zambia
The Bank of Zambia has taken immediate possession of the Development Bank of Zambia under Section 64 of the Banking and Financial Services Act, 2017. A newly appointed Possession Manager will oversee restricted business operations and handle all payment instructions for the bank’s accounts at other financial institutions. Financial service providers are directed to route all related payment instructions and account operations 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. : 19/2023
To : All Chief Executive Officers of Financial Service Providers
NOTICE OF TAKING POSSESSION OF DEVELOPMENT BANK OF ZAMBIA
The Bank of Zambia has taken possession of Development Bank of Zambia with immediate effect, in accordance with Section 64 of the Banking and Financial Services Act, 2017. Development Bank of Zambia will continue business operations on a restricted basis, under Ms. Melina Malipilo, the Possession Manager appointed by the Bank of Zambia.
Further, we advise that effective July 21, 2023, all payment instructions, and operations of Development Bank of Zambia’s accounts 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