Regulatory Alerts2025-01-01
Bank of Zambia Takes Possession of Ecsponent Financial Services Limited (MyBucks)
The Bank of Zambia has taken possession of Ecsponent Financial Services Limited, trading as MyBucks, effective February 16, 2025. Pursuant to Section 64 of the Banking and Financial Services Act, 2017, MyBucks will continue business operations on a restricted basis under Possession Manager Rhoda Z Nkhata. All heads of financial and payment service providers are directed to acknowledge this regulatory action and align their operational engagements with the new possession framework.
[Logo: Bank of Zambia]
Bank of Zambia
OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
BOZ/EXEC/DG/prs/bp
February 16, 2025
CB Circular No. : 09/2025
To : All Heads of Financial Service Providers All Heads of Payment System Providers
BANK OF ZAMBIA POSSESSION OF ECSONPENT FINANCIAL SERVICES LIMITED
Please be advised that the Bank of Zambia has taken possession of Ecsponent Financial Services Limited (T/A MyBucks) effective February 16, 2025, pursuant to Section 64 of the Banking and Financial Services Act, 2017. MyBucks will continue business operations on a restricted basis under the Possession Manager, Ms. Rhoda Z Nkhata, appointed by the Bank of Zambia.
Kindly be advised accordingly.
[Signature]
Francis Chipimo (PhD) DEPUTY GOVERNOR AND REGISTRAR OF FINANCIAL SERVICE PROVIDERS
cc Governor, Deputy Governor – Administration Deputy Registrar of Financial Service Providers Director – Financial Markets Director – Prudential Supervision Director – Financial Conduct Supervision Director – Payments Systems Director – Banking and Currency Deputy General Counsel
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