Regulatory Alerts2024-09-24
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CB Circular No. 17 of 2024 – Notice on Statement of Affairs and Licence Cancellation for Betternow Finance Company Limited
The Bank of Zambia has approved the Statement of Affairs and cancelled Betternow Finance Company Limited’s financial service provider licence following its confirmed insolvency. The institution faces a K30.5 million capital deficiency against an assessed insolvency of K25.5 million, prompting the Board to terminate its possession and transfer bank account control to shareholder-appointed representatives effective September 23, 2024. Financial service providers are directed to acknowledge this licence cancellation and coordinate with the appointed representatives regarding the transferred accounts.
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