Zambian govt vows to expose fraud brand Microsavers Hub

Zambians should be conscious of a company making business as Microsavers Hub, as it is reportedly providing unauthorised financial services in Zambia.

Zambia’s central bank says the conduct of Microsavers Hub is in contravention of Section 6(2) of the Banking and Financial Services Act No. 7 of 2017 (BFSA). “Because review of the business model of Microsavers Hub has revealed that the company is in effect engaging in a ‘money circulation scheme,’ which is prohibited under Section 157 of the BFSA. According to Section 157 of the BFSA, “a person shall not -(a) Conduct, or participate in, a money circulation scheme; (b) Or issue a notice, circular, prospectus, proposal or other document inviting the public to subscribe to a money circulation scheme,” as reported by Lusaka Times.

The country’s central bank said that it is now collaborating with the Financial Intelligence Centre (FIC) and the Drug Enforcement Commission to assess compliance of the activities of the company with the BFSA as well as the Prohibition and Prevention of Money Laundering Act respectively, as reported by Lusaka Times.

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