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The Bank of Zambia (BoZ) has taken control of Ecsponent Financial Services Limited, trading as MyBucks Zambia Limited, due to insolvency.
In a statement issued on Monday, BoZ Assistant Director of Communications, Besnat Mwanza, announced that the action was taken pursuant to Section 64 of the Banking and Financial Services Act (BFSA), No. 7 of 2017.
“To safeguard the interests of depositors and other creditors, and to prevent a disorderly exit from the institution, the BoZ Board of Directors passed a resolution to take possession of MyBucks on February 16, 2025, at 16:23 hours,” Mwanza stated.
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During this possession period, the Central Bank would prepare a statement of affairs and take further actions as stipulated under Section 73 of the BFSA.
Ecsponent Financial Services, which operates across Southern Africa in Botswana, South Africa, Swaziland, and Zambia, entered the Zambian market in 2019.
The company was listed on the main board of the Johannesburg Stock Exchange (JSE) under the Specialty Finance sector and offered investment opportunities in a wide range of industries.
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