The Bank of Zambia has taken possession of ECSPONENT Financial Services Limited (trading as MyBucks Zambia) under Section 64 of the Banking and Financial Services Act, 2017, citing insolvency. The action is intended to safeguard the interests of depositors and other creditors and to prevent a disorderly exit of the institution. The Bank of Zambia Board passed a resolution to take possession on 16 February 2025 at 16:23. During the possession period, the central bank will prepare a statement of affairs and take other actions in line with Section 73 of the Act.
Bank of Zambia 2025-02-17
Bank of Zambia takes possession of ECSPONENT Financial Services trading as MyBucks Zambia due to insolvency
The Bank of Zambia has taken possession of ECSPONENT Financial Services Limited, trading as MyBucks Zambia, due to insolvency under Section 64 of the Banking and Financial Services Act, 2017. This measure aims to protect depositors and creditors and prevent a disorderly exit. The central bank will prepare a statement of affairs and undertake actions as per Section 73 of the Act.