In an opening speech for the 2025 World Savings Day and Financial Literacy Awards, the Bank of Zambia’s Governor urged consumers to avoid unlicensed financial service providers, pointing to recent losses linked to an online money circulation scheme and emerging concerns about unlicensed online lenders. The speech noted that the Bank of Zambia and other financial sector supervisory authorities are working with law enforcement agencies to curb illegal activities, while advising the public to verify a provider’s licensing status and report suspicious entities. It also cautioned that consumer protection recourse mechanisms under the Banking and Financial Services Act are not available to consumers who transact with unlicensed providers, and referenced the FinScope 2020 Survey showing financial inclusion increasing to 69.4% from 59.3% in 2015. Bank of Zambia, together with the Zambia Statistics Agency and other regulators, is conducting the 2025 FinScope Survey to assess progress against National Financial Inclusion Strategy II (2024–2028) targets, with top-line findings scheduled for release at the end of the year.
Bank of Zambia 2025-10-30
Bank of Zambia warns against unlicensed online schemes and flags end-of-year release for FinScope 2025 findings
The Bank of Zambia's Governor, in a speech for the 2025 World Savings Day, warned against unlicensed financial service providers, citing recent losses from an online scheme. The Bank is collaborating with law enforcement to combat illegal activities and emphasized that consumer protection under the Banking and Financial Services Act does not cover transactions with unlicensed entities. The 2025 FinScope Survey is evaluating progress on financial inclusion targets, with results expected by year-end.