Economic Expert, Kelvin Chisanga, has called on the Bank of Zambia (BoZ) to implement a strict regulatory framework for investment schemes in order to deter financial scams and protect the public.
His remarks follow a recent financial scandal during the Easter holiday in which over 6,000 Zambians were reportedly defrauded by JIXW Investment, a platform that had gained popularity through endorsements by local celebrities and influencers.
But Speaking in an interview with RCV News in Lusaka today, Mr. Chisanga stated that the incident highlights a critical need for the central Bank to strengthen oversight of financial activities, especially as more Zambians turn to schemes that promise abnormally high returns, often in contradiction to the national monetary policy.
“There is a growing trend of fraudulent schemes, driven by economic hardship and scammers are exploiting people’s financial desperation,” said Mr. Chisanga.
He emphasized the need for nationwide financial literacy campaigns to help citizens identify legitimate investment opportunities and avoid scams.
He also urged celebrities and influencers to be more responsible when associating their brands with financial products, encouraging them to only endorse investments with realistic, verifiable returns to avoid creating moral hazards.
By Cynthia Lupiya.
