The Bank of Zambia (BoZ) has warned the public over unlicensed online credit providers engaged in predatory lending practices, including unfair, deceptive, or fraudulent loans that target borrowers with unaffordable credit.
BoZ Assistant Director Communications, Besnat Mwanza, said while the central Bank is working with relevant authorities to hold these unlicensed providers accountable, members of the public are strongly advised not to engage with any financial service provider that is not licensed.
Ms. Mwanza said that consumers who transact with unlicensed lenders risk significant financial loss, as they have no access to consumer protection mechanisms in case of disputes.
“There should be due diligence by verifying the licensing status of financial service providers before conducting any transactions as licensed providers are subject to regulatory oversight, ensuring adherence to standards of consumer protection, transparency, and fair business practices,” said Ms. Mwanza in a statement issued to RCV News in Lusaka today.
She said that a full list of licensed financial service providers is available on the BoZ website: www.boz.zm.
Angel Kasabo
