Mineral Pay is an illegal money lending firm-BoZ
Bank of Zambia says Mineral Pay an institution which has raided Eastern Province Teachers is an illegal money lending firm.
See statement below:
MINERAL PAY – MONEY CIRCULATION SCHEME
The Bank of Zambia wishes to warn members of the public to be wary of a company trading as Mineral Pay.
Mineral Pay is providing financial services without a licence issued by the Bank of Zambia, which is in direct contravention of the Banking and Financial Services Act (BFSA).
The Bank has further established that the company is engaging in a ‘money circulation scheme’, which is also in contravention of the BFSA.
The Bank of Zambia in collaboration with the Drug Enforcement Commission and Financial Intelligence Centre are currently investigating Mineral Pay for activities contrary to the BFSA, as well as under the Prohibition and Prevention of Money Laundering Act.
Full statement: http://www.boz.zm/Mineral-Pay-Press-Release.pdf