The Bank of Zambia (BOZ) says they are investigating a company called Mineral Pay for providing financial services without a BOZ license and for engaging itself in a money circulation scheme.
The Bank’s communications Department says the company in question is carrying out the operations against section 6 part 2 of the Banking and Financial Services Act (BFSA) number 7 of 2017 and the Prohibition and Prevention of Money Laundering Act respectively.
They say the investigations are being carried out in collaboration with the Drug Enforcement Commission and the Financial Intelligence Centre (FIC).
The central bank has since cautioned Members of the Public wary of the company, mineral pay.
In the Statement, a money circulation scheme has been defined as an unsustainable investment operation that pays returns to its investors from their own money or paid by subsequent Investors rather than from profit earned by the individual or organization running the operation.
Members of the public have since been warned to desist from engaging in similar operations and to ensure that they deal with financial service providers licensed by the Bank of Zambia.

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