BoZ Warns on Unlicensed Lenders

Published from Blogger Prime Android AppRegulators alert public about illegal online credit providers urged to confirm licensing and avoid high-risk loans

By Francis Maingaila ♥️ 
Lusaka, Zambia24 – September 25, 2025 – The Bank of Zambia (BoZ) has cautioned the public against dealing with unlicensed online credit providers, warning that many of them are involved in predatory and fraudulent lending practices.

Besnart Mwanza, Assistant Director of Communications at BoZ, said the central bank has received numerous complaints of unsuspecting borrowers being enticed into unaffordable loans that expose them to severe financial risks.

“These entities engage in unfair, deceptive, or fraudulent loan practices that take advantage of borrowers,” Mwanza said in a statement.

BoZ is working with other authorities to bring unlicensed providers to account, but the public is advised to avoid engaging with such entities altogether. Consumers who transact with them, Mwanza stressed, will not have access to standard protection or dispute-resolution mechanisms.

To safeguard themselves, members of the public are urged to verify the licensing status of any financial service provider before committing to a loan. 

Licensed institutions, BoZ explained, operate under regulatory oversight designed to enforce transparency, fair business conduct, and consumer protection.

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