JZAP Welcomes New Financial Law, Warns Predatory Lenders



By Francis Maingaila ♥️ 
Lusaka, Zambia24 -- (23 April 2026) --' Justice for Zambian Citizens Against Predatory Lenders (JZAP) has welcomed the enactment of the Banking and Financial Services Act, 2026, describing it as a decisive step aimed at restoring order, accountability, and fairness in Zambia’s lending sector.

Daimone Siulapwa, Governance and Social Activist, told Zambia24 that the new law represents a major turning point in addressing long-standing abuses in the financial services sector, particularly by unregulated and predatory lenders.

He said for years many Zambians have been exposed to exploitative lending practices, including hidden charges, unlawful deductions, intimidation, and abusive debt collection methods, largely due to weak regulatory oversight.

“For years, Zambians have been subjected to exploitation by unregulated and predatory lenders operating with little accountability. That era is now over,” he said.

The new law places all financial service providers under the authority of the Bank of Zambia and criminalises unlicensed lending, with penalties of up to 30 years imprisonment for offenders.

Siulapwa said JZAP views the legislation as a significant milestone in the fight against financial abuse but stressed that enforcement will determine its true impact.

“Without enforcement, even the strongest laws become meaningless,” he said.

He further issued a strong warning to institutions and individuals involved in illegal lending activities, excessive interest rates, harassment of borrowers, and abusive recovery practices.

“Your time is up,” Siulapwa warned.

He said JZAP is currently documenting cases of alleged abuse and engaging relevant authorities, adding that where evidence is established, the organisation will pursue legal action, escalate matters to regulators, and expose offenders.

Siulapwa also encouraged members of the public who believe they have been unfairly treated by lenders to report their cases via WhatsApp on 0973 780780 for review and possible action.

He urged the Bank of Zambia to enforce the new law firmly and consistently, warning that Zambia cannot achieve financial stability while exploitation persists in the lending sector.

“Discipline, accountability, and fairness must now define the financial sector,” Siulapwa said.

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