BoZ cancels microfinance firm licence

BOZ building.

THE Bank of Zambia (BoZ) has revoked the licence of the Zambian Works Financial Services Limited after the microfinance company voluntarily surrendered its trading certificate.
Zambian Works Financial Services Limited voluntarily surrendered its licence on September 9, this year.
According to a statement released by BoZ recently, the revocation of the licence does not relieve the company of any obligations it incurred or assumed when the licence was valid.
“The revocation of the licence entails that the company has ceased to operate as a microfinance institution under the Banking and Financial Services Act and the banking and financial services [microfinance] regulations, 2006,” the statement read in part.

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