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Isungile Payment Solutions and Ikulile Initiative Enterprise

The Bank of Zambia seized money and properties from two fraudulent financial institutions, Isungile Payment Solutions and Ikulile Initiative Enterprise, and must now return the funds to affected depositors; depositors in different regions are invited on certain dates to verify their deposit amounts so that payments can be distributed to bank accounts or mobile wallets provided.

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41 views1 page

Isungile Payment Solutions and Ikulile Initiative Enterprise

The Bank of Zambia seized money and properties from two fraudulent financial institutions, Isungile Payment Solutions and Ikulile Initiative Enterprise, and must now return the funds to affected depositors; depositors in different regions are invited on certain dates to verify their deposit amounts so that payments can be distributed to bank accounts or mobile wallets provided.

Uploaded by

engkj
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Vision: To be a Dynamic and Credible Central Bank that contributes to the Economic Development of Zambia.

PUBLIC NOTICE
ISUNGILE PAYMENT SOLUTIONS AND IKULILE
INITIATIVE ENTERPRISE
The Bank of Zambia (BoZ) wishes to inform members of the public that the High Court on 13 May 2019, ordered
that the money and properties seized by the Drug Enforcement Commission from Isungile Payment Solutions,
Ikulile Initiative Enterprise and their promotors be forfeited to the State. The Court further ordered that the money
and the properties be surrendered to the BoZ as the financial sector regulator, and that the said properties be
liquidated and the proceeds paid out to the affected depositors.
In this regard, all depositors are invited to verify their deposit amounts placed with the two institutions at the
following dates and venues:

Dates Venue Time


Solwezi Residents 3 to 7 June 2019 Drug Enforcement Commission 08:00 to 16:00 hours
Offices in Solwezi
Chipata Residents 10 to 14 June 2019 Drug Enforcement Commission 08:00 to 16:00 hours
Offices in Chipata
Lusaka Residents 17 to 19 June 2019 Bank of Zambia Auditorium, 08:00 to 16:00 hours
Bank Square along Cairo Road,
Lusaka.

For purposes of verification, depositors are required to provide the following, as may be applicable:
1. Identity card i.e. national registration card or passport;
2. Original copy of the Isungile Payment Solutions Investment Agreement;
3. Original copy of the Ikulile Initiative Enterprise Business Contract;
4. Copy of bank deposit slips for those that deposited money into any of the Isungile Payment Solutions
or Ikulile Initiative Enterprise accounts; or
5. Transmission copy or bank statement confirming the transfer of funds into any of the Isungile
Payment Solutions or Ikulile Initiative Enterprise accounts.
Depositors are advised that the BoZ intends to start making payments from the seized cash, and subsequently
make further payments from the cash to be realised from the public auction of the forfeited properties. The BoZ
shall pay the proportion of amounts through either client bank accounts or mobile money wallets.
Therefore, during the verification exercise, depositors will be required to provide details of either their
bank accounts (including branch sort codes) or mobile money wallet numbers (for amounts less than K10, 000)
to which funds will be transferred.

For further information and clarification contact:

Communications Division
Bank of Zambia
P O Box 30080
LUSAKA
Telephone Number: +260-211-399300
Email : [email protected]

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