BoZ, DEC and FIC Probe Forex Trading Firm

The Bank of Zambia, Drug Enforcement Commission and Financial Intelligence Centre  are investigating a financial company engaged in foreign exchange trading called “Microsavers Hub”.

Microsavers is reported to be engaging in a money circulation scheme without following procedure, according to a statement issued today by the Bank of Zambia’s Communications Unit.

Information obtained by the Bank of Zambia indicates that “Microsavers Hub” is collecting financial deposits from members of the public.

The statement indicates that the money circulation scheme being undertaken by “Microsavers Hub” is not allowed under section 157 of the banking and financial services Act number 7 of 2017.


“In view of the above authorities have moved in to assess compliance of the activities of the company with banking and financial services as well as the prohibition and prevention of money laundering act respectively. Money circulation scheme is an unsustainable investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from profit earned by the individual or organization running the operation,” BoZ stated..

“The Central Bank has therefore warned members of the public to desist from getting involved in such illicit activities and are urged to be cautious with an investment that promises huge returns without underlying economic activity…”

The Bank of Zambia stated that money circulation schemes were in various forms “but all promises high returns to individuals who are recruited by depositing money into an account after which they are issued with a purported investment document”.

“Members of the public must only deal with financial service providers licensed by the Bank of Zambia, the Securities and Exchange Commission or the Pensions and Insurance Authority,” stated BoZ.



  1. Christopher CJ Mutambo

    “Microsavers Hub” is collecting financial deposits from members of the public…Please take action as soon as possible.

  2. Sj

    What means are they using so we don’t all fall PREY of their dubious activities? Comment

  3. Gangsta grabs

    Who registered them? Coz u suckers must have known the objective of the company.Or are u saying these bitches been operating without licence? Ice the bitches already,dont take kickbacks like little China man Lungu.


    where ACC because i want to report a case with them?.

  5. Saviour

    Job well done BOZ. the public should be educated on these matters, use simple terminology and help them understand how money markets work.

  6. Malamba Ponko

    Have you ever wondered why the USA alone has produced 475 US$ billionaires and yet Zambia has not produced a single billionaire? We are definitely doing so many things wrong. Our policies discriminate against our own people. Read the book called The Richest man in Babylon, it’s free on YouTube. You can never have a rich country without rich citizens. Wake up you intellectuals. Stop pursuing small issues and start addressing real issues. In my simple thinking if the dollar comes from outside it comes the beef the pocket of the poor Zambian. Don’t be too overtaken by the little that’s coming in now. You will earn from the same later on. Allow network marketing, USA embraced it , it has produced such people like Donald Trump and the many millionaires that you may know in US and worldwide. Why are we so bent on destroying the little efforts of our own people? Shame on us that’s why the majority of our people are poor. Tell me how are you going to enrich the Zambian by stopping him/her from participating in an online program like mineral pay, microsavers hub, Criptal currencies, which are now being recognized every where except Zambia where we think we are the custodians of poverty.
    Let us free ourselves. Allow the poor Zambian trade freely online, if swindled they will better find better ways of doing genuine online business.

    My tale on this is let Boz, the Acc, Dec, EC , EIC concentrate on real issues that are the real causes of poverty in our country and combat that one, instead of spending money on investigating microsavershub, this won’t reduce the poverty levels in Zambia. It won’t reduce the unemployment levels in Zambia. We should not be filled with ill feelings of having another get a little something. Let the banks not be lazy in coming up with better enticing ways of attracting customers. Admittedly the old ways of making money is here challenged. Leave the poor fellows alone. If it’s fake it will soon die.

    What should BOZ do? Innovate and don’t stop. Come up with a better package in these banks. Online business is here to stay with us. Pump in more money in coming up with better solutions of doing business. One has said, the new world is for those who are presently learning while the learned will be thoroughly equipped for the world which is no longer in existence

    • simona

      You’re right dear

    • Justin Tembo

      BOZ is just worried people will stop saving money with them. i am a member of microsaver and i earn $40 a day. if they swindle me later then no worries because i have already made my profit a thousand times. better than keeping money in the bank where they deduct monthly

  7. JJZAM


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