Zambia cracks down on unlicensed lotteries and money lenders

0
94

THE Ministry of Finance and National Planning has issued a warning to unlicensed lottery operators and money lenders, urging them to comply with the law and obtain proper licenses.

In a statement issued by the secretary to the treasury office, the ministry stated observing a significant number of businesses operating lotteries, raffles, money lending services, and product promotions without authorization from the Lotteries Board of Zambia.

The Finance Ministry emphasized that businesses operating without a valid license risk facing penalties, including fines, imprisonment, or both.

“Operating a money lending business without a valid money lenders

licence is an offence under the Laws of Zambia.” 

“In view of this, all money lending

businesses are hereby directed to ensure that requirements of the Law are adhered to, without exception,” the statement read 

The statement also advised lottery and money lenders with expired licenses to renew them immediately at the office of the Accountant General to avoid facing legal consequences.

“Any person who operates a money lending business without a

valid licence, shall be guilty of an offence and shall be liable to a fine, imprisonment or both,” warned the ministry.

This move by the Ministry aims to regulate the financial sector and protect consumers from potential harm associated with unlicensed businesses.

By Elesani Phiri 

Kalemba February 28, 2024

LEAVE A REPLY

Please enter your comment!
Please enter your name here