By Cecilia Chiluba 
The Statement of Affairs of Ecsponent Financial Services Limited (trading as MyBucks) in possession, has established the institution’s full extent of insolvency to be K141.6 million, as at 16th February, 2025, representing a capital deficiency of K172.2 million.
In February 2025, Bank of Zambia (BoZ) took possession of MyBucks Zambia due to insolvency.
The Central Bank’s Board of Directors passed a resolution to take possession of MyBucks to safeguard the interests of depositors, and other creditors, as well as prevent disorderly exit of the institution.
The Board has resolved to place MyBucks under liquidation in accordance with Section 73 of the Banking and Financial Services (Amendment) Act, 2020, as read together with the Banking and Financial Services Act 2017.
In a statement, Bank Deputy Governor and Registrar of Financial Service Providers, Dr. Francis Chipimo said the Statement of Affairs was approved by the Central Bank’s Board of Directors at a meeting held yesterday, 3rd June, 2025.
“Notice is hereby given that pursuant to Section 73 of the Banking and Financial Services (Amendment) Act, 2020, as read together with the Banking and Financial Services Act 2017, the Statement of Affairs of Ecsponent Financial Services Limited (T/A MyBucks) – In Possession, was prepared.”
“The Statement of Affairs established the full extent of MyBucks’ insolvency, as at February 16, 2025, to be K141.6 million, representing a capital deficiency of K172.2 million,” Dr. Chipimo stated.
He added that during the same meeting, the Board also approved the appointment of Mr. Chimuka Mweetwa, Senior Analyst-Laws, Regulations and Liquidations, as Liquidation Manager, effective June 3, 2025, to oversee the liquidation process.
“In accordance with Section 127 of the Banking and Financial Services Act, 2017, the Bank of Zambia wishes to notify depositors, directors, shareholders, creditors, and any other interested parties that Ecsponent Financial Services Limited has been placed under liquidation,” he added.
Joseph Tembo