Bank of Zambia begins liquidating three financial institutions

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Bank of Zambia begins liquidation process for three micro-finance institutions

Three micro-finance institutions have been closed and placed into liquidation in accordance with the Banking and Financial Services Act, the Bank of Zambia announced today (August 25).

Commercial Leasing Zambia, Cetzam Financial Services and Genesis Finance have all been shut with immediate effect, following a resolution passed by the central bank's board.

The central bank said it will appoint a liquidation manager for each institution, who will be in charge of the subsequent liquidation process.

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