Bank of Zambia (BoZ) has revoked the licence of Afgri Leasing Services Limited following the decision by the firm to voluntarily cease operations.
The revocation of the licence entails that Afgri Leasing Services Limited has ceased to operate as a leasing company under the Banking and Financial Services Act, which provides guidelines in the sector.
This is contained in a statement issued by BoZ communications department recently.
“The Registrar of Banks, Financial Institutions and Financial Businesses has with immediate effect revoked the non-deposit taking leasing licence of Afgri Leasing Services Limited.
“The revocation follows the decision by Afgri Leasing Services Limited to voluntarily cease operating under the Banking and Financial Services Act,” BoZ says.
The central bank, however, says the revocation of the licence does not relieve Afgri Leasing Services Limited of any obligations it incurred or assumed during the period of validity of the licence.
BoZ is empowered, under the law, to revoke licences of a financial service provider, where such a financial service provider that decides to voluntarily cease operations.
The central bank is also empowered, under the law, to take possession of a financial service provider refuses to comply with an order or directive of the BoZ, and can also take over a firm if it refuses to permit an inspection to be made as provided by law or obstructs an inspection.
