Both Bank of Zambia and Drug Enforcement Commission say Investigations into Comsave Credit Union (Comsave) and ONO Savings and Credit Association (OSCA) have revealed that their activities had a semblance of Money Circulation Schemes which are prohibited under the Banking and Financial Services Act.

In a joint statement by Bank of Zambia and Drug Enforcement Commission says members of the public who may have been undertaking financial transactions with either Comsave or OSCA, will be advised on when to submit evidence of their respective deposits in the accounts of the two entities.

“We are doing our level best to ensure that interests of all stakeholders are protected, while the due process of the law takes its full course.” statement reads in part.

Comsave and UNO have released a statement on their activities of money circulation which is illegal