The Bank of Zambia (BoZ) says the issue of weather members who saved with both ONO credit Association and COMSAVE Credit Union will be refunded will only be known once the court determines the case.
Bank of Zambia (BoZ) acting Assistant Communications Director Besnat Mwanza in responding to a press query from Maz FM , says the possibility of depositors being refunded is subject to a court ruling.
Mwanza says the Drug Enforcement Commission (DEC) which is the lead investigation institution, issued a statement indicating that the directors for both ONO and COMSAVE were arrested for money laundering related offences involving 69.5 million, says the directors for the two organizations are on police bond and are expected to appear before the court soon.
She however says that the central bank is compiling the membership database for the two institutions as a way of preparing for any directive that may be given by the courts of law.
The (BoZ) acting assistant Communications Director who has stated that membership database for the two district that had alot of members Mazabuka and Monze have been covered, says the central bank is still capturing data for Mumbwa, Siavonga, Livingstone and Choma.
Mwanza says a village bank is a closed group with limited number of self selected people who trust each other and lend money to each to meet various needs while at the end of the cycle they earn their payouts from their accumulated savings.