THE Bank of Zambia has with effect from July 21, 2023, taken possession of the Development Bank of Zambia (DBZ) and Betternow Finance Company Limited. The Central Bank says it has determined that DBZ is under capitalised while Betternow Finance Company Limited is insolvent. BoZ says during the period of possession, it shall cause to be prepared, statements of affairs of the institutions’ assets and liabilities and take any other action it deems fit in accordance with the provisions of the Banking and Financial Services Act, 2017. In separate statements issued yesterday, the Bank of Zambia assistant director for communications stated that despite consistent engagements by the Central Bank, DBZ shareholders and its Board of Directors had been unable to…...

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