LAST week, the financial sector was hit with news that Bank of Zambia had, effective July 21, 2023, taken possession of the Development Bank of Zambia (DBZ). Announcing the decision, the Central Bank said the lending institution had been under capitalised, making it difficult to function effectively. BOZ: “Notice is hereby given that pursuant to Section 64 of the Banking and Financial Services Act, 2017, the Bank of Zambia has taken possession of Development Bank of Zambia, a non-deposit taking financial institution with effect from July 21, 2023, due to non-compliance with the Banking and Financial Services (Capital Adequacy) Regulations. The Bank of Zambia has determined that Development Bank of Zambia is under capitalised. Further, despite consistent engagements by the...