BUUMBA CHIMBULU writes
COMSAVE Credit Union has insisted that it is a village banking group and that the Bank of Zambia (BoZ) is aware of it.
The Union has indicated that the Central Bank guided that it has no issues with Comsave’s operations as a village banking group.
This is after the BoZ issued a warning that Comsave Credit Union was illegal as it was not registered with the Central Bank and that it was a Ponzi scheme.
But Comsave Managing Director, Given Muleka, insisted that the Union was registered under the registrar of societies for Community Development as a village banking group.
Mr Muleka was speaking in a walk in interview yesterday in Lusaka when he approached the Daily Nation over the article published quoting Comsave as a Ponzi scheme.
“To some extent as we were quoted that we are a Ponzi Scheme, I remember when we had a meeting with the Registrar [Charity Mwenya] at the BoZ, we were advised not to operate like a Ponzi scheme were we recruit people, no, we do not recruit people.
“She had further advised that you village banking have got no issues with the BoZ, you go under the ministry of Home Affairs, Register of Societies and also Cooperates with the Ministry of Commerce, Trade and Industry,” Mr Muleka said.
He said Ms Mwenya guided Comsave on the procedure to take in case it intended to register as a financial institution from village banking.
Mr Muleka explained that the Union had a three months saving plans for the groups.
“We are a village banking group who give unsecured loans, so we run so many businesses. We are into transportation and Schools. This is meant for backup in case we have a defaulter
“We have offices in Mazabuka, Monze, Choma, Kalomo and Livingstone. We have permanent structures like schools which are in the name of Comsave,” he said.