A massive fraud scheme in Lusaka has targeted over 6,000 marketers, resulting in a loss of K8 million. The fraud occurred within an empowerment scheme for marketers, which was initiated by the Zambia Excellence Entrepreneurship Hub Limited in collaboration with the Lusaka Union of Marketeers.
Dennis Muyumba, a trader from Mtendere market, shared that 299 traders from Mtendere alone have lost over K177,000. They were deceived into paying an insurance fee of K147,200 and a processing fee of K29,900 with the promise of receiving collateral-free loans at low interest rates to grow their businesses.
The scheme began in February of this year when marketers were instructed to form cooperatives and pay insurance and processing fees. Mr. Muyumba, speaking at a media briefing in Lusaka, provided details about the fraudulent activity.
The scheme was launched on April 20th at Lusaka’s OYDC and was officiated by officials from the Ministry of Small and Medium Enterprise Development, Zambia Excellence Entrepreneurship Hub Limited, and the Lusaka Union of Marketeers.
Despite the launch of an empowerment program in April, the affected traders have not received any response from the relevant offices. Their efforts to seek government assistance have also been unsuccessful.
Stay updated with the latest news by following the Melo Media channel on WhatsApp. Simply click on the link to join: https://whatsapp.com/channel/0029VaD2KGeGehEOl7RwgD3w
– Follow us on Facebook @ Melo Media
