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Be wary of investment schemes – Chitalu

(ZANIS)-The Securities and Exchange Commission has urged the general public to be cautious of investment contracts, especially those promising inflated returns.

Securities and Exchange Commission Chief Executive Officer Philip Chitalu said people should have basic information on an entity providing investment opportunities such as its licentiate status and the source of the capital gains.

Speaking at a media briefing in Lusaka, Mr. Chitalu advised the general public to invest wisely and plant their capital in entities that assure genuine returns such as the Government bonds among other entities.

Mr. Chitalu indicated that the commission in collaboration with its stakeholders has embarked on regular stakeholder engagement activities to enhance financial literacy and sensitise people on capital markets.

He explained that it is easier when the people are sensitised and aware on how to differentiate genuine products from likely fraudulent activities so they do not lose out on investments.

Meanwhile, Mr. Chitalu disclosed that Zambia’s capital markets total savings have increased by three percent, in the first quarter of 2023.

He attributed the three percent increase to the Lusaka All Share Index (LASI) which tracks the performance of the market, going up by 6.82 percent.

Describing the capital markets as resilient, Mr. Chitalu said the delays in concluding Zambia’s debt restructuring affected the expected flow of funds and investor perceptions on the country’s credit rating.

“Between December 31st 2022 and March 31st 2023, the total savings within the capital markets grew by 3.04 percent,” revealed Mr. Chitalu.

He disclosed that the Commission received six complaints in the first quarter of 2023 and are still being addressed, assuring that it will ensure the Commission has continued to resolve complaints received from the markets expedite.

He explained that the Commissions focus for 2023 is the implementation of the capital markets master plan which was launched early this year.


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