Madison Finance deposits grow
Dr Ng’andu urged law enforcement officers and regulators to enhance their practical and theoretical knowledge on virtual currencies.
He said this at the official opening of a three-day workshop cof western Attorney General Africa Alliance partnership (CWAG AAP) on virtual currency investigations in Lusaka yesterday.
Dr Ng’andu said the BoZ had observed a rapid rise in scams that were being perpetrated by fraudsters in the name of cryptocurrencies.
A cryptocurrency (or crypto currency) is a medium of exchange using cryptography to secure the transactions and to
CUSTOMERS’ deposits have grown by 65 percent with an improvement in the portfolio mix between corporate and personal deposits, Madison Finance Company Limited (Mfinance) has said.
The firm has recorded a profit of K21.537 million as at December 31, 2018 compared to a profit of K1.848 million as at December 31, 2017.
This is according to the summary of audited results issued in Lusaka control the creation of new units. Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.
“The broad purpose of this workshop goes beyond dealing with concerns that might arise from shortcomings and risks associated with the failure to prevent crime and abuse of cryptocurrency technology.
Dr Ng’andu said it was yesterday.
Madison Finance`s increased profit after tax was mainly attributable to an increase in disbursements in the period under review coupled with the direct cost containment, the report said.
The loans and advances to customers grew by 22 percent and was the major growth driver.
“The company performance in 2019 is expected to remain strong. This will be on the back of expected continued strong disbursement performance, estimated that three in every 10 salaried workers had invested in cryptocurrencies.
“South Korea accounts for 30 percent of total cryptocurrency trading worldwide and possesses a very developed cryptocurrency exchange scene. This is happening against the background of government efforts to introduce strong regulations which restrict entry by illicit players,” he said
A virtual currency or virtual money has been defined in 2012 by the European Central Bank as “a type of unregulated, digital money, which is issued and usually controlled by its developers, and used and accepted among the members of a specific virtual community.” operational costs containment and competitive pricing of liabilities to maintain the direct costs within budget levels,” the statement reads.
Total assets and liabilities grew by 20 percent during the year under review and the loan book was the main driver while the liabilities’ growth was driven by the deposits from customers.
MFinance has a blend of young, innovative and creative minds with a staff compliment of 160 employees and a 17-branch network with presence in 9 provinces.