Daily Nation Newspaper

Madison Finance deposits grow

- By MUKOSELA KASALWE

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.

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