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EXPOSED : ZANACOs’ XAPIT, An Account Being Used For Fraud

THE Zambia National Commercial Commercial Bank -Zanaco’s XAPIT ACCOUNT is a stooge being used to bank money which is Fraudulent by scourplous individuals, Tumfweko understands.
This has been learnt through its Weak KNOW YOUR CUSTOMER (KYC) Policy.
When opening a XAPIT Account, all the customer need is a National Registration Card and a Mobile Cellphone Number which many Scorplous individuals have taken advantage of in saving fraudelent money through it.
It has been discovered that many have taken advantage by opening more than 8 XAPIT accounts provided s/he has different mobile phone numbers to subscribe to it but with same NRC.
The KYC aspect of asking for PROOF OF RESIDENCE and NONE Referencial of existing customers on part of introduction to would be customers is weakness noticed and closely monitored by Tumfweko.
However, insiders within Zanaco have disclosed to Tumfweko that many known former and current government officials in the MMD regime took and have taken advantage of the weakness in the account.
The XAPIT account has been heavily used for money laundering.
The account’s KYC therefore needs to be revisited.
In 2008, Zanaco Bank launched Zambia’s first mobile banking service, Xapit, primarily to reach the Zambian markets that have not been served by banks before, otherwise known as the unbanked. Today the bank has over 300,000 Xapit customers at an outstanding current growth rate of 40,000 customers and over 2,000,000 transactions per month respectively. Xapit users include other Zanaco customers that have easy access to the product through their savings and current accounts.
The Xapit account offers Visa services and is also the only instant Zanaco Bank account that can be opened within only minutes offering customers a Visa card and the following services through the use of a mobile phone.

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Posted by on October 26, 2011. Filed under LATEST NEWS. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

53 Responses to EXPOSED : ZANACOs’ XAPIT, An Account Being Used For Fraud

  1. engines Reply

    October 26, 2011 at 3:03 pm

    Tumfweko your lust for consipiracy is now getting out of hand.

    • C-Jay Reply

      October 26, 2011 at 5:00 pm

      Lol! Their conspiracy is really getting out of hand! this is just their opinion, there is nothing they have exposed!

    • tj600 Reply

      October 27, 2011 at 5:11 pm

      YOU ARE RITE MY MAN.BA TUMFWEKO U HAVE LIED ON THIS ONE.I WORK FOR ZANACO.IT IS NOT POSSIBLE TO HAVE THAT NUMBER OF XAPIT ACCOUNTS.THE ACCOUNT IS IDENTIFIED BY THE NRC NUMBER.CUSTOMER FROM OTHER BANKS CANT ACCESS XAPIT SERVICES.U NEED TO APPLY FOR THAT SERVICE ONLY AT ZANACO.

  2. naine ni nvelenikoni Reply

    October 26, 2011 at 3:12 pm

    Comments reserved!

  3. citizen Reply

    October 26, 2011 at 3:12 pm

    yes their is no smoke without fire, lets take this seroiusly

  4. Galagata Reply

    October 26, 2011 at 3:13 pm

    lol

  5. concerned obsever Reply

    October 26, 2011 at 3:16 pm

    lets us get facts not this nonsence u are giving us

  6. sansah Reply

    October 26, 2011 at 3:20 pm

    Sounds like you desperately need a story!

  7. Fine! Reply

    October 26, 2011 at 3:23 pm

    Ififine ifya kweba ati tumfweko, tumfweko, eifi nomba twlalaunfwako no bufi.

  8. anne Reply

    October 26, 2011 at 3:28 pm

    upset bout theze zambian musicians…ths francia chick who sang umutokofyopo,shz now a college dropout,en is now a receptionist,shez busy tormenting students at the boarding house shz working..she needs to respect pipo…nt shz being very ******….shz juss a zambian artist wit one nice track,some of these musicians boasting manigi…shz droped out of college en come to work as a receptionist en thinks she can rule pipo…rubbish francia

    • Yashani Reply

      October 26, 2011 at 4:46 pm

      Off topic mami take your complaint to your father.

    • Rodman Reply

      October 26, 2011 at 4:56 pm

      Ba anne, wtf is this!!!?? Is she now using xapit to torment you?! Or are you just another bitter black woman looking for an opportunity to vent?

  9. Barman Reply

    October 26, 2011 at 3:29 pm

    Eeeh ba Sansah, basanseni na ka stoly akasuma. Baaba sana zee bakaamba ba tumfwe!

  10. La Voice Reply

    October 26, 2011 at 3:32 pm

    Ba tumfweko please please! Leave this and find better stories!You are just full of speculations! Get facts straight before you are taken to court

  11. Carlos Reply

    October 26, 2011 at 3:40 pm

    How many Xapit accounts would one need to pull off meaningful money laundering activities as each only allows a maximum limit of K10m. This is a load of horseshit if you ask me.

    • Dee Reply

      October 26, 2011 at 6:22 pm

      ta account it’s a feature on an account mwebantu .go to school.

  12. bwana Reply

    October 26, 2011 at 3:50 pm

    BA TUMFWEKO UBUFI

  13. nomba ninshi?? Reply

    October 26, 2011 at 3:57 pm

    Just even the spellings and terminology are begining to really get on my nerves. Am sure the editor was trying to write unsrupulous but check out what he has written…..scrouplus or whatever. There is no master in english ya, but some things are just annoying.

  14. Former kachepa 360 lover Reply

    October 26, 2011 at 4:00 pm

    Get yo facts rite,if u’re nt careful,u’ll soon close lyk kachepa 360,lwenu

  15. batumfweko Reply

    October 26, 2011 at 4:00 pm

    Are you critising that an account is opened in few minutes? Are you so dumb that you dont expect that.here in the developed world we are now scanning a cheque on the cell phone and click deposit without going to the bank and the money is quickly transfered in the account.you are so backward that you still want to wait 3 months to open an account.This is why we never develop that country because s.tupid people who call themselves journalist dwell on very trivial issues.wake up this is 21st century.it took me a year just to open account in my home country because of people used with inertia like you..

  16. Dr. Rupiah B. Banda Reply

    October 26, 2011 at 4:04 pm

    you people dont just take anything negative happening in the country ati a MMD? surely, the Xapit account can not hold too much money, it has a limit of below K10,000,000. Yes its not a very good account and safe account, i have lost money before of about K500,000 from my account to the unknown person, and reported the matter to the Xapit Centre (HQ) on Cairo Rd Northend, though uo to now, nothings has come forth. I strongly doubt if the MMD would go and use Xapit to keep money, NO! i strongly doubt. Xapit and Tonse account at Barclays bank, are just for small transactions….!

    Ba Tumfweko tell us something Else.

  17. Rodman Reply

    October 26, 2011 at 4:08 pm

    Ba Tumfweko, do you have any real PROOF of actual fraud carried out using these accounts or you are just trying to gain a readership through peddling of romours and unfounded fables? Check your facts and check your spelling too, it’s UNSCRUPULOUS!

  18. clifton Reply

    October 26, 2011 at 4:16 pm

    Fi Tumfweko fyakumushi, go and open an account that takes 3 months if u r not happy with opening an account in no time, ala…

  19. 1988 grade seven dropout Reply

    October 26, 2011 at 4:18 pm

    fraudulent and not fraudelent,unscrupulous individuals and not unscorplous/scourplous individuals,ba tumfweko,this is a disaster,couldn’t stomach reading the garbage any further,back to primary school,need my reader seven?

  20. montana Reply

    October 26, 2011 at 4:24 pm

    iwe chi anne leka umukashi wandi…you need to work hard to reach her standards

  21. Zanaco Director Reply

    October 26, 2011 at 4:36 pm

    Tumfweko at it again namafi kulaumfwafye

  22. KsM Reply

    October 26, 2011 at 4:54 pm

    Pliz Tumfweko report facts and news not unfounded facts just because u want to get bak at the opposition.
    What kind of fraud can one do with a Xapit account wen the maximum money one can have in that account is only 10 million? And wat is ten million or as u say some people have 8 Zapit accounts, wat is 80million surely? You are a let down paper guys.

  23. Twafweni Reply

    October 26, 2011 at 5:01 pm

    umfweniko, most money siphoning from pipo’s bank accounts has been done from Zanaco,u hardly notice bcoz (1) the amounts are so ridiculously minimal but from millions of customers making a neat sum total; and (2) u need to pay K45,000.00 to be given a statement on request only, what a bright idea of keeping you uninformed of your account transactions. So Xapit may be afterall questionable. Twitangisha ifitala just bcoz we can.

  24. Nubian Princess Reply

    October 26, 2011 at 5:04 pm

    What is scorplous? I know my English and there’s no word like that. Could it be unscrupulous?

  25. Babyjew Reply

    October 26, 2011 at 5:38 pm

    Ba tumfweko de o world iz against u.tek yo nonsense 2 hell whre dey allow dat.

  26. Mwana muchembele Reply

    October 26, 2011 at 5:50 pm

    For some of us who are banking experts,i wud simply say the KNOW YOUR CUSTOMER (KYC) IS REALLY POROUS & YES ITS EASY YO USE THESE ACCOUNTS FOR LAUNDERING.
    ESPECIALY THAT PIPO CAN OPEN AS MUCH AS MORE THAN 5 ACs. Truly their KYC SHUD BE REVISED.

  27. kays Reply

    October 26, 2011 at 6:23 pm

    Ba tumfwe, take time to research, use the brain and not the bowels for analysis.

    Sha!!!!!!!!

  28. tumfweko kachepa Reply

    October 26, 2011 at 6:38 pm

    Ubufi ubwa very shallow

  29. Drug Trafficker Reply

    October 26, 2011 at 6:46 pm

    yawn boring.. tell us the latest about Zamtel sale enquiry

  30. Rodrick Reply

    October 26, 2011 at 7:16 pm

    Tumfweko your story is irrelevant. Xapit can only allow me to keep the maximum of K10m. Having 10 xapit accounts will amount k100m. Whats that to a politician? I have one such account and its so convinient. I can do alot with it. Dont disadvantage us, we are enjoying ourselves. Good services, no minimum balance, air time purchases, minimum charges. Awe bane tulekeleni bank yesu fwebene!

  31. RB & JAMES Reply

    October 26, 2011 at 8:11 pm

    You zambians it takes years for you to know that some one is stealin from you. Like me and my son we were stealin from you couldnt know that things were happenin. Wake up! Dont ba some of us. There i dont care attitude is killin you be patriotic. You should thank sata otherwise i was going to suck until blood out en i was going to the next Gadafi with billions of dollars in my pockets. Sleepy Zambians.

  32. Unza monk Reply

    October 26, 2011 at 9:13 pm

    Kwena Batumfweko abantu bamisowa! Teti mumfweko nensoni for reporting what does not exist??? SHAME ON U TUMFWEKO!!!

  33. DR CHRISTINE 1ST LADY KASEBA Reply

    October 26, 2011 at 9:18 pm

    help me people whre is the exposure in the story naluba ….. nasoba

  34. Consider Phlebas Reply

    October 26, 2011 at 9:58 pm

    only a very small time and unthinking crook would use a XAPIT account for money laundering.

    1. The maximum balance is K10,000,000
    2. You can only withdraw over the ATM’s which all have cameras and will at least record an image of your face or that of your henchman
    3. all transactions are traceable (account transfers, payments, purchase of talk time, etc).

    The account is for convenience and to cater for students, dependents, people living in illegal settlements, and people who just want a convenient account.

    It’s very easy to launder money in Zambia using normal accounts which have full KYC requirements.

    I love my XAPIT account and am sure many more thousands will agree.

    • Blasphem Reply

      October 27, 2011 at 3:29 am

      Money laundering/cleaning etc….K10,000,000 maximum balance,transfer that to a ‘perceived’ decent account,do the same for the other 8 possible accounts,repeat proccess over and over again….that K10,000,000 will grow AND grow.Fraudsters,serious ones,don’t operate on a whim…it takes time and patience to make crime pay!!Cross bank transfers are rarely,if ever,questioned as its assumed the sending bank has done the necessary checks prior to submitting(cameras are of no use unless you refer to petty fraud)..Drug cartels are on record to run rubbish collection companies just to clean dirty money,the irony hey?,..do not dismiss the articles sentiments easily.Question:why would a bank want to provide services for people living in ‘illegal settlements’ thus themselves being questionable??How is it ascertained that applicants are students,dependants or otherwise if all is needed is an NRC card and cell number?West Africans cottoned onto this a long time ago,hence the escalating population of fraudsters from that region in OUR country!!NB:in the UK,its easier to obtain a british passport than it is to open a bank account…the latter is deemed more a national risk as you can inflict carnage even from afar!…I am not a fraudster by the way,otherwise I wouldnt share tricks of the trade……

      • Hola Reply

        October 27, 2011 at 9:53 am

        Good and balanced critique. I believe there is no smoke without fire and this story is more to our benefit than our disgust. Not sure why we are opting for naivety without asking for more info.

  35. uko Reply

    October 26, 2011 at 10:33 pm

    well well well, no smoke without fire, and what can you expect from mmd reign?

  36. Democracy Advocate Reply

    October 26, 2011 at 10:48 pm

    I work with zanaco bank….Xapit account was created as a convinience account meaning to be used in place of cash e.g for shopping nowonder its maximum limit is k5m and not k10m. So if a person is having amounts in excess of that then we ask for full KYC.

  37. vya kulola vye Reply

    October 27, 2011 at 6:23 am

    ati up to 8 accounts using one nrc batumfweko muleba serious. The system will detect an already existing nrc number naimwe….
    As for siphoning of moni i.e. Minimal amounts as said zanaco is not the worst culprit look at barclays.
    As for the KYC requirements after a few months of opening the account zanaco usually makes a follow…

  38. Editor Reply

    October 27, 2011 at 7:01 am

    @VYA KU LOLA VYE, Check your facts by going to any ZANACO Branch to enquire on that regard.
    ANYONE, is challenged to find out.
    Don’t be misled by those who are using the same account for graft.
    You will soon be a victim if you don’t know. OPEN YOUR EYES PEOPLE, OPEN THEM WIDE and dont just Criticise anyhow without seeing the logic part just because you use the same account. Dont be blinded !
    In as much as the account is convenient, it has its lapses which needs to be strengthened.

  39. SEKO PONOKE Reply

    October 27, 2011 at 7:50 am

    ELOLWANYA NOMBA!!!

  40. PriceTag Reply

    October 27, 2011 at 9:00 am

    @Blasphem, thats a good analysis. it has made sense to me and has made me wise up a bit.

    But I think Tumfweko should do its diligence thoroughly before feeding us with half-truths. This is the dilemma with Zedian news websites. They enjoy peddling gossip without verifying their facts. It makes me wonder sometimes whether the people who run these sites are professional journalists or just over-zealous bloggers.

    The same is true with the ZambianWatchDog, LusakaTimes and Kachepa360. Guys, do not just be excited with running a website, but feed your readers with good journalistic material. Have respect for us coz we are the people who help you exist as a site.

    I am a professional journalist, and when I visit your site I deserve some respect for my time and intellect.

    If you need help in journalism basics, please do not hesitate to contact me. I can help you do a better job. Pricetag78@yahoo.com

  41. lysontheone Reply

    October 27, 2011 at 11:41 am

    whatever you mission is, On this one forget about former government officials. because Xapit only gets the maximum of K10000000 so what is this money to a former mp or minister.

  42. The Remnant Reply

    October 27, 2011 at 12:42 pm

    Am afraid people its not conspiracy by Tumfweko it is actually very true, as am writting this post right now l was checking my account using xapit features on my mobile phone and gues what l found in an account that was supposed to have only K337,000 l found K20,000,000 ME SHOCKED and started querying myself who would have wrongly deposited money in my account, l rushed to Manda Hill Zanaco Branch coz that is where l hold an account and to my dismay and horror that balance was no longer reflecting but my original balance of 337 thousand kwacha was. So what it means is that l had alerted them by checking on my mobile fone and they changed the balance because if it had been wrongly deposited it would have taken a bit of time for them to realise but they did it so fast which means they know what they are doing and it is pathetic. There is indeed a scam going….am shocked!

  43. Unknown 23 Reply

    October 27, 2011 at 3:52 pm

    You’r busy condeming the tumfweko guys, but the question i have is why do you read what they write everyday? If you know that what they write is not true?

  44. mfumu Reply

    October 27, 2011 at 11:00 pm

    anne is dat a tru storie or do u hve sumtin against franciar? Ive met her b4 n i think shes da sweetest girl ever! U say shes a college dropout, so what, were u hopin dat wud b da end of her. Atleast she found sumtin to do with her life and i think shes alot smarter than other pipo in college that spend tym posting silly comments to boast their ego. Grow up. You are focusing on th fact that sh is nt in sku and is a receptionist. I thnk its cool especially if sh intends to go bak. Thats th attitude that smart girls should hav. Obviously u didnt knw that. U say shes gt 1 nice song,hw many do u hve? Shes a young lady strivin 2b da best! Word of advice,drop da atitud n do da same!!

  45. shekel Reply

    December 12, 2011 at 8:37 am

    Even looting…Am scared for my money…this is weird.

  46. simon kanyika Reply

    December 14, 2011 at 10:16 pm

    Tumufweko all you have done in this article is to mislead the masses,xapit is one product that has made life easy not only to zanaco customers but even to the community at large in that lives are being served even When banks are closed, i can give an example were i i sent my mummy cash via xapit on a sunday even though banks and fianancial institutions were closed. So lets look at this issue objectively and without malice after all, you have not even dag deeper cause if you had the first thing you would have done was to check out the airtel money transfer is it that suddenly airtel has become a mobile bank…………. lets re look at their licence so that we weigh the pros and cons otherwise VIVA ZANACO………….!!!!

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