The Mirage of Wealth: Unmasking the Financial Scams That Shook Zambia In the quiet corners of Zambian WhatsApp groups and the bustling streets of Lusaka, a digital gold rush was born. It didn't involve picks or shovels, but rather sleek mobile apps and the seductive promise of "passive income." Thousands of Zambians, from civil servants to market traders, watched their digital balances soar, only to wake up one morning to a chilling reality: the apps wouldn't open, the money was gone, and the "investments" were nothing more than a sophisticated house of cards. This is the story of how Kamono, E-Tesco, and G-Like turned the Zambian dream of financial freedom into a national nightmare. The Agricultural Illusion: The Kamono Initiative The Kamono Farming Initiative branded itself as a revolutionary bridge between urban capital and rural productivity. It promised investors that by "farming by proxy," they could earn substantial returns from...
The Mirage of Wealth: Unmasking the Financial Scams That Shook Zambia
In the quiet corners of Zambian WhatsApp groups and the bustling streets of Lusaka, a digital gold rush was born. It didn't involve picks or shovels, but rather sleek mobile apps and the seductive promise of "passive income."
Thousands of Zambians, from civil servants to market traders, watched their digital balances soar, only to wake up one morning to a chilling reality: the apps wouldn't open, the money was gone, and the "investments" were nothing more than a sophisticated house of cards. This is the story of how Kamono, E-Tesco, and G-Like turned the Zambian dream of financial freedom into a national nightmare.
The Agricultural Illusion: The Kamono Initiative
The Kamono Farming Initiative branded itself as a revolutionary bridge between urban capital and rural productivity. It promised investors that by "farming by proxy," they could earn substantial returns from poultry and crop production without ever touching a hoe. Unlike the digital-only scams, Kamono built a facade of tangible assets, even organizing field visits to impress potential backers.
However, the National Prosecution Authority (NPA) later revealed that Kamono was operating as an unlicensed banking business. The "returns" paid to early investors weren't coming from the sale of chickens or maize, but directly from the pockets of new recruits. In October 2024, the NPA successfully secured convictions against Kamono’s directors Funwell Zulu, Enock Chibutu, and Mirriam Soko for conducting a money circulation scheme. The court found that "no tangible farming or commercially viable activity backed the promises made," solidifying its status as one of Zambia’s most devastating agricultural Ponzi schemes.
The Digital Trap: E-Tesco and G-Like
As the world shifted online during and after the pandemic, scammers evolved. E-Tesco and
G-Like emerged as "task-based" investment platforms. Users were told they were helping e-commerce giants like Amazon or eBay boost their product ratings by "clicking" on items. To unlock higher-paying tasks, users had to deposit "VIP membership fees."
These platforms utilized a predatory psychological loop:
The Hook: Small initial returns were paid out instantly to build trust.
The Expansion: Users were encouraged to recruit friends and family to earn "team commissions."
The Exit: Once the pool of new capital dried up, the developers disabled the withdrawal function and vanished.
In September 2025, the Lusaka Subordinate Court sentenced Francis Timothy Shiompa to seven years in prison for his role in orchestrating these schemes. Shiompa was found to have defrauded victims of over K11 million, illustrating the sheer scale of the digital deception.
The Ripple Effect: Beyond Other Similar Scams
The list of casualties extends beyond these three. Schemes like B-Elite, D-Pula, and various "Money Circles" have surfaced, each using the same fundamental architecture: high returns, low risk, and a heavy reliance on referrals. These scams often target the most vulnerable those looking to hedge against inflation or save for school fees stripping them of their last safety nets.
The Long Road to Recovery: Efforts by the State
Zambian authorities have intensified their crackdown on financial crimes, though the path to recovering stolen funds remains arduous. The Drug Enforcement Commission (DEC) and the NPA have spearheaded "Conviction-Based Forfeitures." For instance, following the conviction of the E-Tesco orchestrator, the state moved to seize and forfeit assets acquired through the fraud to the national treasury.
"This conviction stands as evidence of the State's commitment to pursuing justice... all individuals involved in criminal enterprise will be held accountable," stated Senior Public Prosecutor Alex Yanganani following the Shiompa sentencing.
Additionally, the Bank of Zambia (BoZ) and the Zambia Information and Communications Technology Authority (ZICTA) have launched the #707# system, which helped save approximately K21 million in potential losses during the first half of 2025 by allowing citizens to report scam messages in real-time.
Lives Uprooted: The Human Cost of Fraud
The statistics millions of Kwacha lost rarely capture the human devastation. For many Zambians, these scams weren't just bad investments; they were life-altering catastrophes.
Broken Families: Many victims "reinvested" money belonging to spouses or extended family, leading to domestic disputes and legal battles.
Mental Health Crisis: The shame associated with being "conned" has led to a silent epidemic of depression and, in extreme cases, reports of suicide among those who lost their entire retirement packages.
Erosion of Trust: Perhaps the most lasting damage is the loss of trust in legitimate financial institutions. When a "verified" app fails, people become wary of genuine digital banking and insurance products, slowing the nation’s progress toward true financial inclusion.
Staying Vigilant in a Digital Age
The recurring nature of these scams suggests that as long as economic pressures exist, predators will find new masks to wear. Financial experts advise that if an investment offers returns significantly higher than the prevailing bank rates (currently averaging 12-15% per annum) with "zero risk," it is almost certainly a scam.
As Zambia continues to strengthen its Economic and Financial Crimes Division, the best defense remains public awareness. Before sending money via mobile boat or bank transfer, every Zambian must ask: Is this company licensed by the Bank of Zambia? And where exactly is the profit coming from? If the answer is "recruiting others," the only thing being harvested is your hard-earned money.
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