Auction Terms

Last updated: 4 November 2026

1. About these auctions

Mbao Bidding is run by Venture Vault Investments Limited (registration no. 120241001675), at Shop No. 1, Snow White Complex, Chawama, Lusaka, Zambia. We sell assets held as security for loans that were not repaid, and other assets we choose to list.

2. Registering to bid

• You must be at least 18 with a valid Zambian NRC and a working phone number.
• We may verify your details and refuse or cancel a registration at our discretion.
• You are responsible for everything done through your registration.

3. Lots and descriptions

• Lots are sold as seen, with all faults. We give no warranty about condition, quality, age or fitness for purpose unless we say so in writing.
• Photographs and descriptions are a guide only. Inspection is available by appointment before the auction closes. Contact us to arrange it.
• We may withdraw, change or re-list any lot at any time.

4. Bidding

• A bid is a binding offer and cannot be withdrawn.
• Each new bid must be at least K100 above the current highest bid.
• The highest valid bid when the auction closes wins, subject to any reserve price. If a lot has a reserve price, the lot page says so, and the lot is not sold if the highest bid is below it.
• Staff, their families and anyone connected to the borrower of an asset may not bid on that asset.
• We may reject a bid we believe is fraudulent, in error, or made in breach of these terms.

5. Payment

• The winning bidder must pay in full within 48 hours of the auction closing, by mobile money or another method we accept.
• A buyer's premium of 5% of the winning bid (minimum K20) is added to the price you bid. It is shown on the lot page and on your invoice. For example, if you win at K3,000 you pay K3,150.
• Ownership of a lot passes to you only after we receive full payment.

6. Collection and delivery

• Collect your item from our office within 7 days of paying. Bring your NRC and payment reference.
• After that period we may charge storage fees of K10 per day.
• Risk in the lot passes to you when you pay or collect, whichever is first. Delivery can be arranged at your own cost if we agree.

7. Vehicles and documents

For vehicles and other registered items, we will help you with the transfer paperwork we are allowed to give. You are responsible for registration, licensing and transfer costs and for checking the item's documents before you bid.

8. If a buyer does not pay

If you do not pay or collect on time, we may cancel the sale, keep any deposit, re-list the lot, claim losses from you, and refuse your future registration.

9. Errors and disputes

If we find an error in a listing or suspect fraud, we may cancel the sale and refund any money you paid for that lot. Contact us at info@smartforelending.com with any concern.

10. Your information

We use your registration details to run the auction and contact you, as described in our Privacy Policy. We never show your personal information to other bidders.

11. Governing law

These terms are governed by the laws of the Republic of Zambia, and the courts of Zambia have jurisdiction. Nothing here limits any right you have under Zambian law.