Tuesday, August 25, 2020

Central Bank Issues Joint Notice To Warn Kenyans of Emerging Fraudulent Financial Schemes and Forex Traders

    August 25, 2020   No comments

CBK Governor Dr Patrick Njoroge

The Central Bank of Kenya (CBK) has issued a public notice warning Kenyans to be careful as there's a rise in fraudsters posing as financial schemes and foreign exchange brokers and traders.

This was a joint notice in conjunction with five other regulators in the financial sector which include;

  • Capital Market Authority (CMA), 
  • Insurance Regulatory Authority (IRA) , 
  • Retirement Benefits Authority (RBA) ,
  • Sacco Societies Regulatory Authority (SASRA) and 
  • The Ministry of Agriculture, Livestock, Fisheries and Cooperatives. 

Most of the pyramid schemes promise members to earn rewards after inviting more friends who are supposed to deposit cash claimed to be for buying shares.

On the other hand ,the fraudulent online forex platform will promise huge returns on joining and participate which later prove otherwise.

Members of the public are therefore encouraged to avoid and even report these unlawful financial schemes and forex traders to the appropriate regulators websites.

In addition, the public is advised to confirm the legitimate financial institutions and saccos licensed from the regulators websites listed below;

Central Bank of Kenya
Capital Markets Authority
Insurance Regulatory Authority
Sacco Societies Regulatory Authority
Ministry  of Agriculture, Livestock, Fisheries and Cooperatives
Retirement Benefits Authority 



Mwabaya Katana

About Mwabaya Katana

Mwabaya is an experienced and talented finance content creator based in Kenya. He is the Founder of Loans Kenya Blog.

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