This archive report was first published on 25 August 2020.
On August 25, 2020, the Ministry of Industrialization and Enterprise Development issued a statement warning the public about the re-emergence of fraudulent and unlicensed financial schemes in Kenya.
These schemes, which have been taking advantage of the coronavirus pandemic, involve entities posing as online global networking companies, online foreign exchange brokers, and traders promising huge returns.
The regulators have cautioned that they will take action against those involved in providing fraudulent or unlawful financial services and unlicensed forex dealings.
According to the statement, members of the public are urged to report any individuals or entities offering unlicensed or fraudulent financial services and unlicensed forex dealings to any of the financial regulators.
The Ministry of Industrialization and Enterprise Development issued the statement alongside the Central Bank of Kenya, Capital Markets Authority, Insurance Regulatory Authority, Retirement Benefits Authority, and Sacco Societies Regulatory Authority.
