This archive report was first published on 25 August 2020.
On August 25, 2020, the Ministry of Industrialization and Enterprise Development, along with five financial regulatory agencies, issued a warning to the public about the resurgence of unlicensed and fraudulent financial schemes.
The schemes, which have been targeting Kenyans during the COVID-19 pandemic, involve entities posing as online global networking companies, online foreign exchange brokers, and traders.
These entities promise unsuspecting Kenyans huge returns, but in reality, they are offering unlicensed and fraudulent financial services.
The regulators have cautioned that appropriate action will be taken against the unscrupulous entities involved in these schemes.
“Members of the public should report individuals and entities offering unlicensed or fraudulent financial services to any of the financial regulators,” the statement says.
The Ministry of Industrialization and Enterprise Development issued the warning alongside the Central Bank of Kenya, Capital Markets Authority, Insurance Regulatory Authority, Retirement Benefits Authority, and Sacco Societies Regulatory Authority.
