Central Bank of Kenya warns public over the return of pyramid schemes

Central Bank of Kenya (CBK) has sounded the alarm over the rising number of pyramid schemes and unlicensed financial institutions that are stealing money from the public.
The regulator has cautioned the public to keep off unlicensed and unregulated financial institutions so that they don’t lose money.
In a joint statement with Sacco Societies Regulatory Authority (SASRA) yesterday, CBK said unlicensed deposit-taking entities and pyramid schemes have made a big comeback.
“Such entities entice members of the public to place money with them and promise quick and abnormally high returns on their money or acquisition of non-existent properties,” read the joint statement in part.
The two bodies called on the public to give deposits to only those institutions that are licensed, noting that  these institutions are listed in the CBK and SASRA websites. By January 27, 2017 SASRA had licensed 164 SACCOs to take deposits from the public.
Their joint statement comes at a time when Kenyans have lost money to the Simple Homes Kenya company that wooed its victims by asking them to “pay rent and own a home.” It later emerged that these homes were non-existent.

Source:  www.kdrtv.com

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We commit to consistently promote SACCOs through advocacy and provision of quality technical and financial products that exceed the members’ expectations.
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