Kenyans protest after being conned by pyramid schemes. The modus operandi deployed by the pyramid schemes scammers was exposed by the Commissioner of Cooperative Development, Mary Mungai (pictured). Some of the pyramid schemes were acting as cooperative societies. According to Abuga, none of the pyramid schemes had been licensed by CBK to offer financial services and that they did not fall within the CBK’s regulatory ambit. “Although Central Bank was not regulating pyramid schemes, it had issued public statements warning the public against engaging the illegal entities.

Source: Standard Digital February 26, 2021 20:11 UTC