Financial sector regulators have warned the public of the re-emergence of fraudulent and unlicensed financial schemes seeking to take advantage of Kenyans during the Covid-19 period. These rogue entities include online pyramid schemes, unlicensed credit and savings schemes, and unlicensed online forex brokers and traders. “As the coronavirus pandemic continues to unfold, we warn the public of the re-emergence of fraudulent and unlicensed financial schemes seeking to take advantage of Kenyans during these challenging times,” the notice reads in part. CMA licenses and regulates online forex brokerage and trading, and other capital market products while CBK licenses and regulates all forex dealers and the Kenya Shilling component of any online forex trading and brokerage. The regulators had in July 2018 issued a public notice warning against such unlicensed financial services and products.

Source: The Star August 25, 2020 07:18 UTC