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The government, through its regulatory agencies, waved the red flag about the emergence of several unauthorized financial service providers, the majority of which are online loan applications.
In a public notice, the Central Bank of Kenya) and other regulators of the sector have asked Kenyans to be very vigilant about the increasing number of online pyramid schemes. unauthorized, credit and savings systems and loan applications accessible by telephone.
"Most
4. They rely on investment strategies that are not explained or are not well understood.
5. They may require the hiring of more clients for earn points and qualify f or more benefits such as larger loans.
6. They have no physical address recorded and display phone numbers, websites and
They copy the look and feel of genuine mobile loan applications from known and approved financial institutions.
8. They have no badistance telephone or customer support mechanisms.
9. They are not registered, authorized or regulated by a regulatory body in Kenya.
"We remind members of the public to confirm the authenticity of financial products and services to financial institutions, especially when registration or savings fees are required.
The authorities also indicated that the contact details of the authorized operators can be consulted through CBK, KRA, the Capital Markets Authority, the Regulatory Authority. Insurance, Retirement Services. ] "It should also be noted that all businesses and legitimate entities in Kenya are registered and licensed by national and county governments and should post registration certificates or business licenses. Members of the public should require to see these certificates and / or business licenses if they are not displayed by institutions, "the opinion reads.
The public was also instructed to report volunteers and institutions offering fraudulent services in the event of victimization or suspicion.
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Tags applications CBK fraudulent loan Mobile warns
