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The Central Bank of Lesotho (CBL) wishes to inform the
general public that it has observed with great concern
the ever-increasing number of illegal financial
institutions and persons. These institutions and
persons take money from the public in a form of
investments, funeral covers, hospitalization covers, and
personal accident covers. Others engage in money
lending activities, yet outside of the parameters of the
laws, and some are not licensed by the Central Bank of
Lesotho. The above-mentioned products are banking and
insurance products, which are directly under the
supervision and regulation of the Central Bank of
Lesotho.
The general public is informed that it is the responsibility
of the CBL to register, license and supervise financial
institutions in order to maintain financial stability in
the country and to protect the people against the risk
of illegal deposit-taking schemes. As such, it is the
responsibility of the CBL to award licenses to the safe
and sound or fit-and-proper financial institutions in
the country.
Against this background, the CBL wishes to warn the public
about these potentially unscrupulous illegal financial
institutions and persons. The public should also note
that any institution or person collecting money from the
public without the permission of the Central Bank of
Lesotho is involved in an illegal activity. The public
is therefore encouraged to first enquire from the
institutions or the Central Bank of Lesotho before
engaging in financial transactions with the said
institutions or persons, to verify their registration
position. Such institutions or persons are required to
display their licenses which are issued by the Central
Bank of Lesotho.
For more information, please contact
Mr. Fusi Morokole – Head, Insurance Supervision at 22232027
or
Mr. Thato Mohasoa – Section Head, Public Relations at
22232139.
04
April, 2008 |
