The Bank of Sierra Leone has issued a stern warning to the public regarding the activities of “Flexi Group Limited Trade Company,” located at Jui Junction, Freetown.
The company has been engaging in a scheme that involves soliciting and accepting deposits from the public for investment purposes.
In an official press release, the Bank of Sierra Leone clarified that “Flexi Group Limited Trade Company” has not been granted a valid license to conduct financial services in the country. This action is in violation of Section 7(6) of the Banking Act 2019, which stipulates severe penalties for conducting banking business without proper authorization.
Furthermore, the Bank cited Section 3(1) of the Other Financial Services Act 2001, emphasizing that no entity is allowed to carry out any financial activity without a valid license issued by the Central Bank. As such, the activities of “Flexi Group Limited Trade Company” have been deemed illegal.
In accordance with the law, the Bank of Sierra Leone has directed “Flexi Group Limited Trade Company” to immediately halt its operations involving the collection of deposits from the public for investment purposes, as the company lacks the necessary valid license for such activities.
The Bank has also advised the general public to be vigilant and only engage in financial transactions with institutions that proudly display licenses issued by the Bank of Sierra Leone. Those who choose to engage in financial transactions with entities lacking valid licenses do so at their own risk, as emphasized by the Bank.
This public notice serves as a strong reminder to all other entities engaging in similar schemes without proper licenses to cease such practices immediately. The Bank of Sierra Leone has taken these actions to safeguard the integrity and stability of the financial system within Sierra Leone, in line with its legal mandate.
For more information and to ensure safe financial transactions, the public is urged to verify the validity of licenses issued by the Bank of Sierra Leone before conducting any financial business.
