The Securities and Exchange Commission (SEC) has cautioned Ghanaians to be vigilant and desist from investing in unlicensed financial institutions in the country.
It has in a recent release sighted by GhanaWeb noted that 17 companies were operating without a license in recent times.
Among the 17 companies were; Yvonne Hanson Deals, Bitcash Investment, Alpha Pay, Quick Earn, Cedi Network Ghana.
SEC stated that the operations of these unlicensed banks were in contravention of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930).
In recent times, many people especially the youth and businessmen have lost huge sums of money to scammers.
This is because they pumped their monies into unlicensed businesses that are later shut down by the central bank.
Below are the 17 unlicensed companies operating in Ghana
1. PatronPay Ghana/PetronPay Ghana
2. Cedi Network Ghana
3. Bitcash Investment
4. Solmax Group
5. Freedom Synergy
6. FxKash Investment
7. Binomo Investment
8. Hi Pay
9. Quick Earn
10. Lite Earn
11. Snap Finance
12. Faucet Wealth Investment
13. Opay Investment
14. Payme Financial Services
15. Passive Income
16. Yvonne Hanson Deals
17. Alpha Pay