By Idrissa Bangura

The Bank of Sierra Leone has on Thursday drafted a press release dated on the 24th August , 2023 drawing the attention  of the general  public that the Bank of Sierra Leone has been informed about the activities of a company called ‘’FLEXI  GROUP LIMITED TRADE COMPANY’’ located at Jui  Junction, Freetown. Informing the Bank about the company’s activities involving soliciting and accepting deposits from the public for investment.

The Bank of Sierra Leone, in its press release, informed the public to know that it has not given any license to ‘’FLEXI GROUP LIMITED TRADE COMPANY’’ to carry out financial services in Sierra Leone. The press release further stated that, the business activities of the company are in contravention of section 7[6] of the Banking Act 2019 which states that;

‘’A person who transacts Banking Business without a valid license under this act commits an offence and is liable on conviction to imprisonment for a term not exceeding ten years or to a fine which is equivalent to twice the amount of deposits collected in contravention of this act or to both.’’

And section three 3[1] of the other financial services act 2001 which states that; ‘’ Subject to section 8, no person shall carry on any financial activity unless that person holds a valid license issued by the Central Bank.’’  Therefore, the activities of ‘’ FLEXI GROUP LIMITED COMPANY’’ are illegal.

The bank of Sierra Leone instantaneously directs   ‘’FLEXI GROUP LIMITED TRADING COMPANY’’ to immediately ceases its operations of taking deposits from the public for investment pursuant to section 44[1] of the Bank of Sierra Leone Act 2019 and section 3[1] of the other Financial Services Act 2001, because FLEXI GROUP LIMITED COMPANY does not hold a valid license for this purpose.

The Bank of Sierra Leone advised the public  to look for the Bank of Sierra Leone issued license that are to be displayed in the premises of any financial institution licensed by the Bank of Sierra Leone before engaging in any financial transaction with that institution.

The Bank of Sierra Leone, in its press release, hereby advise members of the public that are engaging or seeking to engage in any financial transaction by way of making deposits for investments with ‘’FLEXI GROUP LIMITED TRADE COMPANY’’ or any other business operating such schemes without a valid license issued by the Bank of Sierra Leone does so entirely as his or her own risk. And the general public is therefore warned to desist forthwith.

This public notice warned all other businesses not known or aware by the bank that are engaged in the same scheme to move away from this act. The Bank of Sierra Leone, eventually, reiterates that the actions taken to close down the operations of the company are to ensure the safety and soundness of the financial system in Sierra Leone, in conjunction with the legal mandate of the Bank of Sierra Leone.