The Bank of Sierra Leone has cautioned Flexi Group Limited Trade Company that is located at Jui Junction, Western Rural District. The Central Bank cautioned Flexi Group after they found out that the Group runs a scheme that involves soliciting and accepting deposits from the public.
In a press release issued on Thursday evening, the Bank stated that the operations of the company is in contravention of section 7(6) of the Banking Act 2019 which stated that “A person who transacts banking business without a valid license under this Act commits an offense and is liable on conviction to imprisonment for a term not exceeding 10 years or to a fine which is equivalent to twice the amount of deposited collected in contravention of this Act or to both” and section 3(1) of the other financial services Act 2001 which states that “Subject to section 8, no person shall carry on any financial activity uncles that person holds a valid license issued by the central bank.”
It was based on the above provisions of the law that the bank tagged the existence of Flexi Group Limited Trade Company to be illegal. The Central Bank affirmed that the Group does not have license to operate in Sierra Leone.
They furthered that pursuant to section 44(1) of the Bank of Sierra Leone Act 2019, section 7(6) of the Banking Act 2019, and section 3(1) of the Other Financial Services Act 2001, the Bank of Sierra Leone directs that Flexi Group Limited Trade Company immediately ceases its operations of taking deposits from the public for investment because it does not hold a valid license and that the public should look for the Bank of Sierra Leone’s issued license that are displayed in the premises of any financial institution.
More on this is on the release below.