The Bank of Sierra Leone released a public notice addressing a concerning situation involving an online entity named “PASSIVE GREEN WELL” (PGW).

The notice revealed that PGW has been enticing individuals to participate in a clandestine financial scheme through a WhatsApp group, soliciting deposits from the public via mobile money.

Crucially, the Bank of Sierra Leone emphatically declared that it has not granted any license to PGW for engaging in financial activities. Consequently, the financial operations conducted by PGW were deemed illegal by the regulatory authority.

The Bank of Sierra Leone issued a firm warning to the general public, strongly advising against engaging in any financial transactions with PGW. The notice stressed the crucial need for individuals to steer clear of dealings with PGW to protect the safety and stability of Sierra Leone’s financial system.

The public notice concluded by emphasizing that this action was taken in accordance with the Bank’s legal mandate, underscoring the institution’s commitment to upholding the integrity and stability of the financial system within the country. This announcement serves as a clear directive to the public, urging them to exercise caution and adhere to the established financial regulations to protect their financial well-being.