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Kenya’s apex bank urges public to beware of unregulated online forex dealers

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Forex

The Central Bank of Kenya (CBK) said in a statement on Friday that the platforms are downloadable on Google play and Apple app store, and are aggressively marketing themselves through social media and mass emails.

“The purpose of this notice is to warn members of the public against dealing with unlicensed and unregulated online forex dealers.

“They should only deal with genuine and licensed financial institutions and entities,’’ CBK said.

According to the apex bank, the unregulated entities should be avoided because they lack adequate anti-money laundering and consumer protection safeguards.

Kenya has so far licensed two online forex firms to operate in the country.

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