Togo: Some "illegal" financial institutions ordered to cease their activities

Finance

Tuesday, 22 October 2019 16:39

Togo: Some "illegal" financial institutions ordered to cease their activities

(Togo First) - Sani Yaya, Togolese minister of economy and finance, ordered the closure of some financial institutions that have been operating "illegally" yet promise high returns.

While the list of the concerned institutions has not yet been released, the minister's statement indicated that they "take money from people against capital securities or placement, promising up to 360% of interest."

The owners of these institutions also promise a yearly interest rate of 90% on initial deposits.

These prohibitive rates mainly aim at attracting the young, deceiving them and swindling them of their money.

Séna Akoda

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