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Central Bank of Kenya warns banks of opening accounts for fake saccos

 

Anthony Muchiri, one of the more than 7,000 Kenyans said to have lost money after investing in Gakuyo Real Estate Ltd shows documentation for a land sale transaction from the firm. [Kibatia Kihu, Standard]

Banks and other financial institutions have been warned against opening accounts for dubious pyramid scheme businesses operating as saccos.

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