Public Notice - Ecoplexus
The Non-Bank Financial Institutions Regulatory Authority’s (“NBFIRA”) would like to inform members of the public that Ecoplexus is not licensed to provide investment business services in Botswana, therefore, the business and its representatives are operating illegally.
It has come to the Authority’s attention that Ecoplexus was providing “investment” services of a deposit taking nature in Botswana. It appears that they had been aggressively canvassing members of the public for this business.
Recent media coverage has reported the unfortunate situation where countless members of the public have lost their money to what was an illegal ponzi scheme, which promised a high return on investment. Unlicensed operators are a common presence across many sectors of the economy, and unfortunately expose unsuspecting members of the public to the risk of abuse and fraud.
The Authority wishes to remind the public of the following:
- Licensed service providers: The Authority, through public education efforts, frequently reminds the public not to conduct business with unlicensed entities operating within the non-bank financial sector. If unsure check the Authority’s website for an up-to-date list of licensed entities. Alternatively call the Authority for verification. The Authority confirms that Ecoplexus was not licensed by the Authority.
- Legal definition of an Investment within the non-banking sector: The Authority has regulatory and supervisory jurisdiction over approved investment products as defined by the Securities Act and the Collective Investment Undertakings Act. These products include bonds, commodities, stocks, shares and unit trust. Ecoplexus’s operations were marketed as an “investment” opportunity. The business operations of Ecoplexus, therefore, do not fall within the jurisdiction of the Authority’s mandate as the nature of their “investment” does not fall within the definition used in the Authority’s regulatory framework.
- Illegality of Ponzi or pyramid schemes: these are illegal and criminal in nature and should be reported to the relevant law enforcement agencies.
The Authority contributes to the stability of the local financial system by effectively regulating and supervising the Non-Bank Financial Institutions (NBFI) sector. All entities operating in the NBFI sector in Botswana must be licensed or exempted by the Authority and compliant with relevant financial service laws. Doing business with an unlicensed entity is, therefore, illegal and a financial crime. Furthermore, members of the public doing business with unlicensed entities are unprotected by the laws governing the NBFI sector should things go wrong.
Members of the public are, therefore, advised not to conduct any business with Ecoplexus or any unlicensed company. Visit our website to verify entity good standing before engaging an entity.
If you think you have been approached by an unlicensed entity, you should contact our Licensing Department on 3102595/3686100 or send an email to info@nbfira.org.bw. To report any suspected unethical behaviour within the NBFI sector or NBFIRA, contact the NBFIRA Ethics Hotline on:
i. Free-Call Number: 16133
ii. Email: NBFIRA@tip-offs.com
iii. Website: www.tip-offs.com
iv. Postal Address: P.O. Box 448, Gaborone
