QUICK READ Warning

The Financial Sector Conduct Authority (FSCA) has issued warnings against several financial companies that are not licensed in South Africa and appear to be operating illegally.

Uhuru Tribe, Uhuru-X, Uhuru Cash, CBI X SA, and CBI Global, all associated with a certain Coenraad Botha. The FSCA says it is currently conducting an investigation in respect of the business activities of these parties.

Bitminer Blockchain Core, trading as Bitminer Limited, a cryptocurrency mining company which offers unrealistic daily returns of up to 11%. On its website, Bitminer Blockchain

Core reflects that it is authorised under license number FSP 45332. However, according to the records of FSCA, the FSP number belongs to Wingfield Motors. Wingfield Motors has confirmed that it has no relationship with Bitminer Blockchain Core and/or Bitminer Limited and that its FSP number is being fraudulently used.

Croc Gold, associated with a certain Sabelo Ngwenya. The

FSCA has received information that Ngwenya and Croc Gold might be trading forex on behalf of customers. For a company to offer forex trading in South Africa, it must be licensed to do so by the FSCA.

Ngomti Funeral Home. This funeral parlour is not registered as a financial services provider and is not underwritten by a registered insurer, as is required.

IQ Option. This operator is not licensed by the FSCA and in particular is not authorised to act as an over-the-counter-derivatives provider in South Africa.

SA Imperium. This entity, offering to trade in forex and shares on behalf of members of the public, is not licensed to do so.

Al Baraka Bank customers are now able to make deposits and withdrawals at till points at supermarkets. The senior manager of the bank’s electronic and transactional banking division, Aasiya Jamal, says: “Being associated with major supermarket chains for transactional banking purposes is not only convenient to clients but, in effect, significantly expands our bank’s national footprint.” Withdrawals are based on your card limit, to a maximum of R5 000, and depend on the store’s in-house rules. Deposits of up to R3 000 may be made at Checkers, Shoprite and Usave stores, and up to R5 000 at Pick ‘n Pay and Boxer outlets. The bank also recently introduced its Mobile Banking App for its customers.