The Securities and Exchange Commission (SEC), and the Economic and Organised Crime Office (EOCO) have advised the general public to desist from investing in all unlicensed investment products through online channels.

The warning comes on the back of a joint investigation carried-out by the SEC and EOCO revealing that some 17 entities operating through online channels are not licensed.

According to SEC and EOCO, “the companies are not licensed to operate hence the general public, capital market operators and investors should desist from investing with such firms”.

A joint statement assured investors and the general public that, “the SEC together with the EOCO are in collaboration with relevant law enforcement agencies to ensure rigorous enforcement of all securities laws for operators in the capital market to promote an orderly growth and development of an efficient, fair, and transparent securities market”. 

The unlicensed companies include PatronPay Ghana, Cedi Network Ghana, Bitcash Investment, Solmax Group, Freedom Synergy, FxKash Investment, and Binomo Investment.

The rest are Hi Pay, Quick Earn, Lite Earn, Snap Finance, Faucet Wealth Investment, Opay Investment, Payme Financial Services, Passive Income, Yvonne Hanson Deals and Alpha Pa.