Loom Money Ghana is not licensed – SEC

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The Securities and Exchange Commission (SEC) has cautioned the public against transacting business with new investment firm, Loom Money Ghana.

To those who want to know more about Loom Money Ghana, you can read here.

According to SEC, Loom Money Ghana is not licensed to operate in the capital market.

Consequently, the SEC says the public needs to be cautious of such institutions.

The Director-General of SEC, Rev. Daniel Ogbarmey Tetteh, speaking in a radio interview with Accra based Citi FM on Tuesday said the commission has received a notification of the operations of Loom Money Ghana and intends to deal with the issue as soon as possible.

Director-General of SEC, Rev. Daniel Ogbarmey Tetteh

“We have received some notifications at the usual channel by which people notify us of these scams. And we will follow our usual due process in advising clients,” he said.

He, therefore, called on all investors to always ask questions on what the underlining investment is before getting involved.

“But let me quickly say that it’s important for investors to always ask questions. One of the fundamental questions you should ask before you place your money with any firm is to find out what is the underlining investment,” he said.

He further advised investors to desist from investing in companies that promise high returns with a promise of it being guaranteed.

READ ALSO: Video of Canadian ladies after they were rescued; 4 Nigerian kidnappers arrested

You can Whatsapp/call Wise on 0540751315 if you want to register for Loom Money Ghana and earn fast.

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