Hubtel dissociates itself from Mobile Money lending scheme described as ponzi by EOCO

The management of Hubtel Limited has distanced itself from the Hubtel Mobile Money Lending scheme which has been characterized as a ponzi scheme by the Economic and Organized Crime Office (EOCO).

A statement issued by Hubtel Limited on Thursday February 24 said “Hubtel Limited wishes to let its valued and cherished customers , clients, partners and the general public know that Hubtel Limited has no affiliation, connection or any business dealings with the Hubtel Mobile Money Lending, nor the other entity being investigated and found to be engaging in illegalities by EOCO.”

The statement added “Hubtel Limited is registered with the Registrar General’s Department and has the approval of the Bank of Ghana to provide enhance payment services to the general public via our mobile app Hubtel, and website

“Hubtel wishes to thank its customers, clients and partners in Accra, Tema, Kumasi, Cape Coast, and Takoradi and nationwide for the patronage and support over the years and looks forward to continuing to innovate in order to provide you with cutting edge information technology solutions that make commercial transactional life easier.”

EOCO cautioned the general public to desist from investing and patronising services of Royal Gardens Network and Hubtel Mobile Money Lending.

According to the state’s organised crime-combatting agency, its checks have established that the two firms are registered neither with the Bank of Ghana nor with the Securities and Exchange Commission (SEC) but operating.

They are said to entice their victims to invest in the companies with promises of high returns. They do so via mobile money and WhatsApp platforms but after defrauding their victims, they close and delete the platforms and form new ones.

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“The companies have been found to operate a ponzi/pyramid scheme and the general public is cautioned to desist from investing and patronising them,” a news release from EOCO on Thursday said.

The statement assured that continuous monitoring will be carried out “with the view to ensuring that citizens are protected from scammers and fraudsters”.

By Laud Nartey||Ghana


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