Burkina minister warns against unauthorized public fundraising schemes
Burkina Faso’s Minister of Economy and Finance, Aboubacar Nacanabo, has issued a stern reminder that any public solicitation for savings or investment must first receive approval from the Financial Markets Authority.
The minister’s statement follows reports of individuals engaging in unauthorized fundraising activities, offering financial, credit, or investment opportunities to the public without legal sanction.
These operations frequently promise unusually high returns—sometimes exceeding 100% of the initial investment—in exchange for contributions toward real estate or the purchase of shares and bonds.
“I call on the promoters of the structures concerned or involved to immediately put an end to their illegal activities and to contact the competent authorities in order to comply with the regulations in force, under penalty of sanctions,” Minister Nacanabo said.
He also urged the public to exercise caution when approached by such schemes.
“I call on the population to be more vigilant and restrained in the face of this phenomenon and to refer strictly to the structures approved by the competent authorities,” he added.
The ministry emphasized that only authorised financial entities are legally permitted to solicit savings or investment from the public. Individuals or organisations operating outside these frameworks risk enforcement actions, including fines, sanctions, or legal prosecution.
For those seeking guidance or wishing to report suspicious activities, the ministry has directed citizens to the General Directorate of the Treasury and Public Accounting, based in Ouaga 2000, which can provide information and verify the legitimacy of investment offers.
This announcement highlights the government’s ongoing efforts to safeguard public savings and protect citizens from potential financial fraud.
Officials stress that adherence to regulatory procedures is essential to maintaining trust in Burkina Faso’s financial system, ensuring transparency, and preventing the spread of high-risk or illegal investment schemes.
By promoting public awareness and enforcing strict oversight, authorities aim to create a secure environment for both investors and the broader financial sector.
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