(Business in Cameroon) - Société Générale Cameroon recently posted a message on its Facebook page informing that some scammers have been using its logo and that of YUP Cameroon to entice users into investing amounts for considerable and quick returns.

“Société Générale Cameroon (SGC) wishes to formally deny its alleged involvement in this type of investment. As a reminder, the performance of any initial public offering or financial instrument selling activities is subject to the mandatory approval of Cosumaf [Central African Financial Market Supervisory Commission]," the bank indicates.  

The warning comes just days after a statement issued by the Cosumaf warning Cameroonians against several actors who offer to invest on their behalf without the necessary approvals. In its warning note, it published a list of 14 sites that offer such services without approval. They are namely Académie des investisseurs panafricains, Liyeplimal, GTX Invest, Global Trusted Xchange, Sogaa Sarl, Petronpay Cameroon, Mekit Invest, Unique Finance, Fortune Investment & Wealth, Crifat, Highlife International Cameroon, Sairiu, Regel Cameroun, Cameroon Invest, and Mougano Investment. Some of the companies listed protested but were suspended by the Cameroonian Ministry of Finance.

As far as SGC is concerned, it is a financial institution authorized by the COSUMAF to operate in the CEMAC region. It is an account keeper along with Afriland First Bank and Standard Chartered Bank.

S.A.