Select Page

Angelitos Community Foundation not endorsed by central bank

Angelitos Community Foundation not endorsed by central bank

The Bank of Namibia has informed that Angelitos Community Foundation has not been approved nor endorsed by the Bank as they fall outside its mandate.

This comes after the Bank noticed that Angelitos Community Foundation is soliciting funds from the public and to attract potential investors to its business activities by misrepresenting a letter in which the Bank explains that does not have the mandate to approve or endorse its business model.

The Bank assessed the business activities of Angelitos Community Foundation to determine whether they contravene section 55A of the Banking Institutions Act, 1998 (Act No. 2 of 1998).

Kazembire Zemburuka Deputy Director of Corporate Communications at the Bank advised members of the public to be cautious when investing their money with unregulated entities.

“Members of the public must remain vigilant by conducting the appropriate due diligence on activities of any business to ensure that these entities are registered with the relevant authorities and that they offer products that are authentic,” Zemburuka said.


About The Author

Donald Matthys

Donald Matthys has been part of the media fraternity since 2015. He has been working at the Namibia Economist for the past three years mainly covering business, tourism and agriculture. Donald occasionally refers to himself as a theatre maker and has staged two theatre plays so far. Follow him on twitter at @zuleitmatthys