27 Apr 2014

Bank of Botswana (BoB) has revoked, with immediate effect, the licence issued to Masa Bureau de Change to transact foreign exchange business, due to non-compliance with regulations.

A press release from BoB stated that revocation of the licence was pursuant to section 30 (1) of the Bank of Botswana Act (CAP. 55:01) read in conjunction with the Bank of Botswana (Bureaux de Change) Regulations, 2004.

The release also stated that accordingly, the public was advised not to transact foreign exchange business with any person purporting to trade in the name of Masa Bureau de Change.

The public was also reminded that it was a criminal offence, under Section 30 (4) of the Bank of Botswana Act (CAP. 55:01), to conduct the business of buying and selling foreign currency without a valid licence issued by the bank. ENDS