The Financial Sector Conduct Authority (FSCA) has made final the provisional withdrawal of the Financial Services Provider (FSP) licence of AfriMarkets Capital (Pty) Ltd.
The decision was finalised on 9 December 2025, following an investigation that found AfriMarkets materially contravened various financial sector laws and no longer meets the fit and proper requirements to operate.
The FSCA initially provisionally withdrew the licence on 4 July 2025. AfriMarkets was subsequently given the opportunity to make representations on the FSCA’s intended final decision.
ADVERTISEMENT
CONTINUE READING BELOW
Read:
Banxso and AfriMarkets reborn under different names?
Banxso placed in provisional liquidation
FSCA withdraws Banxso’s FSP licence
FSCA slaps Banxso and directors with R2bn penalty, refers matter to police
Investigation findings
The FSCA’s investigation into AfriMarkets’ conduct yielded several serious findings, including:
- Misappropriation of client funds;
- Providing clients with advice while the firm was not authorised to do so;
- Providing false and/or misleading information both to clients and to the FSCA;
- Promising clients unrealistic returns; and
- Failing to act in the best interests of its clients.
The FSCA said it will provide members of the public with updates regarding any further decisions in this matter.
Read:
‘AfriMarkets onboards 80 clients daily from fake ads’ – former employee
New scam targets Banxso victims using their personal data
Follow Moneyweb’s in-depth finance and business news on WhatsApp here.
#AfriMarkets #loses #FSP #licence