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Afrikan Financial Services (Pty) Ltd

Afrikan Financial Services (Pty) Ltd - Waarschuwing FSCA South Africa - 2019-Dec-10

FSCA Press Release 10 December 2019

FSCA warns the public against Afrikan Financial Services (Pty) Ltd.

The Financial Sector Conduct Authority (FSCA) warns the public against doing any
financial services related business with Afrikan Financial Services (Pty) Ltd (Afrikan).
Afrikan is not authorised in terms of the Financial Advisory and Intermediary Services Act
No. 37 of 2002 ("FAIS Act") to furnish any financial advice and render intermediary services.

Afrikan was previously licensed by the FSCA under Financial Services Provider number
48238. Afrikan’s licence was withdrawn on 22 November 2019 for contravening section
7(1) of the FAIS Act in furnishing advice in respect of deposits and rendering intermediary
services in relation to a long-term policy without being duly authorised.

Afrikan was not registered or authorised as a short-term or long-term insurer. Nonetheless,
Afrikan offered various insurance products to members of the public, thereby contravening
insurance legislation.

The FSCA imposed an administrative penalty of R2 528 501.81 on Afrikan for contravening
various financial sector laws. Mbalenhle Valentia Khuzwayo (Khuzwayo), the key person
of Afrikan and Buhlebenkosi Mayibongwe Nala (Nala) a director of Afrikan have both been
debarred for a period of 10 years from providing or being involved in the provision of
financial services. Afrikan, Khuzwayo and Nala have agreed to the FSCAs administrative
and regulatory action imposed.

The FSCA again reminds consumers who wish to conduct financial services with an
institution or person to check beforehand with the FSCA on either the toll free number (0800
203 722) or on the website as to whether or not such institution or person
is authorised to render financial services as well as for which product they are authorised.


Enquiries: Financial Sector Conduct Authority
Email address:
Telephone: 012 367 7883