The Sierra Leonean arm of Ecobank Microfinance, a microfinance institution (MFI) based in the African country of Togo, reportedly has issued a statement refuting recent allegations of money laundering. These allegations reportedly were made by an Indian business man by the name of Malik Mohammed Sarik, who accused Ecobank of “financial malpractices associated with money laundering”, asserting that the bank transferred USD 699,000 into the account of Sierra Leone-based River Miners mining company without proper authorization from the account owner, Mr Mbakui. The bank’s statement reportedly refutes these allegations based on the following assertions: (1) Mr Sarik is not an account holder at Ecobank and has no relationship with the bank; (2) the transaction that Mr Sarik alleged to be evidence of money laundering was in fact a legitimate transfer and withdrawal of funds between two legitimate companies, River Miners company and its business partner, Fame Holdings. Information for Fame Holdings is unavailable. The original article from the Nationalist Newspaper in which the allegations were published is no longer available.
As of 2011, Ecobank Microfinance had USD 17.2 billion in assets, USD 12.1 billion in deposits and 1,151 branches throughout 32 countries in Africa and Europe.
By Makai McClintock, Research Associate
Sources and Additional Resources
Awareness Times Article, “Ecobank Refutes False Newspaper Publication,” http://news.sl/drwebsite/publish/article_200522615.shtml
MicroCapital: “MICROCAPITAL BRIEF: Sierra Leone Association of Commercial Banks, Central Bank of Sierra Leone, Sasikom Capital Partner to Promote Financial Inclusion,” August 4, 2012, https://www.microcapital.org/microcapital-brief-sierra-leone-association-of-commercial-banks-central-bank-of-sierra-leone-sasikom-capital-partner-to-promote-financial-inclusion/
MicroCapital: “MICROCAPITAL BRIEF: Sierra Leone-based Microfinance Institution (MFI) Hope Micro Partners with KopoKopo and Splash Mobile Money,” March 9, 2011, https://www.microcapital.org/microcapital-brief-sierra-leone-based-microfinance-institution-mfi-hope-micro-partners-with-kopo-kopo-and-splash-mobile-money/
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