Banxso-linked Afrimarkets in final licence loss

Key topics:Afrimarkets explores legal options after FSCA withdraws its licenceFSCA cites aggressive sales and client risk as reasons for withdrawalCompany vows to protect clients and ensure transparency during process.Sign up for your early morning brew of the BizNews Insider to keep you up to speed with the content that matters. The newsletter will land in your inbox at 5:30am weekdays. Register here.Support South Africa’s bastion of independent journalism, offering balanced insights on investments, business, and the political economy, by joining BizNews Premium. Register here.If you prefer WhatsApp for updates, sign up to the BizNews channel here..By Chris Steyn.Afrimarkets is “exploring all available legal options” in response to the Financial Sector Conduct Authority's (FSCA) final withdrawal of its financial services provider licence, effective yesterday (9 December 2025). In a statement today (Wednesday) Afrimarkets stressed that it was engaging with legal and regulatory advisers to “thoroughly assess every avenue available” under the Financial Sector Regulation Act.The FCSA provisionally withdrew the licence of Afrimarkets Capital in July this year, stating that Afrimarkets and Banxso “are linked through common directorships and key persons and conducted their financial services business in a very similar manner”..Read more:.Court orders liquidation of Banxso, citing ‘deception’ and an illegal business model.The FSCA said it had taken this step because it was concerned that there might be a risk of harm to clients and/or the general public if Afrimarkets continued its operations as a financial services provider. “The FSCA is amongst others also concerned about the apparent aggressive and pressurised sales techniques used by Afrimarkets agents when selling financial products to clients, promises of unrealistic returns, the failure to conduct the required risk and needs analyses prior to placing clients in specific financial products, and material losses suffered by clients.”The FSCA also finally withdrew the licence of Banxso.In today’s response, Afrimarkets said its primary focus remained on its clients and ensuring their interests were protected throughout this process. “The stakeholders of Afrimarkets wish to emphasise that our clients are at the heart of everything we do. We are exploring all available legal options to ensure a just outcome that favourably protects client interests. “We understand this news may cause concern, and we want to assure our clients that we are working diligently to navigate this matter responsibly.“The stakeholders remain determined to pursue a resolution that safeguards our clients' interests and upholds fairness..Read more:.FSCA investigates alleged financial scams involving Banxso and AfriMarkets.“The Company remains committed to transparency and will provide further updates as soon as we are able to share more information. We ask for patience as we work through the appropriate channels, and we will communicate developments as they become available.”.Download and read all supporting documentation below

Banxso-linked Afrimarkets in final licence loss

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