One a minute.

The article focuses on the functioning of unlicensed banks in Ghana that promise incredible rates of return. These banks promise to pay back an interest of 30% on the deposited amount. Tens of thousands of people, rich and poor, have put their money in them. Stories abound of people closing their accounts elsewhere, selling their homes, and depositing their life savings at these places. The government recently ordered them to close. While rumors of illegal investments have floated around, a likelier explanation is that these banks are operating simple pyramid schemes, like ones that have come and gone over the past ten years in Nigeria and Liberia.