Opinion
Beware of TelexFREE Operations
Publish Date: Mar 25, 2014
newvision
  • mail
  • img

By Obed Natugumya- Basobokwe

TelexFREE is an online money making business and many Ugandans have been recruited through social media invites.

To gain membership, one has to contribute close to sh4m, bring on board two more members per month and publish TelexFREE posts daily to qualify for monthly payment. The operations of this business have attracted many people with its quick cash philosophy.

However, TelexFREE was banned in Brazil and is under investigation in the US and other countries around the world on suspicions that it could be a Ponzi or Pyramid scheme. Rwanda is the latest country to ban TelexFREE operations and issued a statement to the effect through its ministry of trade and industry.

“Basing on the investigation report carried out by the National Bank of Rwanda in conjunction with the Ministry of Trade Industry of February 19, 2014 on the operations of P.L.I Telexfree Ltd Rwanda, it has been concluded that P.L.I Telexfree activities are similar to that of a pyramid scheme which can easily be a channel to jeopardise the financial sector and facilitate money laundering,” says the statement. 

Ambassador of Uganda to Rwanda, Richard Kabonero through his twitter page confirmed the news and has advised Uganda to follow suit by banning such operations to protect the public.

The pyramid scheme is so sophisticated in nature and has let down so many people. The public should, therefore, be on the look out to avoid falling prey to such schemes.  

The writer works in the Office of the President

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
Focus on village savings to eradicate poverty
Living in poverty is ugly and those trapped in it need to explore their potentials out of it. Uganda has made enormous progress in reducing poverty levels country wide from 56% in 1992 to 24% in 2009; several national studies report the reduction to be more significant in urban areas compared to ru...
Germany’s secret credit addiction
With recent data showing that German exports fell 5.8% from July to August, and that industrial production shrank by 4%, it has become clear that the country’s unsustainable credit-fueled expansion is ending....
Safeguard the environment to alleviate poverty
The environment is very crucial in re-enforcing strategies for alleviating poverty and it is a corner stone for ing ways of eradicating poverty especially in rural areas....
Romania’s Underdog of Hope
The results of the recent Romanian presidential election were a happy surprise. Despite mounting a well-funded and ruthless campaign based on nationalism and religious devotion, Victor Ponta, the candidate of the Social Democratic Party (PSD) and current prime minister, lost to Klaus Werner Iohanni...
Give your heart to god
At the heart of the city of Kampala stands a church in honor of Christ the King. The statue just outside the Church conveys the nature of his Kingship. He is a humble Servant King, appealing to everyone’s reception....
What to expect from the national health insurance
Health Insurance is attracting more and more attention in low and middle income countries, Uganda inclusive. It is indeed pretty worrying that only about 3% of the Ugandan population has health insurance....
Should Govt lease parts of Lake Victoria to private developers?
Its Ok
No Way
Not Sure
follow us
subscribe to our news letter