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
Electoral Reform: What unresolved question could mean
Come 2016, Uganda will go to the polls with yet again the question of an unresolved “legal map”. Whereas we may boast of having had a “road map” several years before the next election, the “legal map” for the 2016 election has again not been clearly defined especially to the people’s expectations...
Another Great Leap Forward for Development
Next month, the world will achieve a milestone for global development efforts. The United Nations General Assembly will adopt the Sustainable Development Goals, an ambitious set of global objectives expected to improve the lives of millions of people by 2030...
Europe’s nationalist night watch
Populism is on the rise throughout Europe, as both economically depressed and prosperous countries become increasingly frustrated with their established political elites. But populists are unlikely to take control of any European government in the foreseeable future, even where the risk currently s...
Militia groups! Hmmm
I watched on Television as Major Roland Kakooza Mutale passed out what he termed as crime preventers. However, his body language was quite suspect and I was left wondering these were actually crime preventers or potential crime creators...
The implication of the exchange rate depreciation for inflation and monetary policy
I would like to begin by commending the Private Sector Foundation for organising this Trade Expo, which performs an important role in promoting trade and industry in Uganda....
Why we should support women’s growth in politics
Women’s political participation is no longer an issue of contention as the Constitution gives every woman the right to vote, campaign for elective political office, attend village/ local council meetings and belong to a political party of their choice....
Are poor parliamentary debates a result of removal of school debates?
Yes
No
Can't Say
follow us
subscribe to our news letter