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