Opinion
Beware of TelexFREE OperationsPublish 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
Legal education in Uganda: the growing need for a research-based approach to teaching
One of the key skills nurtured within higher education is the ability to read and understand complex academic studies and to make sound judgement over them....
Migereko explains National Land Policy
I take this opportunity to thank the National Planning Authority in partnership with UNDP, the World Bank and ACODE for selecting the land question as the subject for debate and discussion at this 4th National Development Policy Forum....
Improve customer care at govt health facilities
I recently visited Uganda Revenue Authority branch at Ku-bbiri and the health department of Kampala Capital City Authority head offices. Amazed by the customer care at these public institutions which are often demonised as the worst places to go...
War: Such an unnecessary evil
In many countries, the proportion of the total national budget spent on the military, is a lion’s share compared to other priorities....
From Dark Country to the Sun of Africa: Congratulations Rwanda
I recalled my very first encounter with Rwanda, exactly twenty years ago. The contrast between then and now is monumental; the makeover truly unbelievable...
Let Israel negotiate with Palestinians to end impasse
MEDIA reports of the fighting in the Gaza strip are quite unsettling. The catastrophe should remind the world of the need for using diplomacy and soft power...
Should voters be given poer to recall their MPs?
Yes
No
Can't Say
follow us
subscribe to our news letter