Rwanda bans Telexfree operations

m_Rwanda bans Telexfree operationsThe government of Rwanda has banned operations of P.L.I Telexfree Rwanda Ltd, a multi-level Internet marketing Service Company, citing fears of money laundering in the country.

“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 Rwanda Ltd, which concluded that P.L.I Telexfree Rwanda Ltd activities are similar to that of a pyramid scheme which can easily be a channel to jeopardize the financial sector and facilitate Money Laundering” read a statement from the ministry.

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The 14 year old Company has been involved in raising the excitement of enabling people be hired (as Promoters) and start getting paid on average $100 every week for 52 weeks, for posting daily adverts on the internet.

The same Telexfree frenzy has also reportedly hit Uganda in the recent months with many people attracted by the simplicity of its work.

In this regard, Richard Kabonero, Uganda’s High Commissioner to Rwanda has asked his home country to consider similar measures taken by Rwanda, and advised Ugandans to stay away from Telexfree activities.

“Uganda needs to look into this to protect the public.” Kabonero tweeted.

Telexfree arrived in Rwanda in the Second Quarter of 2013, whereby it was fully and duly registered within RDB since 12 June 2013 with the affiliate name “PLI TelexFree (Rwanda) Ltd”.

The company offices are located in Remera (opposite Giporoso Bus Station occupying the last floor of that entire building harboring Viva Supermarket.

Christian Rushema, the Authorized Promoter earlier on had said that the company was proudly in Rwanda to open its operations helping the Rwandan people to take first steps towards achieving the Vision 2020.

A Brazilian court of Acre State has also previously suspended TelexFree operations, for running fraudulent investment operations in that country and it is also under investigations in some states in the US.

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About the author

Olive Ndaka is the Junior Editor for RwandaEye. An investor and young entrepreneur, she is a quick learner and has contributed many articles for RwandaEye in Kinyarwanda.

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