World Ventures, a firm that that has been branding itself as a multi-level travel company has been deemed as a possible pyramid scheme by the government.
Consequently, the government has warned that members of the public engaging with the firm are doing so at their own risk.
The firm which has gained popularity in Rwanda and across the region, markets itself by awarding members travel opportunities at subsidised
prices in return for a membership fee and monthly contributions.
The firm employs multi-level marketing tactics to sell discount travel and holiday products, with members paying a fee to travel under opportunities branded as “DreamTrips”.
Members are also encouraged to recruit new subscribers to earn commissions and further discounts.
The firm entices potential subscribers using motivational seminars and prospects of easy earnings.
However, Rwanda Development Board has come out to warn the general public against engaging with the firm and terming it as a pyramid scheme.
In a letter signed by RDB Chief Executive Claire Akamanzi, the government has said that the company is not registered to do business in Rwanda in accordance to the law.
PUBLIC NOTICE: World Ventures is not registered as a business in Rwanda. Anyone engaging with this company does so at their own risk pic.twitter.com/YG2AXlk9Oo
— Rwanda Development (@RDBrwanda) September 11, 2018
“We have also learnt that some company representatives have been misleading the general public that they have authorization from Rwanda Development Board and other government entities- a false claim intended to delude the public,” the statement read in part.
The government said that having investigated the company, it possesses characteristics of a pyramid scheme which is illegal in Rwanda.
The New Times has established that some members of the public had abandoned their respective income generating activities to concentrate on recruiting members into the venture.
This is one of many operations and labelled possible pyramid schemes.
In 2013, five companies operating under similar models were banned in the country for being Pyramid schemes.
The firms included; Diamond Holiday Travel Ltd, Twese Development Initiative Ltd, Ingaru Company Ltd, Aguka Development Ltd and Cooperative Abigize.