Public must be educated on the dangers of Ponzi schemes

Editor, RE: “Central bank bans operations of ‘D9 Club’ regional pyramid scheme” (The New Times, June 13).

Editor,

RE: “Central bank bans operations of ‘D9 Club’ regional pyramid scheme” (The New Times, June 13).

 

I would like to commend the central bank for moving in on this.

 

However, this raises even more questions. For instance, how long was this scheme in operation? There must have been a point person/group who may have advocated for this in the country; have they been identified and prosecuted?

 

After the public warning, what next? Will the central bank assist victims to get back their money? Does it have a list of victims and know the amount of money that has been transferred to this scheme?

However, given the fact that the account was in Uganda, and transfers done on the internet, I’m not sure if the current laws are adequate to cover this crime.

Secondly, BNR should have an existing hotline through which citizens can report such cases and quick action taken. Leaving this to the police only is overwhelming to the force.

Thirdly, awareness raising and/or public education is required. BNR should embark on awareness campaigns to ensure citizens do not fall prey to similar schemes in the future.

Citizens have access to the internet and now with cheap smartphones, social networks like WhatsApp, Facebook, yet many of our citizens are still naive especially in the rural areas and easy prey to such schemes.

MG

Subscribe to The New Times E-Paper


You want to chat directly with us? Send us a message on WhatsApp at +250 788 310 999    

 

Follow The New Times on Google News