MyLifeChange247 illegal, says BoN
The Bank of Namibia is warning members of the public to refrain from using the fraudulent financial scheme, MyLifeChange247, also known as MLC247.
MLC247 is a peer-to-peer funds exchange programme where participating members are promised high returns of up to 75%, by donating sums of money from as little as N$200 to other participating members of the scheme.
The scheme accepts donations from members of the public as a regular feature of its business, and further extends these funds to other members. Members are encouraged to participate in a referral system where income potential is subjected to the successful direct and indirect referral of new members for which commissions are accepted as a regular feature of the scheme.
The central bank, based on its assessments, however found the scheme to be unsustainable and in contravention of the Banking Institutions Act. Its spokesperson, Kazembire Zemburuka, warned members of the public that funds donated in the scheme stood a good chance of being lost. Zemburuka also appealed to members of the public to refrain from participating in the promotion if activities of MLC247.
“By transacting with or getting involved in the business practices of the MLC247, such participating members of the public are committing an offence in terms of the Banking Institutions Act of 1998 and if convicted, may be subjected to a fine or imprisonment,” Zemburuka said. According to a MLC247 presentation, the scheme currently has 85 000 active members spread across South Africa, Swaziland, Lesotho, Kenya, Norway and Namibia.
“As a peer-to-peer global funds exchange community, members grow their funds towards a 75% compounded monthly growth and receive such growth from other members who are dreaming to achieve their goals in the same way,” MLC247 said in a presentation.
The Namibian Facebook page currently has 53 likes. On its Facebook wall is also a link to join its local WhatsApp group.
OGONE TLHAGE
MLC247 is a peer-to-peer funds exchange programme where participating members are promised high returns of up to 75%, by donating sums of money from as little as N$200 to other participating members of the scheme.
The scheme accepts donations from members of the public as a regular feature of its business, and further extends these funds to other members. Members are encouraged to participate in a referral system where income potential is subjected to the successful direct and indirect referral of new members for which commissions are accepted as a regular feature of the scheme.
The central bank, based on its assessments, however found the scheme to be unsustainable and in contravention of the Banking Institutions Act. Its spokesperson, Kazembire Zemburuka, warned members of the public that funds donated in the scheme stood a good chance of being lost. Zemburuka also appealed to members of the public to refrain from participating in the promotion if activities of MLC247.
“By transacting with or getting involved in the business practices of the MLC247, such participating members of the public are committing an offence in terms of the Banking Institutions Act of 1998 and if convicted, may be subjected to a fine or imprisonment,” Zemburuka said. According to a MLC247 presentation, the scheme currently has 85 000 active members spread across South Africa, Swaziland, Lesotho, Kenya, Norway and Namibia.
“As a peer-to-peer global funds exchange community, members grow their funds towards a 75% compounded monthly growth and receive such growth from other members who are dreaming to achieve their goals in the same way,” MLC247 said in a presentation.
The Namibian Facebook page currently has 53 likes. On its Facebook wall is also a link to join its local WhatsApp group.
OGONE TLHAGE
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