The National Bank (BNR) has issued a statement restricting the operation of a financial pyramid scheme known as D9 Club, in Rwanda.

The "illegal” organisation, as described by BNR, uses Internet chain recruitment with the characteristics of a pyramid and has already extended its operations in Kenya, Uganda and Zambia.

John Rwangombwa, Governor of the central bank, said in a statement yesterday that the organisation had illegally set its foot in Rwanda—operating under the name of one Smart Protus Magara through his bank account Number 10021007211913 in Equity Bank Uganda. The statement warns the general public that the scheme is "scam” not allowed to operate in Rwanda.

"It has come to the attention of the National Bank of Rwanda that an organization known as D9 Club, which uses internet chain recruitment with the characteristics of a pyramid is extending its operations in Uganda, Kenya, Tanzania and Zambia. It has also come to our attention that that Mr Magara Smart Protus, the promoter of D9 Club in Uganda, has been running the operation in Rwanda,” Rwangombwa said.

He notified commercial banks of"…this scam and require you to put in place adequate controls to prevent transfer of funds to this scheme and to stop its spread across the country.”

This is not the first organisation of a similar business scheme to be stopped in Rwanda. In the recent past, similar schemes such as Tianshi and QuestNet suffered similar fate having failed to meet the required tax procedures.

Though easy to understand, the pyramid scheme is still regarded as an "illegal” way of making money by several economists.

According to internet information, D9 Club offers four different packages to suit the pocket of their clients, namely;

Trader Bronze: You pay $249With this package your weekly earning: $ 12.75 per week

Trader Silver: You pay $499With this package your weekly earning: $ 27.75 per week

Trader Gold: You pay $998With this package your weekly earning: $51 per week

Trader Gold Plus: You pay $ 1996With this package your weekly Earning: $ 170 per week.

editorial@newtimes.co.rw