Every leader makes a solemn promise to diligently protect and serve those they lead. When leaders assume office, they have the responsibility to protect those they lead through making the touch choices that in their best interests.
Every leader makes a solemn promise to diligently protect and serve those they lead. When leaders assume office, they have the responsibility to protect those they lead through making the touch choices that in their best interests.
Two days ago, the famous pyramid scheme run by QuestNet was banned by the National Bank of Rwanda because the bank believed that its free marketing practices were fraudulent.
Their methods of operation did not add up with company and tax laws hence staining their market integrity.
Others may argue that, BNR was just not amused by the fact that they were not getting any revenues from QuestNet’s handsome profits. However, amidst the global financial crisis, Rwanda’s economy cannot afford to lose $500,000 (Rwf284 million) in a period of only seven months.
In a developing country like Rwanda, for such a sum of money to illegitimately be transferred out of the country is like using gold to manufacture wheelbarrows to carry bricks in the village.
Nevertheless, QuestNet is just one example of the many ‘get rich quick’ schemes in developing countries, which succeed because of mass ignorance.
These schemes thrive on the basis of psychological assurance that a person can make more money by convincing more people to buy and sell a real expensive product.
At the end of the day, the customers are fooled into believing lots of nonsense e.g. that a bio-disc glass is the answer to their health problems as long as they pour water over it before they drink it or take a bath.
Well, many users of the bio-disk will claim that the results are evident and will prove the glass’ worth and value. But at the end of the day, it’s all a mind game; they buy and sell a real product but use a fake system that leaves the lower members at the bottom of the pyramid poorer while those at the top richer.
‘Get- rich-quick’ scheme is like the vicious cycle of poverty being fed donor aid. When millions of aid dollars are given to poor economies, they instead makes these economies more dependant and poorer because they never lead to the empowerment of local citizens.
It is like jumping out of a frying pan into the fire, in both instances you get burnt but the difference lies in how you get burnt.
The human mind is a powerful entity that functions better than the most sophisticated supercomputer.
Though some minds may not be as efficient and fast as a supercomputer, still the human mind has boundless limits; if a person is convinced to believe that ‘air’ is money then nothing can convince him otherwise.
It had become paramount that BNR exercised its responsibility to protect by banning QuestNet’s practices on Rwandan soil. The Central Bank is not just being mean and selfish.
They are only protecting Rwandans from a fraudulent subterfuge devised by a group of individuals with the main aim of making quick money.