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Central bank warns against participation in MyLife Change 247 scheme

Central bank warns against participation in MyLife Change 247 scheme

The Bank of Namibia urged members of the public to refrain from participating in the promotion of activities of a financial scheme called MyLife Change 257 (MLC247) which promises customers high investment yields.

After conducting investigations into the scheme, the central bank found it was in violation of the Section 5 (1) (b) and 55A of the Banking Institutions Act (no.2) of 1998.

The central bank in a statement said that the scheme involves ‘peer-to-peer fund exchange’ whereby potential members of MLC247 are promised high returns within a short period of time by creating an ‘investment’ and benefiting from a donation of another member in order to reap the fruits of the ‘investment’.

BoN warned that the business model of MLC247 is not sustainable and may result in the loss of public funds.

“The bank would like to appeal to members of the public to refrain from participating in the promotion of activities of MLC247. Further, by transacting with or getting involved in the business practices of MLC247, such participating members of the public are committing an offence in terms of the Banking Institutions Act, (Act no.2 of 1998), as amended and if convicted, may be subjected to a fine or imprisonment as prescribed by the act,” Kazembire Zemburuka, Deputy Director of Corporate Communications at the bank said.

“The bank will continue to inform the members of public once there are any further developments in this matter,” Zemburuka added.



 

 

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Following reverse listing, public can now acquire shareholding in Paratus Namibia

Promotion

20 February 2020, Windhoek, Namibia: Paratus Namibia Holdings (PNH) was founded as Nimbus Infrastructure Limited (“Nimbus”), Namibia’s first Capital Pool Company listed on the Namibian Stock Exchange (“NSX”).

Although targeting an initial capital raising of N$300 million, Nimbus nonetheless managed to secure funding to the value of N$98 million through its CPC listing. With a mandate to invest in ICT infrastructure in sub-Sahara Africa, it concluded management agreements with financial partner Cirrus and technology partner, Paratus Telecommunications (Pty) Ltd (“Paratus Namibia”).

Paratus Namibia Managing Director, Andrew Hall

Its first investment was placed in Paratus Namibia, a fully licensed communications operator in Namibia under regulation of the Communications Regulatory Authority of Namibia (CRAN). Nimbus has since been able to increase its capital asset base to close to N$500 million over the past two years.

In order to streamline further investment and to avoid duplicating potential ICT projects in the market between Nimbus and Paratus Namibia, it was decided to consolidate the operations.

Publishing various circulars to shareholders, Nimbus took up a 100% shareholding stake in Paratus Namibia in 2019 and proceeded to apply to have its name changed to Paratus Namibia Holdings with a consolidated board structure to ensure streamlined operations between the capital holdings and the operational arm of the business.

This transaction was approved by the Competitions Commission as well as CRAN, following all the relevant regulatory approvals as well as the necessary requirements in terms of corporate governance structures.

Paratus Namibia has evolved as a fully comprehensive communications operator in Namibia and operates as the head office of the Paratus Group in Africa. Paratus has established a pan-African footprint with operations in six African countries, being: Angola, Botswana, Mozambique, Namibia, South Africa and Zambia.

The group has achieved many successes over the years of which more recently includes the building of the Trans-Kalahari Fibre (TKF) project, which connects from the West Africa Cable System (WACS) eastward through Namibia to Botswana and onward to Johannesburg. The TKF also extends northward through Zambia to connect to Dar es Salaam in Tanzania, which made Paratus the first operator to connect the west and east coast of Africa under one Autonomous System Number (ASN).

This means that Paratus is now “exporting” internet capacity to landlocked countries such as Zambia, Botswana, the DRC with more countries to be targeted, and through its extensive African network, Paratus is well-positioned to expand the network even further into emerging ICT territories.

PNH as a fully-listed entity on the NSX, is therefore now the 100% shareholder of Paratus Namibia thereby becoming a public company. PNH is ready to invest in the future of the ICT environment in Namibia. The public is therefore invited and welcome to acquire shares in Paratus Namibia Holdings by speaking to a local stockbroker registered with the NSX. The future is bright, and the opportunities are endless.