The Bank of Namibia has warned the public against an illegal financial scheme which has resurfaced.
The Global Green Network (GGN) scheme has reared its head again after three years.
The Bank of Namibia in a statement issued on Wednesday says GGN does not offer any products for sale, and its marketing strategy emphasises the recruitment of new members, which contravenes the Banking Act.
“Members of the public are hereby directed to cease participation in Global Green Network/Global Green Trading with immediate effect,” central bank spokesperson Sandra Garises says.
The main source of income for Global Green Network is derived from new members’ joining fee, with the promise of earning money upon the recruitment of new affiliates, she says.
GGN’s Facebook page shows that members can join with N$100 and will be paid N$10 for every new member they have recruited.
“The business structure is thus not sustainable and will likely result in the public losing their money,” Garises says.
She says GGN may have been rebranded and is now also trading as Global Green Trading.
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