Emmanuel Bayingana, the official in charge of Competition at the Ministry of Trade and Industry, confirmed that TelexFREE was being investigated.
“We are doing an assessment of the operations of TelexFREE,” Mr Bayingana said. “The investigations will determine the way forward. The assessment will be concluded next week.”
He noted that the ministry, Rwanda Development Board (RDB) and the central bank will come up with a position, especially if the business is found to be risk-prone.
The government has been strict on pyramid schemes and multi-level marketing businesses with a number of them, including Questnet, banned from operating in Rwanda.
There are several reports that TelexFree may also be under investigation in other African countries. However, those cannot be confirmed at this time.