The Rwanda Development Board issued a public warning Tuesday, identifying WorldVentures as an illegal pyramid scheme operating within the country. CEO Clare Akamanzi signed the announcement following an internal investigation.
WorldVentures is operating in Rwanda without the required business registration. The Rwanda Development Board (RDB) also stated that representatives have falsely claimed authorization from government entities, including the RDB itself, to mislead the public. This deceptive practice is intended to give the appearance of legitimacy.
An RDB investigation concluded that WorldVentures' business model exhibits the characteristics of a pyramid scheme. Such schemes are illegal in Rwanda, and the board stressed this point directly to the public.
This action in Rwanda mirrors previous regulatory concerns raised in other countries. Norway and Malaysia have also taken action against WorldVentures for similar reasons. In 2015, WorldVentures faced regulatory scrutiny in South Africa, though the findings of that investigation were never publicly disclosed.
In response to the Rwandan ban, WorldVentures stated it does not conduct business in Rwanda. Rwandan authorities likely initiated their investigation after becoming aware of promotional activities by Rwandan affiliates.
The Rwanda Development Board's warning is a direct communication to citizens about the illegal operations and the deceptive tactics employed by WorldVentures representatives.