The Bank of Namibia (BoN) has issued a renewed warning against Global Green Network, now trading as Global Green Trading, for continuing to operate in violation of the Banking Institutions Act.
This follows an earlier caution in 2020 regarding the illegal financial scheme, which relies on recruitment rather than offering legitimate products or services.
According to BoN Principal Communications Team Leader Sandra Garises, “the business activities of Global Green Network constitute an illegal financial scheme. Their operations contravene section 55A of the Act due to several reasons.”
The investigation found that the company’s primary focus is on recruiting new members, with commissions only earned through recruitment.
“The company features a referral system that encourages participants to continuously recruit new members to earn income. As new members are recruited, existing members advance in the business hierarchy, earning higher commissions as their recruits (downline) bring in more people,” she said.
Garises further warned that the business model is unsustainable, as it depends on continuous recruitment.
“The main source of income for Global Green Network is derived from the joining fee of new members, with the promise of earning money upon the recruitment of new affiliates. As soon as the recruitment of new members ceases, the affiliates at the bottom of the structure will not be rewarded. The business structure is thus not sustainable and will likely result in the public losing their money,” Garises explained.
Despite an earlier warning, Global Green Trading has resurfaced, BoN directs the immediate cessation of all related activities, cautioning the public to avoid participation.
“The public as such is cautioned to be on the lookout for the type of scams described above, recognise the distinctive features, verify information, and promptly report any suspicious activity to the Bank of Namibia… or to the Namibian Police Force for investigation and potential prosecution,” Garises advised.
