MyLifeChange 247: Is BoN protecting the richer or the poorer?

WINDHOEK—The Bank of Namibia recently cautioned the public against what it termed, ‘a potential fraudulent financial scheme’, -MyLife Change 247 (also known as “MLC247”)

Oshili24 followed the media-storm that ensued with the key question, has anyone been ripped off by the MLC247.

As a central bank, it is only fair that the Bank of Namibia keeps the public informed of any potential activity that may negatively impact our financial system because of its “supervisory role to play and act in the public interest and the interests of depositors with authorised and unauthorised practitioners of banking business”.

However based on the media release, Bank of Namibia got the business model of MLC wrong, according to Raka Putalsky, an employee at one local bank and a member of the MLC, as he argued on social media that MLC247 does not contravene the Banking Act and is not a pyramid scheme.

Pyramid schemes require that you recruit people in order to get money. MLC247 does not require us to recruit people in order to get money in full, argues Putalsky adding,  “I joined MLC247 in July 2017, I did not introduce anyone to the business but I was able to make more than N$ 70 000 in 3 months from the N$ 10 000 I deposited (all paid into my account in full).”

He goes on to explain the business model of MLC247, by giving a practical example.
Five friends Thomas, Sara, Maggy, John and Michael want to start helping each other financially. So they decided, in January all 5 friends will contribute N$ 1 000 each and deposit them into Thomas’ bank account. In February, each contributes N$ 1 000 again and deposit them in Sara’s bank account, the process continues until everyone is paid. This arrangement is common in our communities and it is called a Stockvel.

MLC247 is simply a stockvel that expanded from 5 friends to 85 000 people. Now since there are lot of people involved in this stockvel, there was a need to create an online system that will direct who will be paid when, how much by and by who and by who.
Contrary to what the Bank of Namibia said in the media release, MLC247 does not take deposit from the public, he says, adding,  “Like the example I gave above, MLC only send us an email to tell us who we should provide a donation to (see attached). Do you want to tell me that it is a crime to give donation to other people in some months so that they help us with a donation in future. If it is then MLC247 is contravening your Act.”

True the business does not sell any product, just like Facebook and Twitter, it is simply a webpage that connects people with each other.



  1. What product does it sell? Nothing.
  2. Does Moola Mobile take deposits from the public. Yes through the N$ 5sms
  3. Does Moola Mobile promise high returns when you keep on playing. Yes, apparently N$ 10 000 every week
  4. Does Moola Mobile pay out this high return to people who put money in it. Surely only less than 1% gets the money out of it.

“What is then the difference, people are losing a lot of money in Moola Mobile smses on daily basis under the guise of a good business practice, while a system that allows people to give each other donations is not good business practice?” questions Putalsky.

He agrees though that MLC247 system is not sustainable. It can close any day and new members will really lose out. It is a shame, he says but that is the risk they take by putting their money in the stockvel. The same risk they take by putting money in Moola Mobile or jackpots etc. Just like Moola Mobile, it can close any day.

Bank of Namibia successfully discouraged the public from joining pyramid schemes such as Ucare, TVI express, Millionaires list etc which are still operational in other countries except Namibia.

Adds Putalsky, “Now Bank of Namibia again wants to discourage people from giving donations to each other. NO WAY, the system is paying and there is more than 150% proof that it pays, and we will only regrettably stop when the system close down. Luckily here we do not need to recruit people to get paid. You can come up with strict measures to try and stop it, no problem but if it means going to live in countries where it is legal, it is the chance we are willing to take. After all we only need 12 months to make a fortune and come back to Namibia.”

Raka Putalsky Fact-Sheet

  1. I still get paid my full amount even if I do not bring in any person in the system. So discouraging the public won’t affect me, it’s their loss not mine.
  2. I do not need to wear a shirt for me to be identified as belonging to MLC247. I only need to check my emails and see who I am supposed to pay and how much, log in internet bank and then transfer my own money into the person’s account.
  3. If you do not want us to use the Namibian banking system to practice MLC247, with pleasure, we can just take 2 weeks, go to South Africa, open a bank account there and come back to continue with MLC247 doing online banking.
  4. Alternatively, we can register for bitcoin (strangely allowed in other countries except Namibia). Let me educate you that it is even easier for one to do MLC247 with bitcoin then with bank transfer because with bitcoin, the payment reaches the other party immediately, while with the bank it may take a while.
  5. So if you don’t want us to use your banking system, with pleasure, we will register and use bitcoins to pay each other. By the way, bitcoin market is growing every day, and many companies are starting to accept bitcoins as a form of payment.

He closes off by challenging anyone to put in even a N$200 for one month to see if N$ 350 will be paid after one month without recruiting anyone.

“We have been poor for so long,” signs off Putalsky.

But for Bennie Manné Spiegel, most people don’t know the difference between a legitimate ‘network marketing’ business model and a ‘pyramid scheme.’

“I’ve done an in-depth study on this and it’s easy to identify which one defies fundamental business principles on face value. Some fundamental questions to ask is… (1) is there a product or service with inherent value (2) how is the commission derived – is it on sales of a product or service or from recruitment of new members (3) how much should I pay to join and (4) what do I pay for? The answers will already tell you that it’s ‘too-good-to-be true.’

Yet for Set Amadhila, the BoN got it wrong the company do not accept money from the public. He argues, MLC do not get any cent from the public.

“The people fund themselves. There is no money going to MLC. The Bank of Namibia are hell bent to make sure that Namibian remain poor and only work for the Rockefeller agents. We tired of being Rothschild puppets.”

Sylvanie Beukes says the very basis of the business model is recruitment and if you end recruitment the business will die. “That is the tell-tale sign it’s a Ponzi Scheme. A legitimate crowd funding funds ventures not circulate contributions. Thats the basis why it must be either regulated or not allowed to operate at all, the BoN’s position is good,” he argues.

Reacts Set Amadhila, “So legalize it the way you legalize the crooked banks to rob you while you are smiling. In the night they send your money to Europe in the name of profit. Why you people are happy with legal thieves? This system does not steal but it helps people to help themselves. Banks never help you. It makes you a slave and you are happy. What mentality is that?” These are the people who do not want to accept Bitcoin because it will take them out of business. Because MLC is helping people to be free from banks loan and cash loan sharks now they want to stop it. The world is changing and the Rothschild banking empire will one-day collapse. They do not protect the public but their boss. The West do not want us to be free…

The masonic really poisoned our people’s mind they cannot thing beyond masonic set up. In the world people are thinking so hard to liberate themselves but in Namibia they are happy to follow the old system that make them slaves for life. You are happy to drive a car that is not yours and sleep in the house that belong to some in Europe and you work for him everyday. When will we open our eyes to see the darkness we are living in. The banks are not our friends. They are our blood suckers. Anything that liberate you from them they call it names. MLC is tested and it works perfectly well. So far nobody lost any cent because of MLC. You can ask anyone be it South Africa; Lesotho, Swaziland and all the countries where it operating…

…Banks are milking people. The fact is that those who are talking against MLC really do not have any clue how it works. The public do not send money to MLC not a cent . They send the money to themselves. Please people must also understand that all the federal banks all over the world are scam. They are owned by one family who are hell bent to control the world. Bank of Namibia is not ours neither works in our interest. This is a fact. Look how do they treat bitcoin.”

Writes Sylvanie Beukes, “Here is the scam. It’s the usual Ponzi scheme of late comers paying for the returns of early “investors”. But this platform has what they call a “Keeper” someone “randomly” selected by the system to “keep” the pooled investment. Now since this platform only started now, the kitty is not big enough to steal. If this kitty reaches millions, what prevents the platform from conveniently selecting a “Keeper” and running of with the money? Mind you the domain settings are private and we have no idea where these people are operating from. The way I see it, right now the Ponzi Scheme is not profitable enough for the founders to collapse. Why are we so gullible? It’s almost scary how easy we are fooled.”

Bennie Manné Spiegel  insists that ponzi schemes and pyramid schemes are doomed to failure (collapse) simply by their core design. 

To him, network marketing (a.k.a Multi-level marketing) on the other hand is a legitimate business model. Simply put, marketing simply means moving a product or service from the manufacturer or provider to the end-user comsumer. Multi-level refers to a system of compensation provided to those persons who are causing the product or service to be provided. 

He is supported by Don Failla who states that, “The fact is, pyramid and ponzi schemes are illegal in most, if not all, countries. One of the main reasons they are illegal is their failure to move a product of value or to provide a valid service. Now, if it doesn’t move a product, how can one even call it “marketing,” let alone multi-level marketing. Multi-level it may be – but marketing they are not.”

The debate continues…