The Bank of Namibia (BoN) has declared the online business QZ Asset Management a Ponzi scheme after an investigation into its business dealings.

QZ Asset Management claims that it matches investments dollar-for-dollar, which doubles the client's profits.

They further claim that the capital is 100% guaranteed in the event of any losses and that they offer a 400% interest rate.

QZ Asset Management does not offer physical products for sale.

Based on the outcome of the investigation, the BoN has all reasons to believe that QZ violated the Banking Institution Act.

This is because they request deposits, and participants are promised a 400% return on investment. They need to pay a membership fee and recruit more members to grow.

Participants also stand a chance to win holiday packages, expensive branded watches, and cars.

QZ Asset Management is not licenced by the BoN, nor is it authorised to receive or take deposits from the public.

The Bank, therefore, cautioned the public to refrain from promoting or participating in its business activities or any other unauthorised financial scheme, as it is against the Law.

An employee from Virgil Financial Services who asked for anonymity urged the public to go to financial institutions for advice before investing their money in schemes that promise good returns.