Fidelity Bank investments in Uganda are the new pending scam in Uganda. With the initial deposit of $500, the company employs a similar model to BLQ. You make a deposit, invite other people for a bonus, and then the company helps you invest your money and update your account with bonuses. At first, it might sound legitimate, but if you have been around for some time, you would spot the pattern from afar.
Unlike the other former scams in Uganda, these pretend to get your KYC details at the point of opening an account. But there is one thing that is never discussed, their legitimacy in view of the capital markets authority. For any business to invest money on behalf of other businesses, a person must possess a license from the government of Uganda. Without a license from the government, the business is operating illegally.
Here are the most important questions to ask in regard to Fidelity Bank Investment
- Are they licensed to operate in Uganda? The short answer is no
- Are they connected to fidelity bank international? No they are not connected, they have not been in operation for more than 5 years.
- Do they have physical offices in Uganda? They do not have offices other than brokers
- Which business do they deal in? They operate in crypto currency investment. Whether the investments are legitimate or illegitimate, that is a point for another day.
- Is there a mitigation process in case you fall out with them? There is no mitigation basis since legally the company does not exist in Uganda
- What should you do if you have already deposited money? Withdraw your money in case you still can
- What about the friends you invited? Ask them to consider former scams such as BLQ and century ranch; compare with Fidelity and then make their own conclusions.
- What if it is a legitimate business? It cannot be a legitimate business when it has already been flagged as a scam in Ghana and Nigeria. Unfortunately, they have even kept the same name to the dot.