Gambling with your future?🙅
Issue #146: In Kenya, policymakers step up to curb the menace of gambling.
Hello Venturer,
I am yet to see a person who hates to make quick cash in Africa. In a continent with rising inflation, rising unemployment and poor-paying jobs, who would not love to make quick cash?
Africa has the world’s youngest population, many of whom are industrious and innovative. But while some are creating jobs in various sectors of the economy, many unable to find economic footing have fallen into webs of gambling and Ponzi schemes.
For instance, in 2016, many Nigerian youths fell into the vicious hands of MMM, a popular Ponzi scheme by Sergei Mavrodi, a Russian financial investor, or fraudster, if I may say so. Back then, people gambled with live savings and funds for capital projects and were left with regrets.
Worse than Ponzi schemes is sports betting. Across Africa, sports betting companies are cashing out big at the expense of addicted young people. This is why since mid-2019, Kenya has pursued a tax policy that has kept gambling companies at bay.
Ishioma Imokhai-Bello,
Staff Writer
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