Wealth App Kenya as a Ponzi Scheme
A Ponzi scheme is a fraudulent investing scam that promises high returns with little risk to investors. A Ponzi scheme generates returns for earlier investors with money taken from later investors. They are based on using new investors’ funds to pay the earlier backers.
These schemes tend to eventually bottom out when this flood of new investors dries up and there isn’t enough money to go around.
When you install the Wealth App, you get a notification that says the company is looking to increase its market share in Kenya introducing you to a referral system.
You allegedly make money by inviting others while completing some easy tasks like watching Instagram and Tiktok videos, but these are limited to three tasks a day at Sh12 each which means you will never even out. To get more tasks you have to purchase a VIP package to get more tasks.
As with many other Ponzis, the real money comes from referrals, the app promises to pay you each time a person you invite upgrades to VIP or finishes tasks. There are a number of VIP packages starting from Sh1600 upwards.
Is Wealth App Kenya Legit?
No, it is not. The quick and fast answer is Wealth App Kenya is a Scam. It has all the characteristics of a Ponzi Scheme just like Amazon Web Worker, Live Auction, Public Likes, and the rest.
