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One Coin is a scam for Uganda

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In 2015, there was a frenzy of Ugandans being hired off Facebook. Warned that they were scams.  But mukule mubone.

They were being offered free ticket, free visa, room and food to work for Marriott Hotels. I worked for Marriott for 3yrs! But nedda mbu I had nuggu.

Some $1075 lost later same people ask me to help them recover their money.  Or did you suddenly realise that I said I knew the company.

Later, some company based in Australia was doing the same for construction workers in Alberta oil fields.  Told my friends I work for oil.  Mbu. I had nuggu. Some $1500 later lost and mbu tuyambe. But in both cases, the poor suckers had to send copies of their passports with the money to Cape Verde.

Then the American Cruise ship jobs where everything is paid.  Like Americans do not want those jobs.

Finally, a genius told me he had beem hired by ExxonMobil to work in Fort Mac. Remember the big fire in Fort McMurray?  I told him thr visa would take 6 to 9 months.  Brother tells me he had assurance it would takemacimum 3 weeks because that is the longest it takes for Dubai. Kale.  But Canada had suspended all temporary foreign work visas in January 2015.  “I guess you are not that smart. I am going to Canada”.

Some 2 months later dude sends me an email saying he had paid all the fees so what was the problem.  But I know nothing. Still asked him to send me his most recent email from the government of Canada.

The letter was signed by MP Michael Taylor.  Holly cow.  He is the dad of Tasha’s childhood friend and quit politics decades ago. So the kid also lost some $1500.


I am not against them.  Will likely trade them in the future.  My problem with them is liquidity in Uganda. Can you use them to buy food, pay bodaboda, pay medical bills, pay school fees?  Most such traded commodities require a bank account linked to your broker such that when you download them, your broker can transfer the funds to your bank account.

There is also the option of getting your proceeds via Paypal which is then linked to your bank account.  It is a very small percentage of Ugandans who have their bank accounts linked to PayPal.  Paypal is very stringent.

Martha Leah Nangalama

Long time trader of Equities, ETFs, Mutual Funds and Options on TSE, NYSE and NASDAQ.

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