Nigerians participating in the MMM Global Scheme have been once again served another warning as the scheme has collapsed in Zimbabwe leaving several stranded and losses several thousands of dollars after the scheme abruptly shut down. The worst hit by this shutdown were vendors and civil servants who work hard to scrape some living for themselves.
The Reserve Bank of Zimbabwe warned people that the scheme was fraudulent and there was no legal recourse in the event they lost their money. However, Zimbabweans continued flocking into the scheme in their plenty as a result of the get rich quick nature of the scheme.
Some of the victims were quoted by Breaking times as being distraught. “When we started putting our funds in the scheme one could get assistance within seven days but things later changed to 14 days and when we were shut out the waiting period was 21 days. What it simply means is that the number of people in need of help has outnumbered the number of people joining. Right now we have nowhere to get our money which we invested.”
Another victim, Mrs Rosemary Mawonde said: “We never thought the scheme would end this way as we believed that by using EcoCash to do the transactions, things were in order. I am surprised that EcoCash is also distancing itself from the scheme and it is clear that I will never recover the $300 that I invested.”
Some victims were said to have poured out thousands of dollars anticipating higher returns. Just like the SEC, the RBZ warned that the scheme ‘paid money not from genuine market investment of their funds, but from contributions made by new investors, until a point when the scheme can no longer attract new investors’.
Parts of this article originally appeared in Breaking Times
Banking Systems globally thrive on creating artificial money which is called ‘credit’.This money is created so they can assist businesses,or so they say and in return those that control and run these banks earn returns that go into their pockets.This money is created on the back of depositors money.The more depositors a bank has,the more artificial money it can create based on what their regulators call CRR,cash reserve ratio.If there is negative information about a bank,it may lead to a run on the bank,and customers begin to withdraw their monies.As the rate of withdrawal increases,it may lead to an eventual crash of the bank.The negative information could be as a result of:
1) Fraudulent practice
2) Directors irregularities or even
3) Wrong information about a bank
Just exactly what global banking system thrive on is what MMM is designed with.The more depositors,the more artificial monies created.But because in this system,they do not say it is for business purpose,but ‘Help’,some observers have termed it as scam. I say this with all intent and purpose, If MMM is a scam,then banking system is also a scam.
Regulators like SEC,CBN understand that once you spread wrong information about a system, especially financial system like MMM,what is likely to happen next is a ‘run’ on such system.Just like how a bank can crash when there is higher rate of withdrawal than deposit,MMM can also crash because of the wrong/bad news being spread about it. The so called regulated banking system or financial have failed many times and is still failing today,people losing money through ‘regulated trading’,stock trading,currency trading,yet they say those ones are not scams.If they are not scams,then I say MMM is also not a scam.
The entire financial system is all brainwashing.
Some will say MMM doesn’t create value.who told you? If you invest 100,000 and earn 130,000,you will do these 3 things with the money: Consume,Save or/and invest back into the larger economy.Value certainly has therefore been created.
MMM operates on exactly how banking system operates just that banks package their own as loans for business,yet create artificial money out of nothing.
My take:stop the rumor and negative information about MMM and watch how it will continue to pay and survive, because it is actually your false information on MMM that can quickly lead to a ‘run’ on it with too many more takers of help than givers of help.Let MMM be!
MMM is real and it pays. People should not be discouraged to join. During this recession, MMM is the way out. I joined MMM recently and has been very happy since then. Everything in life is a risk. If you decide, you want to remain on your bed and not step out of your bedroom, an aircraft can come crash on your head.
MMM is a well organised structure that protects all participants. Trust me, I’m a living witness and as we speak MMM is alive in Zimbabwe. Please do your check.
Long live MMM Nigeria!!!!!!!
Good Evening all… I will do my best to explain wot really happened in MMM Zimbabwe in order to calm panics in d mind of misinformed MMM participants.
MMM Zimbabwe offers 100% mavro growth in 30days. This was implemented to attract participants due to the economic hardship in the country.
This mavro growth for those of us in business is called market penetration.
Again their mavro was never frozen just like ours in Nigeria which multiplies for 15 days and also freezes for that long before withdrawal.
What happened in Zimbabwe is an implementation of what is already going on in Nigeria. MMM has seen that they don’t need no market penetration to attract participants. They mavro growth was reduced from 100% to 20%. 10% below what we are getting in Nigeria(30%).
And the mavro is also frozen for 14days just as its been done in Nigeria. The Nigerian Model works perfectly fine and MMM is trying to implement it globally.
So there is no collapse of any structure, its just a remodelling of what is already in place in Nigeria
Again this is what happened in south African in April.
They reduced their mavro growth from 50% or so to 30% and 20% with other schemes like lotteries introduced. And I can categorically tell you that the South African Mmm community is growing faster and better than ever after that change and reduction in mavro growth.
Some other points to note is: The writer of that piece, has absolutely no knowledge of how mmm works, and the main aim of it is to cause panic. Zimbabwe MMM is still going on even with the 80% decrease in mavro growth. Did anyone lose their money? No.
What happened is when u pledge 10k, instead of getting 20k reward in 30days, which is 100% reward, u get 12k which is 20% reward. They are still rewarded with 2k.
In Nigeria we get 3k reward for 10k pledge. So did anyone lose their money? Absolutely not. Has it stopped MMM Zimbabwe from continuing? Not at all.
*Hence, the Nigerian Model of MMM Works perfectly so let’s keep it going?*
Need I remind us that MMM Nigeria is the strongest in the world as at today. We have a spirit of moving mountains.
*LONG LIVE MMM NIGERIA*
MMM Zimbabwe did not crashe. MMM Zimbabwe offers 100% mavro growth in 30days. This was implemented to attract participants due to the economic hardship in the country.
I will do my best to explain wot really happened in MMM Zimbabwe in order to calm panics in d mind of misinformed MMM participants. See what happens to MMM Zimbabwe here