What MMM means is no news to an average Nigerian. Many doesn’t care what the abbreviation stands for so far they rake in money at the end of 30 days. The Mavrodi Mondial Moneybox, MMM is ponzi scheme which promises contributors a 30 per cent Return on Investment (ROI) after 30 days.
According to information available, the scheme has crashed in some countries, South Africa, and the latest Zimbabwe.
The news of the last crash spread like wide fire in Nigeria and days later, the Central Bank warned the citizens against patronizing the MMM scheme yet, the number of patronages keep soaring.
Below are reasons why the MMM scheme continues to thrive in Nigeria.
1. Nigerians like financial risk
Tell them money is in it for them, Nigerians will take risks for you. No one advices you about the risks involved before joining but you are aware it is a risky venture. For those benefiting from MMM, it’s all about taking that risk.
2. Interest rate
No bank pays a monthly investment return of 30 per cent. For many, MMM is a blessing to the poor and average earners. Imagine helping someone with N100,000 and getting an extra 30 per cent of the money in a month’s time. Cool cash right? It is access to fast and free cash. A lot of people are benefitting from MMM. Many are using it to feed their families and there’s nothing you will tell them that will make them stop. Who wouldn’t be enticed with 30 per cent Return on Investment (ROI) after 30 days?
3. Nigeria’s Economy
The scheme was introduced at a time when the economic situation in the country is rapidly going from bad to worse. Minimum wage is N18,000, fuel price is N145 per litre and the prices of goods are going up on a daily basis. Despite criticisms, Nigerians would gladly jump at anything that has the potential to provide an extra source of income. Until the entire scheme fizzles away or crashes, Nigerians will not give up on MMM.
4. Influence
Almost everyone around you is involved in MMM. A member of your family or friend is involved and they influence you to join, telling you of all the benefits. You decide to join because of your friend and then you start to enjoy free money too.
5. Unemployment
As the economy keeps getting worse, the unemployment rate is getting high. Many who had jobs at the beginning of the year are now out of jobs as employers have been laying off staff. When there are no jobs and one has to cater for his family, he will embrace any option that will fetch him cash. What better option than to join those benefitting from MMM?
6. Greed
A lot of people want to reap where they did not sow. Most people are not interested in working hard, they just want quick money and MMM provides that.
7. Nigerians don’t give up easily
Check the history of all ponzi schemes, it never ends well. It will keep growing and more people will keep investing their money until it finally gets to the stage where it bursts like a bubble. What happens most of the time is the early subscribers earn the actual money and the latter participants end up losing. MMM pays, but for how long?
According to information available, the scheme has crashed in some countries, South Africa, and the latest Zimbabwe.
The news of the last crash spread like wide fire in Nigeria and days later, the Central Bank warned the citizens against patronizing the MMM scheme yet, the number of patronages keep soaring.
Below are reasons why the MMM scheme continues to thrive in Nigeria.
1. Nigerians like financial risk
Tell them money is in it for them, Nigerians will take risks for you. No one advices you about the risks involved before joining but you are aware it is a risky venture. For those benefiting from MMM, it’s all about taking that risk.
2. Interest rate
No bank pays a monthly investment return of 30 per cent. For many, MMM is a blessing to the poor and average earners. Imagine helping someone with N100,000 and getting an extra 30 per cent of the money in a month’s time. Cool cash right? It is access to fast and free cash. A lot of people are benefitting from MMM. Many are using it to feed their families and there’s nothing you will tell them that will make them stop. Who wouldn’t be enticed with 30 per cent Return on Investment (ROI) after 30 days?
3. Nigeria’s Economy
The scheme was introduced at a time when the economic situation in the country is rapidly going from bad to worse. Minimum wage is N18,000, fuel price is N145 per litre and the prices of goods are going up on a daily basis. Despite criticisms, Nigerians would gladly jump at anything that has the potential to provide an extra source of income. Until the entire scheme fizzles away or crashes, Nigerians will not give up on MMM.
4. Influence
Almost everyone around you is involved in MMM. A member of your family or friend is involved and they influence you to join, telling you of all the benefits. You decide to join because of your friend and then you start to enjoy free money too.
5. Unemployment
As the economy keeps getting worse, the unemployment rate is getting high. Many who had jobs at the beginning of the year are now out of jobs as employers have been laying off staff. When there are no jobs and one has to cater for his family, he will embrace any option that will fetch him cash. What better option than to join those benefitting from MMM?
6. Greed
A lot of people want to reap where they did not sow. Most people are not interested in working hard, they just want quick money and MMM provides that.
7. Nigerians don’t give up easily
Check the history of all ponzi schemes, it never ends well. It will keep growing and more people will keep investing their money until it finally gets to the stage where it bursts like a bubble. What happens most of the time is the early subscribers earn the actual money and the latter participants end up losing. MMM pays, but for how long?