The Mavrodi Mondial Moneybox (MMM) is a scheme that advertises itself as a mutual aid fund with a promised monthly investment returns of 30 per cent. Under the scheme, members contribute money to assist others. However, it is a network that relies on growing numbers of new members to pay off the old.
This scheme is currently in Nigeria and it is called MMM Federal Republic of Nigeria. The business has started to receive attention from Nigerians as the economic recession keeps biting hard. Many Nigerians now find solace in investing in MMM rather than keeping their money in the banks just because of the magic interest of 30 percent after 30 days.
MMM investors are to declare the willingness to give help after which your account will be rewarded with Mavro. Mavros will start growing from the moment of offering the contribution at the rate of 30 percent per month. Calculation of reward occurs twice a week, on Tuesdays and Thursdays. This sum in Mavro shows how much you can request for yourself.
Meanwhile, The Central Bank of Nigeria (CBN) has warned Nigerians to be careful of any deposit money institution that is not insured by the Nigeria Deposit Insurance Corporation (NDIC) especially the trending MMM Nigeria community. MMM officials are ordered to be arrested by the Economic and Financial Crime Commission (EFCC).
ENCOMIUM Weekly spoke with Nigerians about the MMM trend where majority was totally against the instruction of the FG to stop the activity of MMM, saying it is their only rescue in this time of recession.
MRS. ADEBO OLAYEMI
I don’t see anything bad in investing in MMM, no bank will ever give you 30 percent interest in a month for the money you saved. But MMM does. MMM is not an investment program. We are helping ourselves to be financially free. The government has failed us and we have decided to help ourselves. No money is deposited in MMM account. MMM does not collect our money. We pay directly to other people’s account.
I totally disagree with the Fg’s decision to stop the activity of MMM in Nigeria. There’s recession in the country, our government are not concerned about the people if they have enough to eat and how they feed their family.
MMM remains the only ideal investment that has rescued me since my shop was demolished by the Lagos state government. Is there any law in this country forbidding us to help ourselves? Let MMM continue with their good deed and the FG should concentrate on reviving the dying economy.
Nothing in the country is working fine, the masses are complaining. Our Government has neglected us before MMM came to our rescue. If the government begins to gives us 24 hours electricity, pay a minimum wage of N200,000 per month, employs everyone that is unemployed, then we can consider leaving MMM. For now I will continue to invest the little I have in MMM because I have benefited so much in the last few months investing in MMM.
Our banks and even CBN are not reliable either, taking N65 from my account after ATM use, illicit withdrawal from my accounts, killing depositors with high interest rate.
But with MMM, my interest is sure at the end of the month, this shows that MMM is truly working. In my view, our conventional banking system is also a Ponzi scheme. Why Not? They take from our large pool of deposits to grant loans and in the end give us peanuts as interest but when we are the ones paying interest we pay through our nose.
If banks are not operating a ponzi scheme, what happens when all depositors assemble to withdraw our cash? FG should strengthen the system and forget about the activities of MMM that has a good plan for Nigerians who are ready to invest.
MMM is not a business organization or corporate investment platform and therefore cannot be registered under any government monetary or tax laws.
MMM is a social organizations based under the platform of social help or donation. People help each other and I think they made it clear that it’s not an investment platform, it’s not a business but secular donations. As long as there are new people joining and helping each other, the platform will keep going round.
The sad part is that it will cut down business activity in the country to some certain extent when people stop joining or stop putting their money. Then there will be less donor who want to help and high receiver who want help. That’s the only time it can crash.
For now MMM keeps soaring high as new members keep joining.
- OLUWAFEMI SOEWU