MMM in SA and Zimbabwe
It is no longer news that this Ponzi scheme failed in these two African countries despite warnings from relevant authorities.
Before the crash in the two countries, some South African banks shut down accounts they believe to be linked to MMM, while in Zimbabwe the trusted mobile money transfer company EcoCash has distanced itself from the scheme, saying it is “not liable for any losses arising from the use of EcoCash to engage in illegal activities such as Ponzi schemes”.
MMM is not fraudulent, it won’t crash in July – MMM Guilders
Prior to this report, some MMM guilders were willing to speak with the press but have suddenly refused to entertain questions from journalists. At least three guilders who were willing to speak with our reporter suddenly refused to entertain his questions about the scheme.
But a guilder who earlier spoke with our reporter in Ibadan recently, Adeleye Benjamin, said the scheme will not collapse as being speculated in the media. He said only panic could collapse MMM.
Explaining how this factor can crash MMM, Mr Adeleye said panic by participants and intending participants will stop them from providing help and as such the system will not be able to pay existing participants who may have called for help and eventually crash the system.
Mr Azeez Tunde, another guider who agreed to speak with us said MMM guiders are working to ensure that the system doesn’t crash and fraudulent activities are checkmated:
Yes, there are lots of sustainability measures taken by the support group to make the community a great one and as guiders we continue to orientate and re-orientate on the ideology of MMM, how it works, how to mitigate risk of participating in the great community and most importantly how to be faithful to the community.”
He said it is not possible for the system not to have new members and even if there are no new members, “the system has created a measure to attend to such.”
He equally allay the fear of bad eggs who, he said, “would want to join us so as to frustrate the activity of the community and believe me drastic measure are already been put in place hence we got no worries”.
Mr Azeez said the FG would not ban MMM because the scheme does not violate any law of the country with its activities.
“We use this medium to tell every participants not to violate any law as we are law abiding citizens and not to ever introduce MMM to anyone as business or investment which gives interest or profit rather it should be spelt out to be donation which brings reward and more important the No Guarantee should be emphasized to buttress the spare money of the community,” he warned.
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