The answer lies in the model of MMM. It has no physical or tangible asset. The whole business model relies on the internet and mutual trust between subscribers. So it is difficult for the government to halt their operations or have any control over them. Blocking MMM is just like blocking Facebook or any other site. Also, users are already informed that they are sending out money on their own accord.
Despite all the warnings, MMM users continue to grow in number. Even MMM managers clearly state on their website that there is no guarantee of getting back your money after you have provided help yet the system is well designed in such a way that you provide help before you can be helped.
Meaning when your money is in, there is no 100 percent security guarantee that you will get your money back. Though for now it is working, there is no assurance it will in future.
Despite this, many continue to harp on the scheme, even those who are meant to know better. From studies, members with the highest funds in the scheme are in the banking sector. And they even encourage others to go into it.
Shade, who works in a first generation bank and does not want her surname released, says that MMM is her biggest investment till date and she now makes money from her profit from the scheme. “I was one of the early people on MMM. I have a client who keeps bringing in huge sums every month. She later introduced me to MMM. I started with just N5,000 and in less than two weeks I was able to get my money back with interest. Now I have millions in it,” she says.
When asked if she is not afraid that the scheme may crash, she has this to say, “If it crashes tomorrow, I will not lose a kobo. I started with N5,000 like I told you and later put in over N250,000 of my own money. Today I operate in with millions.”
Discussion about this post