MMM: It has almost become a household name, as it uncommon not to hear it referenced either in closed or open conversations.

Mavrodi Mundial Moneybox, MMM, as it fondly called is a ponzi scheme which operates as a wonder bank, giving its investors at least 30% of their investments after a period of 30 days.

For many Nigerians, especially the youths, the MMM scheme has been a major financial aid as the country grapples with an era of economic recession.

Findings by TheNewsGuru.com reveal that the scheme which only allows an individual to use a single bank account for transactions upon registering as a user, has led to an increase in the number of bank accounts that have been opened in various Nigerian banks over the last six months.

Our findings also revealed that the MMM scheme may have also increased the banking culture of Nigerians, as many who have abandoned their bank accounts are now reactivating it for transfer and receipt of funds, due to the operational policy of the ponzi scheme, called MMM.

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