₦airaland Forum

jaybee3:
Pyramid = Ponzi

can you explain further, if you don't mind?

Okay

shogat:
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.

The bank through its the acting Director of Corporate Communications, Mr. Isaac Okoroafor, made this known yesterday against the proliferation of wonder banks in the country in recent times.

Okoroafor said such deposit money institutions were dubious present Ponzi schemes.

“At times like this when the economy has suffered some decline, Nigerians should be very careful with those they deal with. Any institution that is not licensed by the CBN to accept deposits should not be given money to keep under any guise,” he advised.

He warned Nigerians to beware of the so-called wonder banks, explaining that they were makeshift institutions to dupe people.

“We can vouch for the banking system. The deposit money banks are the only licensed institutions to take deposits. If you need to deposit money in any form, go to any of the deposit money banks and put your money, you can buy fixed income instruments or invest in stocks,” he said.

Okoroafor said the CBN could not guarantee the unregistered institutions, insisting that when depositors lose money to them, the bank would not be able to help them.

“These people always come with very interesting propositions. These are fraudsters who are just out there to collect people’s money and run away as soon as they hit their target. There is no insurance because the NDIC does not even protect them against such risks when they occur,” the CBN said.

He said the CBN was intensifying efforts and liaising with the various security agencies to identify the promoters of these schemes and have such persons arrested and prosecuted, adding that anyone caught with them would also be made to face the law.

Promoters of wonder banks and other pyramid schemes in the country are currently taking advantage of the rising level of unemployment as well as the shrinking disposable income to attract unsuspecting prey.

From Lagos to Port Harcourt and some other big cities in the country, owners of these illegal businesses have been offering Nigerians mouth-watering interest rates, which cannot be found in the banking system, in a bid to attract large number of customers before they run away with huge cash.

For instance, at the Ojuelegba area of Lagos, THISDAY was recently given a small handbill advertising investment schemes that offers 30 per cent returns in 30 days.

Also, there is a new Ponzi scheme called ‘MMM’ that is spreading like wildfire. A lot of young school leavers have already signed on to this scheme, which the promoters are marketing as a “mutual fund.”

“MMM offers its participants 30 per cent growth rate per month for each and every donation they make into the system… MMM belongs to the community, its sustainability depends on the activities of the people that make up the MMM Nigeria community, that is me and you and other MMM Nigeria participants,” the promoters wrote in an online advertisement.

Typically, what promoters of such pyramid scheme do is that they offer rates far beyond what is obtainable in commercial banks. This would always attract a lot of people who would always rush in to stake their funds. But, those who join the scheme late would always be the ones to lose their shirts as they would have been convinced by those that joined earlier to invest huge amounts of money.

But experts have warned against falling for the bait of illegal deposit-taking institutions which are not licensed by the CBN, saying that their only intention is to defraud members of the public.

Recall that with the Nigerian economy is in recession, the National Bureau of Statistics (NBS) recently revealed that the country’s gross domestic product (GDP) contracted by 2.06 per cent in the second quarter of 2016, compared to the negative growth of 0.36 per cent recorded in the first quarter of 2016.

Also, national unemployment rate also rose to 13.3 per cent in the second quarter of 2016, from 12.1 in the first quarter of 2016.



http://www.financialwatchngr.com/2016/09/14/cbn-warns-nigerians-against-mmm-calls-it-wonder-bank/

MMM is not a wonder bank for your information, we are a community that help one another, we do not involve in any politics or registration, we help one another out, we are neither a bank, An organisation, an investment or a HYIP but we are here to liberate the common man from the slavery of so-called slave masters like CBN.
CBN is not ready to help the Nigerian masses. Nigerian masses are helping one another, you are beefing. please we are not a wonder bank not to talk of a bank. we don't pay our money to a central account and we will never.

long live MMM
Long life Federal Republic of Nigeria

toluxa1:
Watch this Video to really Know what MMM is all about.
Discard the deceit and lies that SEC, CBN and all these oppressors that will rather you remain under financial constraint spill.
This warning is definitely not talking about MMM so I wonder why they put MMM there. If they are, then it's such a shame that they can release such a report based on an incredibly high level of ignorance of how the system even works. None of the well over 600 thousand members of MMM has ever deposited N1 to MMM, MMM doesn't collect your money.

Where has CBN been when MMM has been changing lives. Where have they been when MMM has been spending millions in charity? Yeye people


https://www.youtube.com/watch?v=mrLFaJcytFY





THE MYSTIFIED 30% How to understand it.

Its important you all understand this concept so much that you can easily explain it to others.

Let's look at it from this practical point of view,99% of us here have bank account. Right? Good.

We put our money in the bank because we Trust its safe there What do u think is the % of people who put their money in Banks?

Do you know How many % of people in Nigeria has an account with First Bank?

Yes you guess right!

Let's say 70% of Nigerians.

That's about more than 50million Nigerians. And Among these people are

The Poor
Middle class
and Business men
Companies

Among this set of people are those who deposit their money in bank at different intervals
and different amount.

Right?

And they withdraw at different intervals and different amount.

That means If you deposit 200k Another person deposit 1million,Another deposit 2k,Another deposit 500k,Wenever you are withdrawing your 200k, Someone's elsewhere is depositing a huge amounts. To supplement ur 200k withdrawal. And this circle continued on and on.
And becos of the population of people using the bank and different set of cash and different time of deposit and withdrawal

There is 100% chances that you must get your money withdrawn whenever you need it.

Anytime u go to bank to withdraw money
That's the principle MMM is also using
Its called Crowd Funding,The power of crowd funding, Banks And all financial institutions use the principle,That's is why the owner of this Banks are filty rich.

Where do you Think Bank Gets money they loan out ( Yes our Money) You evidently give bank your money when you and all those who have account with the bank Crowd Fund(Deposition Remember I want to make this more practical.

Look at this illustration, illustration U have 1million naira,U went to the bank And put it in a fixed deposit account With interest of 12% per year. U are happy As u leave the bank

The business man comes And request to use ur 1million for biz Same bank charge him 35% He agreed Went to do biz wt ur money And make profit

Pays d bank Ur 1million +35% At d end of d year U came and collect 12% Who is the fool among the 3?.

And who is the king?

They all get paid But one of them is the king. The Bank
The B A N K.

Now the bank collects our money. And loan it out To bizness men And make lots of money to pay d staff And enrich his life What happen to u d depositor.U get Nothing
Not even 1% of ur deposit.

Now MMM says No.Because of this unfair financial system.Sergie Mavrodi,Thought it necessary to look at d financial system and realized that, Banks survive because of the continues deposit and withdrawal of cash,At different intervals
And because of the population of people who have an account wt d bank. Sergey Mavrodi decided that even bank with that principle can even give us 50% of our money monthly but they won't do it

. The principle of crowding funding enable the bank to even give us more interest on our money monthly and nothing will happen.But because of the unfair financial system in place dey will never do it.

He realized that if we can come together. Like those population with bank account example I gave earlier .If We can copy the same principle bank and financial institutions use to flouish We can do a lot .

All it takes is just the Redistribution of cash flows. And the IDeology in MMM.

The system provides that redistribution.And with a great community with same goal and mindset it can be achieved.

Are u guys getting where am heading to?.

because people deposit at different times Banks lives on

.because people PH in MMM different times. MMM lives on

because people wifhdraw in bank different times. Banks Lives on

.because people GH in MMM different times. MMM lives on

Because of the influx of PH and GH regular PH and GH there will always be 30% to Pay to everyone .

Because of Regular Deposit and Withdrawal at different times and different amount there must always be money to withdraw in banks.

What if everyone match to bank and withdraw their money same time same day what do u think will happen?

Bank will collapse
Same thing in MMM

If every one GH at the same time MMM won't stand for long.

So its our responsibility to keep this community strong thru regular PH and GH.
The same principle Holds Bank and other financial bodies

*****************

How does it Work

You know about the popular word 'Contribution' where people contribute money to one person and there's a book where everyone's name is written. When it gets to your turn; everybody's money is given to you....

In MMM, we make pledges to donate our SPARE money to members who need the money. We do so by logging into our MMM account (Personal office) to make the pledge. We join the queue of people who made pledges after making the pledge.
We ONLY make pledges. We don't gather our pledges to give to one person. In MMM there is no CENTRAL ACCOUNT (No bank account where all our pledges are paid into). Members transfer money directly to each other.

Now, if a member in the community who has already made a pledge to provide financial help to another member and has fulfilled his pledge now needs help, he does that by logging into his MMM account (Personal Office) to say so.
The system, connects him with the person in the queue for providing help. If it's your turn on the queue to provide help; when you log into your Personal Office, you will receive the details of the person to provide financial help to.

As soon as you pay the money directly into the person's bank account who needs that financial help and that person acknowledges he has received the money, you are now qualified to receive help.

You then log into your personal office to ask for financial help. Someone/people in the queue who's turn it is to provide help will be assigned to pay you 30% of the donation you provided + the donation money itself.
Where does 30% come from?

There is no interest rate in MMM. In MMM after you donated money, you can be rewarded with mavro. It is an index of your tributue to the development of the Community. This index grows 30% a month. It is just a technical issue. Programmers can adjust this growth rate of mavro at any moment. The amount of mavro and its growth rate can be decreased, increased, stopped, cancelled. The amount of mavro and its growth rate can be adjusted at any moment to balance PH (Providing Help) and GH (Getting Help). That's why MMM can't collapse due to weak inflow of donations. If the inflow of donations will decrease, the amount of mavro will be adjusted, but the main important that the process of donation exchange will not stop. It makes MMM stronger than the financial organizations. Financial organizations have obligations, if they do not meet them, they will go bankrupt. MMM is very flexible. No matter what will happen, people will provide and get help.

Deep down within your heart, do you really believe this stuff you wrote?
Are you guys wiser and more intelligent than the economists and financial analysts that have been running our economy through the CBN over the years? I'm not saying they are perfect, but it's a very complex process. It's like telling a professor of surgery to shut up his mouth because you have an opinion from a patent medicine dealer. Kai!

Comparing banks and MMM:
1) If all the depositors in a bank come for their money the same day, and all those who took loans also return their money, a bank with good financial management will be able to pay back most (or even all) of its depositors.
Interest on loans is much higher than the interest on deposits including fixed deposits cos there are much fewer people who take loans than those who make deposits. If the interest rate is the same, banks won't be able to maintain interest on deposits.
In essence, the little interest paid to numerous depositors comes from the large interest charged to the few people that take loans.
Meanwhile, if all those that last provided help in MMM ask for their money and no new person provides help, there will be no money to pay them. The scheme will immediately collapse, but not just that. It will collapse will several millions of people without any possibility of paying them back.

2) Banks also have several other avenues through which they generate money. They sell forex and make several millions from it. For example, they get forex from CBN and sometimes sell them with upwards of ₦50 difference. If FBN sells $10 million to traders in a month, that is ₦500 million naira profit, or even up to ₦1 billion, if they sell at ₦100 naira gain. Mind you that they also charge outrageous amounts on card transactions in other currencies.
Again, banks charge money on current accounts and their transactions, funds transfers and several other bank charges on different transactions.
It's all these businesses that banks do that keep them afloat and not just because they collect deposits of people.
That is why First Bank has been there since 1894, and will still remain for many more decades or even centuries.

3) You guys keep bad-mouthing banks and their systems, yet the MMM uses banks for it's operations. Participants make bank transactions, and even their interests are retained in banks. How convenient to use the principle of banking only when it favours you.

You guys are really dumb in all these stupid explanations you give to defend the fraudulent scheme, MMM.
Now, let's create a scenario here.
Assuming that in the next 2 years (say September 2018), there are 80 million participants in MMM out of our population of about 180 million, and half (40 million) of them provide an average help of 1 million naira each that month (I said average cos I know many will provide help less than 1 million and many others will provide more than 1 million), that will be 40 trillion naira worth of help provided. By the following month, the 40 million people that provided the 40 trillion naira help will need to get help worth 52 trillion naira. That means an additional 12 trillion naira help must be provided in that next month. Remember we're assuming that each participant provides help worth 1 million naira, it then means there must be an additional 12 million people that will join the scheme that next month added to the original 40 million to be able to provide help worth 52 trillion naira. By the following month (November), the amount of help that will be provided for that 52 million people will be worth 67.6 trillion naira, and it will be provided by 67.6 million people. That is an additional 27.6 million people that MUST join the first group of 40 million in the scheme in that November, and must equally provide an average help of 1 million each. So it means that in 2 months, the 80 million (40 million + 40 million) participants must grow to 119.6 million (52 million + 67.6 million).
Remember we've not even factored the effect of the 10% paid to those that refer new people.

Can you now see how stupid this scheme is?
You say it isn't a pyramid scheme meanwhile, you pay people 10% for every new sign up, thereby making participants hustle to sign up new people.
I just laugh at the idiocy you guys display here on Nairaland.
I took out time to chat on WhatsApp with 2 Nairalanders like you who were defending MMM few weeks ago and by the time I finished making my explanation, they agreed with me that the scheme isn't sustainable. Their only point is that they will benefit from it before it collapses. I now ask, who are the people that will lose when it does collapse?

While I understand the average Nigerian's frustration with the banking system and the economy in general, and I don't begrudge people their right to put their money where they like, it is just plain crazy to see people come here and write epistles justifying where MMM gets 30% to pay out to others and trying to get more people to put in their money.

A simple search of MMM or Sergey Mavrodi on wikipedia will give you all the information you need to know on this Ponzi scheme. It WILL collapse eventually even though people are currently making money from it. So i think whoever has the risk appetite should go ahead and invest quietly, if u get paid, thank God, if you dont, lick your wounds in private. But please don't come on a public platform and try to encourage people to join you in a scheme, which when it goes bust you can't offer any help.

Somebody actually said MMM isnt making money and it's their ideology to help people. Jeez!!

Teespice:
can you explain further, if you don't mind?

Do you understand the dynamics of Ponzi scheme?

They are both multi-level marketing scheme

MrDojo:
Some people are goats even if Jusus warms them personally they will not hear.....

Only some1 without sense will still defend the scam called MMM

Jusus warms?

And only an illiterate will write this gibberish full of grammatical blunders

oaks123:
While I understand the average Nigerian's frustration with the banking system and the economy in general, and I don't begrudge people their right to put their money where they like, it is just plain crazy to see people come here and write epistles justifying where MMM gets 30% to pay out to others and trying to get more people to put in their money.

A simple search of MMM or Sergey Mavrodi on wikipedia will give you all the information you need to know on this Ponzi scheme. It WILL collapse eventually even though people are currently making money from it. So i think whoever has the risk appetite should go ahead and invest quietly, if u get paid, thank God, if you dont, lick your wounds in private. But please don't come on a public platform and try to encourage people to join you in a scheme, which when it goes bust you can't offer any help.

Somebody actually said MMM isnt making money and it's their ideology to help people. Jeez!!

I don't know how people can believe that sh*t, so are the organizers father Christmas that they'll create a system to make thousands of people make huge money and they go home with nothing? And some say they make money from advert.Where is the advert on their site?

Pierocash:
it ruite unfortunate that CBN has joined d team of ignorant wailers attacking MMM without finding out how it works.how wil MMM RUN wit peoples money,is MMM a bank?do they av access to anybody's money that they wil run away wit?.no body pays to MMM,It is only a
platform connecting participant who donate to each other directly thru individual bank accounts.they should stop attacking MMM,no participant har ever lost a dime to MMM over d yrs
Long live MMM

Don't mind the ignoramus trying to protect their jobs....

Teespice:
can you explain further, if you don't mind?

A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned through legitimate sources. Operators of Ponzi schemes usually entice new investors by offering higher returns than other investments, in the form of short-term returns that are either abnormally high or unusually consistent.

https://en.wikipedia.org/wiki/Ponzi_scheme


A pyramid scheme is a business model that recruits members via a promise of payments or services for enrolling others into the scheme, rather than supplying investments or sale of products or services. As recruiting multiplies, recruiting becomes quickly impossible, and most members are unable to profit; as such, pyramid schemes are unsustainable and often illegal.

https://en.wikipedia.org/wiki/Pyramid_scheme

cooldudeng:
Another Ponzi scheme

What the adocates have failed to explain is how the system generate the 30% that it pays out.

Even the economy isn't growing 30%

On this, I will gladly pass!

Correct question, MMM will eventually crash.

Kennydoc:
Deep down within your heart, do you really believe this stuff you wrote?
Are you guys wiser and more intelligent than the economists and financial analysts that have been running our economy through the CBN over the years? I'm not saying they are perfect, but it's a very complex process. It's like telling a professor of surgery to shut up his mouth because you have an opinion from a patent medicine dealer. Kai!

Comparing banks and MMM:
1) If all the depositors in a bank come for their money the same day, and all those who took loans also return their money, a bank with good financial management will be able to pay back most (or even all) of its depositors.
Interest on loans is much higher than the interest on deposits including fixed deposits cos there are much fewer people who take loans than those who make deposits. If the interest rate is the same, banks won't be able to maintain interest on deposits.
In essence, the little interest paid to numerous depositors comes from the large interest charged to the few people that take loans.
Meanwhile, if all those that last provided help in MMM ask for their money and no new person provides help, there will be no money to pay them. The scheme will immediately collapse, but not just that. It will collapse will several millions of people without any possibility of paying them back.

2) Banks also have several other avenues through which they generate money. They sell forex and make several millions from it. For example, they get forex from CBN and sometimes sell them with upwards of ₦50 difference. If FBN sells $10 million to traders in a month, that is ₦500 million naira profit, or even up to ₦1 billion, if they sell at ₦100 naira gain. Mind you that they also charge outrageous amounts on card transactions in other currencies.
Again, banks charge money on current accounts and their transactions, funds transfers and several other bank charges on different transactions.
It's all these businesses that banks do that keep them afloat and not just because they collect deposits of people.
That is why First Bank has been there since 1894, and will still remain for many more decades or even centuries.

3) You guys keep bad-mouthing banks and their systems, yet the MMM uses banks for it's operations. Participants make bank transactions, and even their interests are retained in banks. How convenient to use the principle of banking only when it favours you.

You guys are really dumb in all these stupid explanations you give to defend the fraudulent scheme, MMM.
Now, let's create a scenario here.
Assuming that in the next 2 years (say September 2018), there are 80 million participants in MMM out of our population of about 180 million, and 40 million of them provide an average help of 1 million naira each (I said average cos I know many will provide help less than 1 million and many others will provide more than 1 million). That will be 40 trillion naira worth of help provided. By the following month, the 40 million people that provided the 40 trillion naira help will need to get help worth 52 trillion naira. That means an additional 12 trillion naira help must be provided in that next month. Remember we're assuming that each participant provides help worth 1 million naira, it then means there must be an additional 12 million people that will join the scheme that next month added to the original 40 million to be able to provide help worth 52 trillion naira. By the following month (November), the amount of help that will be provided for that 52 million people will be worth 67.6 trillion naira, and it will be provided by 67.6 million people. That is an additional 15.6 million people that MUST join the scheme in that November and must equally provide an average help of 1 million each. So it means that in 2 months, the 80 million (40 million + 40 million) participants must grow to 119.6 million (52 million + 67.6 million).
Remember we've not even factored the effect of the 10% paid to those that refer new people.

Can you now see how stupid this scheme is?
You say it isn't a pyramid scheme meanwhile, you pay people 10% for every new sign up, thereby making participants hustle to sign up new people.
I just laugh at the idiocy you guys display here on Nairaland.
I took out time to chat on WhatsApp with 2 Nairalanders like you who were defending MMM few weeks ago and by the time I finished making my explanation, they agreed with me that the scheme isn't sustainable. Their only point is that they will benefit from it before it collapses. I now ask, who are the people that will lose when it does collapse?

Dey here dey form Prof in Economics while we keep on getting alerts monthly.

Kennydoc:
Deep down within your heart, do you really believe this stuff you wrote?
Are you guys wiser and more intelligent than the economists and financial analysts that have been running our economy through the CBN over the years? I'm not saying they are perfect, but it's a very complex process. It's like telling a professor of surgery to shut up his mouth because you have an opinion from a patent medicine dealer. Kai!

Comparing banks and MMM:
1) If all the depositors in a bank come for their money the same day, and all those who took loans also return their money, a bank with good financial management will be able to pay back most (or even all) of its depositors.
Interest on loans is much higher than the interest on deposits including fixed deposits cos there are much fewer people who take loans than those who make deposits. If the interest rate is the same, banks won't be able to maintain interest on deposits.
In essence, the little interest paid to numerous depositors comes from the large interest charged to the few people that take loans.
Meanwhile, if all those that last provided help in MMM ask for their money and no new person provides help, there will be no money to pay them. The scheme will immediately collapse, but not just that. It will collapse will several millions of people without any possibility of paying them back.

2) Banks also have several other avenues through which they generate money. They sell forex and make several millions from it. For example, they get forex from CBN and sometimes sell them with upwards of ₦50 difference. If FBN sells $10 million to traders in a month, that is ₦500 million naira profit, or even up to ₦1 billion, if they sell at ₦100 naira gain. Mind you that they also charge outrageous amounts on card transactions in other currencies.
Again, banks charge money on current accounts and their transactions, funds transfers and several other bank charges on different transactions.
It's all these businesses that banks do that keep them afloat and not just because they collect deposits of people.
That is why First Bank has been there since 1894, and will still remain for many more decades or even centuries.

3) You guys keep bad-mouthing banks and their systems, yet the MMM uses banks for it's operations. Participants make bank transactions, and even their interests are retained in banks. How convenient to use the principle of banking only when it favours you.

You guys are really dumb in all these stupid explanations you give to defend the fraudulent scheme, MMM.
Now, let's create a scenario here.
Assuming that in the next 2 years (say September 2018), there are 80 million participants in MMM out of our population of about 180 million, and 40 million of them provide an average help of 1 million naira each (I said average cos I know many will provide help less than 1 million and many others will provide more than 1 million). That will be 40 trillion naira worth of help provided. By the following month, the 40 million people that provided the 40 trillion naira help will need to get help worth 52 trillion naira. That means an additional 12 trillion naira help must be provided in that next month. Remember we're assuming that each participant provides help worth 1 million naira, it then means there must be an additional 12 million people that will join the scheme that next month added to the original 40 million to be able to provide help worth 52 trillion naira. By the following month (November), the amount of help that will be provided for that 52 million people will be worth 67.6 trillion naira, and it will be provided by 67.6 million people. That is an additional 15.6 million people that MUST join the scheme in that November and must equally provide an average help of 1 million each. So it means that in 2 months, the 80 million (40 million + 40 million) participants must grow to 119.6 million (52 million + 67.6 million).
Remember we've not even factored the effect of the 10% paid to those that refer new people.

Can you now see how stupid this scheme is?
You say it isn't a pyramid scheme meanwhile, you pay people 10% for every new sign up, thereby making participants hustle to sign up new people.
I just laugh at the idiocy you guys display here on Nairaland.
I took out time to chat on WhatsApp with 2 Nairalanders like you who were defending MMM few weeks ago and by the time I finished making my explanation, they agreed with me that the scheme isn't sustainable. Their only point is that they will benefit from it before it collapses. I now ask, who are the people that will lose when it does collapse?

You can't make your contributions without resorting to insult... Idiocy, stupid and the rest...... You are solving a scenario that is never going to happen.. .. And I will go beyond this with you

Ezegozie:
Jusus warms?

And only an illiterate will write this gibberish full of grammatical blunders

We have seen you prof..... corrected

Ezegozie:
Dey here dey form Prof in Economics while we keep on getting alerts monthly.

Thats how Ponzi scheme work, they will pay now and run away later, though I know some people that have received alerts, but the big question is, WHO KNOWS WHEN THEY WILL DECIDE TO CRASH??
I see a bigger fraud than meets the eyes, pls ask yourself, WHAT WILL HAPPEN TO PEOPLE'S BANK DETAIL WHEN MMM CRASH??

dmostcheerful:
Come on! Give me a break! The truth is conventional financial institutions have grossly failed us in Nigeria and the regulatory bodies have merely given them a slap on the wrist.

When the Stock market crashed and investors lost their hard earned resources what came of it? Was any one involved in the Stock market scam prosecuted?

When banks went under due to Board/Management unwholesome practises what punitive measures did CBN et all take? Innocent bank customers lost huge sums of money without remedy

Long live MMM

yeah long live MMM long live all d participants worldwide.

MMM the new fad What really is going on How does this work Is it a scam Is this the answer to our prayers Has help finally come These are the words that come to many like me. Who are lost to the system Who knows there is a war out there for food,shelter,money the latest clothes,vacations in the Fuji island,or even the best pussy or dick (depends on how you roll lol). Before one goes further one should define MMM It's a forum where people come together and pay for each others needs. How so lovely it sounds to the ears and warming to the heart. We are all hurting deep down and desire that big break. Something that would change our stories. That one hit wonder. I look for it too every day of my life. I want to be free of the fear of bills. The fear that I will still have a roof over my head. That those fancy clothes I see on HMS and the latest fashion magazines I will have lots and lots of them I will drown in riches. People will call my name in thier dying beds. I will be the last words the speak BLESS HIM LORD BLESS HIM So where am I focusing on While in my fantasies I need to snap back to today. Am I missing out on something to good to be true. Has God picked my call( as we the masses usually say) Hmmm lets get down to business. I won't go talking about the 30% interest you get. That war I can't fight as the drug for it they will say they make money through traffic to the websIte not through any simple method of payment The system was designed so that you don't pay anything to the company. How so nice of them. A company as charitable as them. They should be made saints by the pope. What manner of men are these. In this world of greed They alone decided not to be greedy. An Olympic medal or a spot in heaven is good enough for these noble souls. BLESS THEM BLESS THEM All the computer does is to generate a name to match the amount you are willing to help with. After this is done you show proof of payment and the person attest that you did pay. Now it's your turn to get HELP. Someone has to help you too. The same computer generates a person willing to give HELP to you. Now you get paid the payee shows proof of payment And you attest to it. All these while the computer sees this and generates the pool of cash going round. And the capital base of the forum is known through this generating of HELP and proof of payment. A person who fails to give HELP is yanked off since we are not here to entertain jokers they say. Hmmmm how thoughtful Now you are asked to meet the need of someone somewhere Now this is the catch After a while depending on the pool of funds or capital base the originators wants to see The computer generates all people on the platform to pay to a certain account which funny enough belongs to one person. Since no one knows the other person is paying. They all pay to this account no matter how little the HELP is. And like smoke the website shots down and the originators are smiling to the bank while all the people on the forum are wondering what went wrong. So that's the story of MMM anywhere in the world from Europe to Asia....now Africa Nigerians be wise

Abeg I need that wetin concern you pix....



Is it your money.. ..


Why is SEC, CBN, etc crying more than the bereaved


Ooh I forgot they is no bereaved in MMM Nigeria thus far...


Aware of the risk... And mavro still turning green



"You can't get the lion share of life if you don't have a lions heart"..... Savior 1k Guider 2016

[size=16pt]MAY OUR MAVROS CONTINUE TURNING GREEN
[/size]

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Pierocash:
it ruite unfortunate that CBN has joined d team of ignorant wailers attacking MMM without finding out how it works.how wil MMM RUN wit peoples money,is MMM a bank?do they av access to anybody's money that they wil run away wit?.no body pays to MMM,It is only a
platform connecting participant who donate to each other directly thru individual bank accounts.they should stop attacking MMM,no participant har ever lost a dime to MMM over d yrs
Long live MMM

so where does the 30% comes from?

deflover:
MMM the new fad
What really is going on
How does this work
Is it a scam
Is this the answer to our prayers
Has help finally come
These are the words that come to many like me.
Who are lost to the system
Who knows there is a war out there for
food,shelter,money the latest clothes,vacations
in the Fuji island,or even the best pussy or dick
(depends on how you roll lol).
Before one goes further one should define MMM
It's a forum where people come together and
pay for each others needs.
How so lovely it sounds to the ears and warming
to the heart.
We are all hurting deep down and desire that big
break.
Something that would change our stories.
That one hit wonder.
I look for it too every day of my life.
I want to be free of the fear of bills.
The fear that I will still have a roof over my
head.
That those fancy clothes I see on HMS and the
latest fashion magazines
I will have lots and lots of them
I will drown in riches.
People will call my name in thier dying beds.
I will be the last words the speak
BLESS HIM LORD
BLESS HIM
So where am I focusing on
While in my fantasies
I need to snap back to today.
Am I missing out on something to good to be
true.
Has God picked my call( as we the masses
usually say)
Hmmm lets get down to business.
I won't go talking about the 30% interest you get.
That war I can't fight as the drug for it they will
say they make money through traffic to the
websIte not through any simple method of
payment
The system was designed so that you don't pay
anything to the company.
How so nice of them.
A company as charitable as them.
They should be made saints by the pope.
What manner of men are these.
In this world of greed
They alone decided not to be greedy.
An Olympic medal or a spot in heaven is good
enough for these noble souls.
BLESS THEM
BLESS THEM
All the computer does is to generate a name to
match the amount you are willing to help with.
After this is done you show proof of payment
and the person attest that you did pay.
Now it's your turn to get HELP.
Someone has to help you too.
The same computer generates a person willing
to give HELP to you.
Now you get paid the payee shows proof of
payment
And you attest to it.
All these while the computer sees this and
generates the pool of cash going round.
And the capital base of the forum is known
through this generating of HELP and proof of
payment.
A person who fails to give HELP is yanked off
since we are not here to entertain jokers they
say.
Hmmmm how thoughtful
Now you are asked to meet the need of
someone somewhere
Now this is the catch
After a while depending on the pool of funds or
capital base the originators wants to see
The computer generates all people on the
platform to pay to a certain account which funny
enough belongs to one person.
Since no one knows the other person is paying.
They all pay to this account no matter how little
the HELP is.
And like smoke the website shots down and the
originators are smiling to the bank while all the
people on the forum are wondering what went
wrong.
So that's the story of MMM anywhere in the
world from Europe to Asia....now Africa
Nigerians be wise

.....guy you got me clapping for you.......respect dude...highlighting how the system will shutdown is d best have ever heard of...are you a joseph

Kennydoc:
Deep down within your heart, do you really believe this stuff you wrote?
Are you guys wiser and more intelligent than the economists and financial analysts that have been running our economy through the CBN over the years? I'm not saying they are perfect, but it's a very complex process. It's like telling a professor of surgery to shut up his mouth because you have an opinion from a patent medicine dealer. Kai!

Comparing banks and MMM:
1) If all the depositors in a bank come for their money the same day, and all those who took loans also return their money, a bank with good financial management will be able to pay back most (or even all) of its depositors.
Interest on loans is much higher than the interest on deposits including fixed deposits cos there are much fewer people who take loans than those who make deposits. If the interest rate is the same, banks won't be able to maintain interest on deposits.
In essence, the little interest paid to numerous depositors comes from the large interest charged to the few people that take loans.
Meanwhile, if all those that last provided help in MMM ask for their money and no new person provides help, there will be no money to pay them. The scheme will immediately collapse, but not just that. It will collapse will several millions of people without any possibility of paying them back.

2) Banks also have several other avenues through which they generate money. They sell forex and make several millions from it. For example, they get forex from CBN and sometimes sell them with upwards of ₦50 difference. If FBN sells $10 million to traders in a month, that is ₦500 million naira profit, or even up to ₦1 billion, if they sell at ₦100 naira gain. Mind you that they also charge outrageous amounts on card transactions in other currencies.
Again, banks charge money on current accounts and their transactions, funds transfers and several other bank charges on different transactions.
It's all these businesses that banks do that keep them afloat and not just because they collect deposits of people.
That is why First Bank has been there since 1894, and will still remain for many more decades or even centuries.

3) You guys keep bad-mouthing banks and their systems, yet the MMM uses banks for it's operations. Participants make bank transactions, and even their interests are retained in banks. How convenient to use the principle of banking only when it favours you.

You guys are really dumb in all these stupid explanations you give to defend the fraudulent scheme, MMM.
Now, let's create a scenario here.
Assuming that in the next 2 years (say September 2018), there are 80 million participants in MMM out of our population of about 180 million, and 40 million of them provide an average help of 1 million naira each (I said average cos I know many will provide help less than 1 million and many others will provide more than 1 million). That will be 40 trillion naira worth of help provided. By the following month, the 40 million people that provided the 40 trillion naira help will need to get help worth 52 trillion naira. That means an additional 12 trillion naira help must be provided in that next month. Remember we're assuming that each participant provides help worth 1 million naira, it then means there must be an additional 12 million people that will join the scheme that next month added to the original 40 million to be able to provide help worth 52 trillion naira. By the following month (November), the amount of help that will be provided for that 52 million people will be worth 67.6 trillion naira, and it will be provided by 67.6 million people. That is an additional 15.6 million people that MUST join the scheme in that November and must equally provide an average help of 1 million each. So it means that in 2 months, the 80 million (40 million + 40 million) participants must grow to 119.6 million (52 million + 67.6 million).
Remember we've not even factored the effect of the 10% paid to those that refer new people.

Can you now see how stupid this scheme is?
You say it isn't a pyramid scheme meanwhile, you pay people 10% for every new sign up, thereby making participants hustle to sign up new people.
I just laugh at the idiocy you guys display here on Nairaland.
I took out time to chat on WhatsApp with 2 Nairalanders like you who were defending MMM few weeks ago and by the time I finished making my explanation, they agreed with me that the scheme isn't sustainable. Their only point is that they will benefit from it before it collapses. I now ask, who are the people that will lose when it does collapse?

you just succeeded in pouring out the opinions of ur sponsors. my humble submission in this ur long essay will be dat u should study d ideologies of MMM. CBN is scared of MMM

mayoor15:
My question is people especially the southerners blame buhari for implementing TSA is now affecting our financial institution, leading us to where we are now....Now MMM according to you is sole aimed at crumbling the financial institutions further...who lose at the end of the day....NIGERIANS....MMM initiators won't be affected...But when our Economy totally crashes nobody will be there to help us....Then we will leave recession to depression...God help Nigeria

Dude, nobody is goin to lose and the banks will still continue to exist, the only thing is banking will now be done the way it should be done. Loans would now be giving to small scale entrepreneurs. Shikenna!!!

He who has Ears let him hear

AnonyNymous:
Have you ever sat down to realise how unsustainable the MMM model is? Where do you think banks get money to pay interest? After all, opening account is free, customer service is free, everything is free to use. Small duties like the 65 naira from ATM return, or interests paid on loans they give and other things add up to make the interest they can give. Fixed deposits provide more interests because the banks are sure you won't collect your money for a specific amount of time. If you actually take time and do the math behind the MMM model, you'll see that it is unsustainable and millions of people (the last to join) are going to suffer greatly from it. If you even look up the history of MMM, the founder of the concept was arrested after it collapsed in Russia and he went away with his proceeds. Even he did not know the actual number of people that suffered great loss when it collapsed to show you how complex it is. I can only hope that you won't regret when it eventually collapses in Nigeria.

For sure nothing last forever.......Even Nigeria Economy has collapsed because of d drop in oil price.





bros mek i lower my voice tell u somtin#bros join mmm u wundnt regret .....Ok

I don't know what MMM is but I will say this:

Since it is a short-term loan, play to make money. It seems like a big risk that sounds good but will fail when saturated. It sounds very good just as CDO, subprime mortgage, Wonder banks, etc did a few years back before crashing. Get what you can out of it while it still exists. But...

1. Don't be greedy.
2. Play with money you can afford to lose.

Goodluck!

dmostcheerful:
Come on! Give me a break! The truth is conventional financial institutions have grossly failed us in Nigeria and the regulatory bodies have merely given them a slap on the wrist.

When the Stock market crashed and investors lost their hard earned resources what came of it? Was any one involved in the Stock market scam prosecuted?

When banks went under due to Board/Management unwholesome practises what punitive measures did CBN et all take? Innocent bank customers lost huge sums of money without remedy

Long live MMM

yeah long live MMM long live all d participants worldwide.

Please CBN should LEAVE us alone!!!! am enjoying this system , even if it back fires no problem , You CBN were there IAA, IGI DAARCOMM COLLECTED MY MONEY THROUGH PUPLIC OFFER OF SHARE STILL TODAYHAVE NOT SEEN MY MONEY .
I WILL PUT MONEY IN MY BANK ACCOUNT, THE SOCALL BANK WILL FINISH MY SAVINGS WITH SMS.
WHO IS FOOLING WHO HERE, PLEASE YOU CBN TO WORK ON YOUR OWN DEFICIANCIES .

The only thing I can say is they can't close MMM website.. Cant

MMM is not a .ng domain so it can't be closed.

Try and read about terms and conditions on .com.. At icann.org