Business
MMM Membership Grows Despite Risks
Some Abuja residents have said that they have benefited immensely from the popular financial programme, MMM Nigeria Scheme, and have no intention of leaving the scheme anytime soon.
The Mavrodi Mondial Movement popularly known as MMM has gained popularity among Nigerians as the programme promises a monthly payment of 30 per cent interest on loans provided by participants.
This is against the backdrop of the House of Representatives order this month that operators of the scheme should be arrested to protect Nigerians from financial devastation.
The Tide source reports that in spite of the order, MMM’s membership had continued to grow.
Some residents who spoke to our source said that MMM was very beneficial to Nigerians.
Ebube Osakwe, a civil servant said that she doesn’t see the programme as a Ponzi scheme and believed it could help many Nigerians.
”When I heard about it, I was skeptical at first, but I decided to test the system by putting in N20,000 to see if I would get the money they claimed.
”To my surprise, a month later, I got my N20,000 with my 30 per cent interest and an extra bonus.
”I was amazed by the success so I put more money into the system and have benefitted from it.
”This programme has helped many Nigerians deal with this recession so I don’t see the wrong in it.”
Godwin Dickson, a mechanic said that the scheme had helped him with his finances, adding that it had assisted him immensely in paying his debts.
would take advantage of it while it lasts.
”I know that this programme has failed before in some countries and I admit it is a sort of Ponzi scheme but why should I complain when I am benefitting from it?
”MMM is bound to fail whether the government bans it or not, because the process is supported by new members funding the profits to be made by older members which will crash at some point.
”However, I have made a large sum of money from this programme and I am willing to continue reaping the benefits it is offering for now.
”I just have to ensure I don’t get greedy and invest my whole savings or sell my property like many people have done because when it crashes, people will become suicidal.
”I think the key thing here is to know your limit and know when to bow out of the programme,” she said.