MMM Commences in Ghana after Hanging Operations in Nigeria
If you have relatives, friends and acquaintances in Ghana please you need to contact them fast as MMM that caused anguish in Nigeria is shifting its operation to Ghana.
Some days after holding operation in Nigeria, the program which portrays itself as a “mutual aid fund” has commenced operations in Ghana, Nigeria’s West African neighbors. The Russian Ponzi scheme started silently around December last year. MMM Ghana operates a similar model as in Nigeria and is starting to reach out to ordinary Ghanaians.
Registered members pledge and donate money to other participants they are paired with. This donation is interpreted as “providing help” (PH). After a month, donors are paid back the full amount donated with 30% interest. This reimbursement of the initial donors is referred to as “getting help” (GH) after being paired with other participants who pay them their initial cash plus interest.
In Ghana, the Marvodi Mondial Movement (MMM), brands itself as a form of social wealth redistribution system. A similar tact worked in Nigeria where the economy has been so harsh much of the year. Amid high unemployment rates and difficult economic realities, MMM quickly became popular as participants sought a 30% profit — interest rate no local bank can offer. MMM Nigeria garnered over 2 million Nigerians before suspending operations.If Ghanaians need some understanding into the life-cycle of MMM, they can look at its operations in countries like Nigeria, South Africa and Zimbabwe.
When the scheme collapsed in South Africa, MMM blamed it on the persecution by the media.
In Nigeria, the Russian Pyramid Scheme blamed its breakdown on the fear government created in the people. It says that Nigeria government sabotaged the success of the scheme.
In Zimbabwe, MMM participants were unfortunate as the scheme hacked withdrawal exchange rates after it temporarily shut down operations. At the end Zimbabwean participants lost 80% of their money.
The program is still ongoing in Kenya, where it promises a 40% monthly interest rate. But the Central Bank of Kenya has been issuing warning to Kenyans about the program.