Do you partake in the MMM Business? If yes share your experiences given the recent warning of Nigerians by SEC. In MMM language, have you provided help, but help was far from you when you needed help?
UPDATE
CBN Warns Nigerians about MMM, says it's Wonder Bank
The Central Bank of Nigeria has reiterated it's call to Nigerians not to patronise Quick Money Schemes or Wonder Bank as it called it. This is coming on the heels of the current trending topic in Nigeria currently in this time of recession and economic downturns. Nigerians have dived deeply into the money helping network called MMM. The scheme boasts to return 30% invested within a short period of time, 4 weeks to be precise.
It is definitely a High Yield Investment Program shortened as HYIP.
So many have called it a PONZI scheme with a business model that is not sustainable. It uses investor deposits to pay others willing to cash out. Many now exercise the fear of what happens when investments fail to come in?
According to Punch NG, "Central Bank of Nigeria on Monday warned Nigerians against patronising what it called ‘wonder banks’, stating that their activities were not regulated by it.
The Head, Consumer Protection Department, CBN, Hajiya Kadija Kassim, stated this during a mentoring programme for students of the Government Secondary School, Suleja, Niger State.
The apex bank’s warning is coming at a time when the huge unemployment situation in the country is making a lot of people to take interest in an online investment scheme tagged: ‘MMM Federal Republic of Nigeria (nigeria.mmm.net)’.
She said, “We have heard about the activities of MMM, but I want to warn you against it because they are wonder banks that are not regulated.
Desist from their activities because they are fraudulent."
It is now left if the CDN advice will be heeded by Nigerians who have found MMM to be a life saver during this time of harsh economic conditions Nigerians are faced with currently.
Are you involved? Let us know.