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66,000 Zimbabweans affected by MMM Zimbabwe collapse

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MMM Zimbabwe is a nationwide topic of interest. The pyramid scheme shot to fame by offering its participants a 30% interest rate at a time when many Zimbabweans are financially struggling.

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Earlier today, we reported on how the MMM Zimbabwe system is now offering members 1% of their money and clearing accounts on withdrawals.

According to a reliable source thus far, the attraction of the 30% interest has led over 66,000 Zimbabweans to participate in MMM,  this figure is still to be confirmed by MMM East Africa (they have strict laws against talking to media).

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Our source has also provided us with information on how much money is needed to resuscitate MMM Zimbabwe, putting the figure at $3 million USD, which gives us some perspective of how much money is flowing through the MMM system, primarily through EcoCash,

it is not surprising that MMM has over 66k users, with interest in it coming from all corners of the country. According to Google Trends, MMM Zimbabwe is a National trending topic with the search engine registering interests on “MMM” from all over the country, however, themajority of the interest came from Bulawayo and Harare. mmm-interest

It is no wonder that the RBZ came out to warn the public on MMM Zimbabwe, and EcoCash distanced itself from it. With figures reaching $3million USD and affecting 66,000 people directly the issue of MMM Zimbabwe is a hot topic nobody would want to take responsibility for.

If we were to separate the 66,000 participants into households of an average of 5 family members, the figure could rise to 330,000 people affected, but this is just speculation.

we are yet to establish direct communication with MMM East Africa, MMM Zimbabwe’s parent body, but it is more than likely we will get a response. The system relies on public perception so they rarely let any information out unless they are explaining any changes they have made to the system.

So far our sources have been spot on, so we take this information as reality on the ground. 66k is a shocking figure, it’s quite interesting how MMM Zimbabwe has been able to rope in so many people and remain largely undetected.

In MMM’s defence, it does clearly state that there is risk in participating in the system, on its website MMM clearly states that:

WARNING!

  • There are no guarantees and promises! Neither explicit nor implicit.
  • There is neither investments nor business! Participants help each other, sending each other money directly and without intermediaries. That’s all! There’s nothing more.
  • There are no securities transactions, no relationship with the professional participants of the securities market; you do not acquire any securities. (Do you need them? :-))
  • There are no rules. In principle! The only rule is no rules. At all! Even if you follow all of the instructions, you still may “lose”. “Win” might not be paid. Without any reasons or explanations.
  • And in general, you can lose all your money. Always remember about this and participate only with spare money. Or do not participate at all! Amen. :-))

Citizens of Russia, Kazakhstan and Belarus are not allowed to participate in MMM.

Most participants have accepted its fate and the losses they incurred. There are some who really enjoyed the MMM system in its prime, but like all pyramid schemes, it is those who enter in its dying stages who suffer the most.

Now Read: Will MMM members ever get their money back? And if yes, from who and how?


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31 thoughts on “66,000 Zimbabweans affected by MMM Zimbabwe collapse

  1. U wonder if the 66000 were in their right mindsets when they joined this MMM pyramid scheme??? No one to blame but themselves. I dont feel for them.

  2. When bad things happen people complain,when good things come people rejoice. MMM really helps alot,if not that they collapse in Zimbabwe nobody ever complained from time past. Actually they don’t force anybody to join,every business has a profit and loss. I pray they will stand again,may those who loose their be strengthen by God. Stop condemning MMM,it’s a business risk,but we risk it and some are smiling and some are not.

  3. The issue I always had with MMM was that it was not entirely honest with people. Hanzi it’s a community of people helping each other providing help and getting help, BS! If anyone simply asked themselves were that 30% pm interest was coming from you would have known this day was coming, cause it’s a lot of money even if you translated that into per annum it’s unbelievable, if making money was that easy why would all these businesses exist, simply throw all your millions to MMM, sit back & relax. I thought either the people who were ending up with the money were engaging in some seriously risky investments or the interest was simply being bankrolled by new participants both scenarios were simply not sustainable in the short term. My thinking is that a lot of people who joined knew this and thought they could get some quick cash which maybe payed out for some but if you blindly joined ah hameno hako.

    The worst part about these schemes is that they prey on the financially challenged countries & communities and they jump ship when their participants stop increasing enough to sustain the interest. This should be a crime somehow I Donno. If anything all those people who were recruiting people should answer for this somehow explaining how deeply involved they were until you get to the main guys @ least on a local level cause those people benefited at the expense of the people crying now

    1. This was always a doomed scheme from the beginning. RBZ and our financial regulators let people down!! Useless lot

  4. The Warning is even clear to a Blind man, only a fool can go-ahead and gamble after this warning. Its better to go to a Soccer Bet and Bet once!!!

  5. Even if mmm collapses In Zimbabwe we should be asking God to strengthen them more and not condemning them bcus u all all at a tym benefited from them before

  6. People should learn thow. This pyramids thing left people crying sometime back. It just came in a different format this time. Anyway ne nzara you try to get rich fast and you lose worse fast.

  7. No body force any body to join BT my little secret as an ibo guy I am take d risk and join d rich man

  8. I always warned my fellows that there is nothing in this world like “free money”. A simple google search about pyramid schemes would have helped the 66000 souls to stay away from ponzi schemes. Even Mavrodi himself is a convicted fraudster from Russia. You got what you deserved people.

  9. I lost trillions of dollars to the bank when the UD$ was introduced. i even lost my hard earned thousands of dollars when Mr Governor was on a spree of putting banks under curatorship… I never recovered that money…. Loss is loss…..

  10. @mmm beneficiary from my perspective some losses should better be avoided than putting yourself in harm way. For ZWD and curatorships probably that was rather unfortunate but not MMM

  11. Those that are injured somehow by the freezing of mavro should take heart… Our prayers is that before or come January 14 , the mavros will be unfrozen and we will continue enjoying mmm cos it has relieved us of the hit of recession #wishing you all the best this Festive perood#

  12. Pls Will mmm system come up again… I want to know so I can encourage and also save the life of one of my neighbors here cos since yesterday he has been playing with rope.

  13. if MMM is going to collapse in Nigeria, its left for us the Members, South Africans protested and it was reopened, even if its a ponzi scheme, have they defrauded anyone in Nigeria? NO, lets continue the helping hands, after all, we have so many ponzi scheme in the world, so why MMM, MMM every where you go MMM, this I think is jealousy, check out their videos, and see what good they have rendered to the less priviledge and the destitude, corruption in all the sectors, increasing with 10% each day, and nothing at all is done, please OOO!

  14. I feel with the experience the head of CEO has gotten so far with the collaps in other countries will make an inventory of it to still work perfectly even after 14th of January 2017 . Let just watch what the future tell about mmm Nigeria . I pray for perticipant with frozen acc now should all have the courage to wait till then .

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