MMM Zimbabwe is still alive but barely breathing. Ever since the RBZ warned citizens against participating in the pyramid scheme and EcoCash distanced itself from any illegal activity conducted on its platform citing MMM Zimbabwe, Sergei Mavrodi’s “global fund mutual aid” system has been in a freefall.
Currently, MMM Zimbabwe’s participants have been granted access to 1% of their account. This is after we reported an 80% reduction in the value of their system based currency, Mavros.
The 80% reduction in value came from an adjustment of the exchange rate between Mavros to USD, which stood at 1 Mavro:$1 but dramatically dropped to 1 Mavro : $0.20.
Now, even after the reduction, so called “system programmers” who run MMM’s “complex algorithm” further instituted more stringent conditions by placing a 1% withdrawal/Get Help (GH) limit on participants accounts.
This means that a participant may have had 10000 Mavros, losing 80% value to $2000, but can only withdraw 1% of that value which is $20, that is if they are fortunate enough to be matched with someone willing to Provide Help (PH). After the withdraw of 1% your account will be cleared out, leaving you with 0 Mavros in the system.
MMM Zimbabwe’s system theoretically crashed on the 10th of August but is still active. Efforts to resuscitate the system are well underway by “guides” luring in new participants to deposit into the system (PH) and be matched to withdrawals (Get Helps) to try and kickstart the system.
However, with the current cash crisis and insecurities over bond note introduction, this is proving to be a difficult task. The crash on the 10th created two separate systems, one based on old Mavros and a new system based on new Mavros, it is unlikely that any old Mavros will be paid out at this point with the system showing signs of a complete restart and clearing out of old Mavro accounts.
The current MMM participants could essentially try to kick start the system by re-depositing money into it, but they too are reluctant with fears mounting over a complete system crash looming.
The public’s perception of the system has been tainted by coverage of events leading up to its collapse and the system itself instituting tough measures to try and cease withdrawals and attract deposits to regenerated the ailing system.
MMM is set up in such a way that all participants use the MMM platform/website to track their accounts. MMM East Africa handles Zimbabwean accounts. Participants view the status of their account, how the 30% interest is accumulating and matching help providers and help requests for the donation based system.
The “system programmers” essentially run the platform/website and are starting to show that they are in charge of the system, contrary to MMM’s pitch statement which assured participants of giving them full financial control breaking away from the “illegal” government financial systems .
Our sources who would like to remain anonymous have confirmed the 1% withdrawal limit stating that the Zimbabwean MMM system could take up to 6 months to restore and is as good as gone now.