MMM Zimbabwe made a lot of people rich but eventually made a lot more poor, typical of any pyramid/ponzi scheme that has come into existence.
Yes, the whole concept was to use “spare money” and this is probably the gospel your guiders preached throughout your participation but the truth is many participants succumb to the lure and excitement of earning “free money” at 30% interest just because you helped someone and at some point you would need help too.
In Zimbabwe, as we later realised, a lot of the guiders made a fair bit of money, with many of them converting their “mavros” the MMM digital currency into BitCoin and bought cars from Japan and continue to enjoy their money safely stored in BitCoin wallets, which is probably why a few weeks ago BitCoin in Nigeria was trading at an all-time high, they knew this was coming, and they cashed out before you could.
In Zimbabwe the first signs of MMM Zimbabwe coming to a halt when the Reserve Bank effectively distanced itself from any activity outside of its regulatory scope, they were powerless to either stop MMM Zimbabwe or help those who could potentially be affected by its subsequent demise.
This made a lot of MMM Zimbabwe participants wonder what exactly was going on to have the whole Reserve Bank come out and say they have nothing to do with MMM, confidence still remained but eyebrows started to get raised.
The smart participants caught wind of possible system crash and initiated a wave of withdrawals (GH) which led to another public blow for MMM Zimbabwe, the mobile payment system they had adopted as their primary means of transferring money to each other also distanced itself from MMM, citing it had nothing to do with any illegal activities that may or may not be happening on their platform. Again, confidence remained, but more eyebrows were raised.
Then MMM East Africa, MMM Zimbabwe’s parent organisation, froze all participants accounts and promised to have them reopened in a month after the Mavros system was replenished. The freezing allowed people to PH (deposit) but would not let anyone GH (withdraw) and this left a lot of people confused, the end of the fairytale ride was truly coming.
After the accounts were frozen, MMM was hit with increased public pressure which finally resulted in it reopening accounts, BUT, there was a catch, the Mavros had lost 80% of their value and were now trading at 1 USD = 5 Mavro, yet before it was trading at 1 USD = 1 Mavro,
We suspected that the change in the exchange rate was meant to prevent people from withdrawing as they could face massive losses of up to 80%. But on the other hand, the change in the exchange rate could have been placed to lure in new members after MMM promising that the exchange rate will stabilise back to 1-to-1 news existing members did not take well as new members would be offered free money while the old member are stuck in the system due to their accounts losing 80% of its value.
It was a take it or leave it stand-off between MMM Zimbabwe and its members, but that wasn’t the end of it, MMM then released another bombshell by granting participants access to just 1% value of their accounts, this is after the 80% reduction in value.
This meant 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.
This was effectively the final blow and end of MMM Zimbabwe, very few participants got out with anything but the few that did are quite happy with all the hard work they put into getting new members and “guiding” them through the system earning bonuses and high-interest rates.
We were able to catch wind of some official communication which placed the affected MMM Zimbabwe Members at 66,000 and had MMM moving $3 million USD at its peak, a paltry figure if you compare Zimbabwe’s population to Nigeria’s which some media outlets are placing at a million victims.
Will you ever got your money back? Well its really up to you as participants but from MMM Zimbabwe experience the system is effectively shut down.
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25 comments
Its the same Ponzi/Pyramid scheme run by Western Oil companies to Nigerian popupation. They make a few rich and pay them handsomely to keep them in power at the expense of majority.
Do you ever wonder why Nigeria import its own refined oil, with no refineries in Nigeria?
Same Ponzi/Pyramid scam played against African population against its resources rich continent. Ever wonder why Africa imports all its products from other continents, even from our all weather friends?
Ever wonder why politicians can stash away loads of money in Western world banks even when they are pretending to be their enemies and western governments allowing it
Yeah, I know why.I’m Nigerian and I know better than you why. Nothing to do with any Westerner. Everything to do with corrupt Nigerian bastards and thieves with no conscience. No one can match Nigerians for corruption and kleptomania. No one.
50 years after independence, it is just foolishness to keep blaming the West for Africa’s ills.
its because l work with oil companies and l know what happens in Port Harcourt, inside information not your hot air fuming, l doubt if you are even Nigerian, just a Zimbo trying to smart
Macd Chip, I guess you are right. The same old colonial tactics that they still use on us. I think it’s high time we look inward to develop Africa. It’s high time we stop the so call west from intruding in our domestic affairs. The challenge is we have to start challenging our rulers openly but in a positive way. This we can achieve by electing selfless public office holders and again this is the most difficult challenge in Africa as sycophancy is the order of the game in Africa. We worship these fools so much that we lose our integrity, we forget who we are.
Funny how when you try to tell people that these are ponzi schemes they tell you the same stories the common ones being :”You are jealousy and do not want to see black people prosper.”
“We are making money and this is designed for the poor”.
In most cases these people are so loud and vocal on social media and when the system crashes they all of a sudden go silent.
At the end of it all its the poor and the greedy who suffer more.People need to understand this and its a basic principle of money “Money does not grow on trees”.This has been said over and over and yet we fall for the same tricks.
Shame
I am the victim of this MMM.ofcourse i was really shocked the time i heard about suspending of getting help to january middle.according to me mmm has gone already it will never come back,the reason why i said that is,if they said they will be back,at that time the number of people are in need of help will higher the number of people to provide help.and new participants will not pour thier money again.
Gud point @Abdullahi Mohammed Saad
It’s so sad that Nigerians don’t want to believe mmm has crash already,they is No way people can withdrew their money without people putting in money, and they’re no way mmm can recruite new member that can clear off those pending withdrawal.
Apparently it’s has crash,definitely some must lose and in this case is only the guilders that gain. Am also a victim.
The truth is its greed that has push to this corner,the hand writing was clear that GH(withdrawal) was more than pH( BT the Oliver Twist in us won’t make us since that.
Time shall tell. I knew MMM will fail.Let Nigerians learn from this.
How do they fixed Zimbabwe mmm back or the solution to mmm Zimbabwe
Imagin how a guider can can be paid in millions from what we call mutual aid,that revolve round us.
Our case is different. Mmm must come back cos Nigerians need it 4 survival.
U ARE RITE!
Mmm
MMM cannot operate forever. No false foundation stands the test of time. Those who are involved in this have questionable ambition
How were you surviving before mmm came? You better find something to do and not depend on a ponzi scheme for survival.
Well well well.. okay I’m also a victim of mmm Nigeria pls I really want to be clear about this whole stuff… will the January indeed real and make people happy…
Yes but there will be new rules i don’t think everyone will be allowed to gh at once it will be batch by batch thanks
This is bad ooo. I am a serious victim,after loosing my job in zenith bank and the 2m I was able to raise I put it in mmm. Now I see why people commit suicide after issues like this. Omg. Am dead. See what greed has done to me
Sorry
Be strong ? bro. God cannot give you a test that he doesn’t trust you to survive. Remember that after the civil war, many lost their lifetime savings. But they had to brace up and continue to survive. Dear bro Ico,believe me that you’re stronger than you ever thought you were. Henceforth occupy your mind with recovery schemes. You once made N2m, you will make a double of it again.
Be strong ? bro. God cannot give you a test that he doesn’t trust you to survive. Remember that after the civil war, many lost their lifetime savings. But they had to brace up and continue to survive. Dear bro Ico,believe me that you’re stronger than you ever thought you were. Henceforth occupy your mind with recovery schemes. You once made N2m, you will make a double of it again
Don’t worry God will do it
sorry o
Every body with his or her opinion