Zimbabwe and regional technology news and updates



Nyaradzo logo

US$30 million lost to Ponzi schemes this year, here’s how you can spot these scammers

Tough times are indeed a rich ground for scammers… Reportedly 10,000 Zimbabweans lost an estimated US$30 million to Ponzi Schemes this year. “At least 10,000 complainants reportedly lost over US$30 million between them. We have handled some 892 such cases involving thousands of complainants. The scammers quickly disappear after swindling the unsuspecting investors. Millions of […]

Enough with the crypto scams already, help prevent them

Another day, another “Zimbabweans lose millions of USD in a Ponzi scheme” headline. This time the relatively new cryptocurrency scam struck to the tune of over USD$5 million. What happened this time? Martin Mhlanga (the schemer) is sitting pretty somewhere after promising his victims fantastic returns on their investments and then failing to deliver. Mhlanga […]

RBZ & ZRP step in to stop the spread of Pyramid and Ponzi schemes

It seems as though the authorities have now taken aim at the number of Pyramid and Ponzi schemes in Zimbabwe. The Reserve Bank of Zimbabwe (RBZ) and the Zimbabwe Republic Police (ZRP) are now rooting out these operations. We have reported on these organisations before and how they have spread in these very difficult times. […]

Video: Watch out for these scams

A number of online scams alleging that they can make you money quickly are sprouting up everywhere. In this video we try and spot the common traits of these scams in the hope that people will not lose their hard earned money to these schemes. Quick NetOne, Econet, And Telecel Airtime Recharge Number to recharge: […]

Beware of the get-rich-quick schemes making the rounds

A couple of weeks ago we published an article that outlined the identifying features of pyramid and ponzi schemes. Their spread has unfortunately continued and it is very concerning. Many of you may have seen a number of get-rich-quick schemes being forwarded on WhatsApp or being advertised on social media. Some of them are even […]

“Beware Of Scammers,” EcoCash Warns Users

EcoCash has warned users of fraudulent scammers exploiting investment schemes. We’ve all heard that if something is too good to be true, it probably is. Unfortunately, people still fall for schemes that promise quick and huge returns. The warning from EcoCash reads: Fraudulent Investment Schemes Beware of FAKE investment schemes operating in the market. Some […]

MMM’s Investment Scheme Might Be Making A Comeback: Be Very Careful

Earlier this year, MMM Zimbabwe’s Ponzi scheme was laid to rest along with its founder. It seems mavro-BTC which was taking advantage of the Bitcoin craze last year and earlier this year had all but lost steam. The normal MMM which doesn’t rely on Bitcoin us back though and there have been some rumours. When […]

MMM was still alive in Zim; Some were earning as high as $500p/m, But It’s All Coming To An End…

After the recent death of MMM founder, it seems the guys – MMM that is – are finally closing up shop. Mavrodi Mondial Moneybox was a world famous online Ponzi scheme that took Zimbabwe by storm in 2016. MMM had a Bitcoin-based Ponzi scheme MMM simply refused to die (seriously, no pun intended) and in 2017 […]

Bill Gates Kind Of Changes His Mind On ‘Bitcoin.’ Of Course He’s Right And Wrong At The Same Time

A lot of people who have been pushing for the adoption of cryptocurrencies including sheer scammers who want to convince unsuspecting people to join their ponzi schemes have often quoted Bill Gates as having expressed belief in cryptocurrencies Of course when the second richest man in the world (yes, he was recently surpassed by Amazon’s […]

Charcoal Irons, Zvihuta, Other Zimbabwe Zhets And Bitcoin. The Zimbabwean Context To Bitcoin

Sometimes I recall dates according to what zhet (hustle) was ‘the in zhet in Zimbabwe at that time.’ You remember ngoda (diamond rush), burning and the associated BACCOSSI, charcoal irons, zvihuta (quail birds), MMM..? Is bitcoin the same as these passing fads (some of them were nothing but scams really)? My answer to that is […]

MMM reacts to public scrutiny, re-opens accounts, existing members lose 80% of their money

MMM Nigeria this is how MMM Zimbabwe crashed, very similar to what is happening to you now Earlier today, MMM East Africa, MMM Global Zimbabwe‘s parent organization, released a public statement on its website. The statement gave notice to all members of the immediate suspension of its account freezing process, 9 days earlier than initially […]

Econet not one with MMM, says Econet. They just benefit from it.

Econet, Zimbabwe’s largest telecoms provider has distanced itself from the recently collapsed MMM ponzi scheme. In an advert published today, the company distanced itself from the scheme, saying they wouldn’t be responsible for any losses, MMM subscribers have incurred. EcoCash has been the primary way for people to deposit into MMM. Not because MMM has any arrangement with […]

RBZ issues stern warning against participating in Ponzi/Pyramid schemes, points finger at MMM Global Zimbabwe for misleading the public!

The Reserve Bank of Zimbabwe issued a public statement yesterday, 25 August, warning the public against participating and investing in Ponzi and Pyramid schemes. According to the RBZ, Ponzi and Pyramid schemes tempt people into investing their money in lucrative investments and contribution systems with the promise of high returns. The RBZ further explains that a […]