MMM Nigeria: A Threat to Banks & Financial Institutions

MMM Nigeria

I can’t ascertain the number of times someone has told me about MMM and the number of publications I have seen online, initially I thought it was another multi-level marketing strategy not until when I took out time to really find out what it’s all about. One of my colleagues is a very good advocate and evangelist of MMM, he purposefully created time to lecture me on what MMM is and what it is not after I showed him some report I saw online where MMM was christened SCAM and a PONZI or PYRAMID scheme. There have been a lot of buzz about MMM since it started in Nigeria quite a number of people see it as an income generating opportunity with little or no risk.


Nigerians sees MMM as an income generating opportunity, where all they have to do is invest an X amount of money (Pay someone that needs the money (help))and at the end of the month they get 30% “interest” with additional $50 for the first investment, which no bank or financial institution in Nigeria would do. Though there are so many risks associated with this scheme but many still see it as minimal and bearable.

What Is MMM Nigeria?

Some call it multi-level marketing or network marketing but MMM is a global mutual aid community, more like a social financial donation exchange network. It is a million and million community of people who have agreed to willingly extend financial helping hands to each other via donation. The good thing about MMM and what makes it different from some other PONZI scheme is that it does not have a central account, neither is it a bank, nor an investment opportunity or a business but it is simply a community of people helping each other financially. MMM has no central pocket where money is been deposited.Transactions are done peer to peer

The question i have been pondering on personally is, since it’s not an investment opportunity neither is money contributed used for investment purpose………

Where does the 30% come from?

There is no interest rate in MMM. In MMM after you donated money, you can be rewarded with mavro. Mavro is an index of your tribute to the development of the Community. This index grows 30% a month. It is just a technical issue. Programmers can adjust this growth rate of mavro at any moment. The amount of mavro and its growth rate can be decreased, increased, stopped, canceled. The amount of mavro and its growth rate can be adjusted at any moment to balance PH (Providing Help) and GH (Getting Help).

That’s why MMM can’t collapse due to weak inflow of donations. If the inflow of donations will decrease, the amount of mavro will be adjusted, but the main important that the process of donation exchange will not stop. It makes MMM stronger than the financial organizations. Financial organizations have obligations, if they do not meet them, they will go bankrupt. MMM is very flexible. Together we change the world.

How is MMM a Challenge to Banks and Financial Institutions?

Banks and financial institutions see MMM as a threat because people now see more opportunities in MMM than keeping their money in banks where at the end of the month you get little or no interest rather you will be charged for having your money saved in the bank. Erstwhile, i have come to the realization that the account balance banks send to us is only a figure, just similar to MMM where you provide help to someone and another gets help from you, i was at a bank in Ekiti some years back and we were told there was no money for those who wanted to withdraw but if we can wait if there are people who want to deposit they can pay us with their money……….. Banks need our money to continue in business so also MMM needs a community of people to continue to provide help for themselves for the scheme to thrive.

MMM is still very new in Nigeria and is at a LOW RISK level. Several people have made a fortune from investing in MMM and i feel that you can do same if you join within the next nine months because from analysis, MMM is an opportunity that has SHORT TERM VIABILITY. This means that if you join MMM after the first 3 years in Nigeria, you would most likely have a HIGH RISK opportunity on your hands.

I am not an MMM advocate, i only want to implore those who are trying to sabotage the scheme to desist. Let it crash first before you make issues about it and let the people by themselves say they are tired.



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1 comment

  1. Sopuruchi

    Please can I get a project in this topic, sir?