Major Reasons Why MMM is Still Flourishing In Nigeria Amidst Negative Publicity

MMM Is most of know is a mutual fund raising initiative where members raise funds for other members by providing help and get 30percent of the Money back exactly 30 days when they get help in return.

MMM Global which has been labelled a ponzi scheme is flourishing in Nigeria. This despite China and South Africa banning it and warning their citizens against it.

In January the bank accounts of an investor in MMM Global in South Africa were frozen for violating the Consumers' Protection Act.

Olumide who claims to be a 100+ guider and consultant for MMM Nigeria said that the negative publications about MMM is a conspiracy of some individuals who do not want others to prosper.

He said that it is normal for any viable and reliable venture to encounter resistance. An ex-banker with United Bank for Africa, Onyeka Ukasoanya, said that he thinks it all boils down to greed and illiteracy.

.A lecturer at Baze University Abuja, Zainab Oiza Adeiza, expressed her personal skepticism towards such schemes, but acknowledged the fact that Nigerians have a tendency for going crazy over them.

Adeiza says that with the economic situation rapidly going from bad to worse, any option that has the potential to provide an extra source of income is a very welcome idea to most Nigerians. She warned that with such products the actual money is earned by the early subscribers.

The latter participants at some point begin to live on hope until the entire system either fizzles away or crashes.