Is MMM a Scam or is it Legit?
Did anyone try talking you into MMM? I won’t be surprised though. It is a very popular business that has been causing a lot of traffic on social media.
I will like to bring to your knowledge that I am in no way a promoter, an affiliate or distributor of MMM. MMM was formally into the importation of office and computer equipment before they had issues with tax and the police.
I have taken my time to run a comprehensive research and I will be giving you details.
Is MMM an Opportunity?
Is MMM Legit?
What is MMM?
Going through the official website, MMM was founded in 1989 by Sergei Mavrodi, Vyacheslav Mavrodi and Olga Melnikova. The domain name was first registered in 1994 in Russia. MMM was also launched in Ghana in November 2016, Brazil in December 2015, Kenya in October 2016 etc. MMM was banned in China in January 2016, the Chinese government called it a pyramid scheme which was considered illegal in China.
MMM Nigeria was launched in November 2015; it was described as a mutual community where affiliates help each other with gifts (cash) with the intention of getting interested at the end of the month. On the site, it was clearly written that affiliates should only participate with spare money. In late 2016 the business had penetrated into the citizens of Nigeria with about 2.4 million people fully involved and billions of Naira invested into it. MMM Nigeria had a severe financial crisis during the December period in the year 2016. This was as a result of the festive period. Affiliates were all trying to pull out their money (Get Help) meanwhile a very little percentage of its members were investing (Provide Help). This was also assisted by the Nigerian Government agency that caused a mass panic through its campaign against MMM. In December 2016 there were reports of suicides in Nigeria due to the financial instability in MMM. The Lagos state Emergency Response Agency (LASEMA) had to send out distress numbers to curb the growth of suicide in the city. After the distress and financial problem encountered by MMM in December 2016, MMM came back to light toward ending of January 2017 with good promises and a slight change in its mode of operation. People were gradually beginning to invest again into the scheme until August 2017 when they had their second financial crisis which has not been resolved till date.
What are the products of MMM?
There are no products associated with MMM. Nothing is being sold, Affiliate membership is the only thing they have to offer to their incoming affiliates. When there is an incoming affiliate, the affiliate is given access to a web portal through which they can make investments depending on the amount they want to invest, though there is a minimum amount. Payments are being made by incoming affiliates to existing affiliate after which the payer calls the payee to confirm the transaction online.
There is a support team that takes care of challenges encountered during business transactions in MMM. There is also provision for guiders. Guiders are those trained to guide participants of MMM and in return, they get about 3% of their down-liners invested funds.
What are the Compensation Plans in MMM?
Compensation plan depends on what affiliates invest; affiliates could get an ROI as much as 30 percent of their invested capital when they invest with Naira. Affiliates can also invest with Bitcoin and stand a chance of getting 50 percent interest at the end of the month.
Affiliates can make an additional 10 percent via referral commissions, which is based on the fund invested by the incoming affiliate. In MMM affiliates have the right to request for payout after 30 days of investing. Funds gotten from referral bonuses can be withdrawn as soon as the Mavro turns green which is usually after the incoming affiliate has successfully invested.
It is possible that an affiliate earns money even after getting help. There is a provision for affiliates to earn money after advertising MMM on social media simply by making videos showing gratitude to MMM. Affiliates could get up to 10% of the invested amount after making such video. MMM also advise that affiliates keep providing help in other to continue the cycle.
What do you need to join MMM?
Joining MMM requires a minimum investment of about 1000 naira or 0.02 BTC.
Do you think that MMM is a scam?
Could MMM be Legit?
These are quite difficult questions to answer knowing fully well that you must have heard a lot of things from people. Am sure you must have met some successful people too with good stories but wait until you see my conclusion.
What is the truth about MMM?
I can’t actually call it a scam. Though you should know some certain things before you go into MMM.
I will say if you must join, you must be prepared by setting out a good strategy on how to market yourself. You should also use your spare money in because you might lose it. There is no guarantee
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My conclusion on MMM
Although MMM was quite generous enough to tell you to only use your spare money, however, what they won’t tell you is that once the system is saturated or when there is a decline in incoming members the system will collapse. Only the admins and guiders stand a good chance of benefiting tremendously from this without any significant loss. From my observation, there is no bailout fund from any insurance company or the owners; the only source of income in MMM is payments made by incoming affiliates. Newly invested funds are used to pay ROIs to old affiliates. We all know that this is the deal with Ponzi scheme.
This is just another dimension of Ponzi scheme although as it stands I will say it is one of the most popular Ponzi schemes in Nigeria.
My advice is that you skip this one if you really want to do something with your money. it has crashed before there is no guarantee that it won’t flop again.
I believe you got the answers to the questions you seek. We have also reviewed other schemes similar to MMM such as Bitcoinaire Club, 1000 BTC Ezy, BitQwik, Demixmine, etc. take note of these so you don’t fall prey to it.
If you can spare 15mins, this video review By Adeola is the best I have seen so far.