Marvodi Mondial Moneybox (MMM) is not losing steam even as participants in Nigeria are experiencing a bit of a crisis after operations were seized for the duration of the Christmas holidays.
Barely a week after suspending said operations in Nigeria and renewing efforts in MMM Kenya, MMM has started operations in Ghana. MMM Ghana was launched quietly last month and operates the exact model as other places with a promise to reach out to ordinary Ghanaians.
As is the common denominator in both Nigeria and Kenya, MMM Ghana is coming to the country at a time when the economy is faltering. Ghana’s President-elect had ridden to victory on the wings of a promise to do something about the economy and even after he won the elections, he made further promises to turn the economy around.
Nigeria had been in the midst of a recession when MMM had arrived promising help. It provided an answer to the high unemployment rates and difficult economic realities. The promised 30% profit was better and more attractive than offers from any financial institution in the country.
For this reason, Nigerians had mostly turned a deaf ear to warning from their government and the Central Bank to refrain from participation in the infamous Ponzi scheme. Before suspending its operations, MMM Nigeria had garnered more than 2.4 million Nigerian participants.
The scheme has also been operated in South Africa where it was forced to start over after a sudden collapse. The collapse was blamed on media “persecution” and even more recently in Nigeria, the top participants in the scheme continue to debunk all warnings by insisting that it is being scapegoated by the mass media for their own personal gain.
MMM Ghana will probably face all these same problems and employ all the same plays to get their crop of loyal followers in Ghana and as always the scheme will create or redistribute wealth in the beginning, but the case studies of Zimbabwe, South Africa and ‘tentatively’ Nigeria, all show that there is only heartbreak at the end.