MMM Zimbabwe Froze Withdrawals, Old Members Lost 80% Of Funds

MMM Zimbabwe Froze Withdrawals, Old Members Lost 80% Of Funds

Less than three weeks after Zimbabwe’s National Reserve bank warned citizens to stay away from MMM, the scheme might be showing signs of imminent collapse. MMM Zimbabwe had in some few weeks ago stopped all withdrawals and allowed deposits.

As reported by BehindMLM. In an effort to stave off an inevitable collapse, MMM Global’s Zimbabwe chapter froze investor withdrawals. Deposits were still permitted, with the intention being to collect money without withdrawals draining the system and unfreeze existing accounts on September 15th.

That plan has now been cancelled, with MMM Global Zimbabwe prematurely unfreezing investor withdrawals.

But unknowing to MMM members, the scheme is ripping them off. Here is the catch as reported by BehindMLM:

While affiliates deposit real funds into MMM Global, the company itself pays out Ponzi points called “Mavros”. Mavros must be exchanged for real money, subject to availability of new investment deposits being made.

MMM Eastern Africa, who run the MMM Global Zimbabwean chapter, have reduced the Mavro exchange rate from 1 Mavro to $1 to 5 Mavros to $1.

This is effectively an 80% reduction in the dollar value of existing invested funds and the Ponzi ROI attached to them.

For example, whereas previously an MMM Eastern Africa affiliate who invested $1 was promised $2 within 30 days, now they’ll receive just 20 cents.

Affiliates who had been hoarding Mavros in their back office will now only be able to claim 20% of what they were previously able to request in withdrawals.

This change has likely been implemented due to a lack of new withdrawals, leaving MMM Eastern Africa unable to meet it’s 100% ROI obligations come September 15th.

By reducing withdrawal rates by 80%, it now takes longer for an affiliate to “break even”. But after five months the problem of paying affiliates more than has been invested,  known as a “Ponzi liability”, persists.

This will inevitably still bring about a collapse. MMM Eastern Africa have just put it off a bit.

Some existing members are crying foul calling this drastic measure unethical as new members are being offered free money while they are stuck in the system due to their accounts losing 80% of its value.

That’s of course assuming affiliates don’t riot, stop promoting the scheme altogether and demand their money back.

MMM members in Zimbabwe have already started counting their losses. Mr Tinashe Muza of Harare told iharare.co.zw that “All along things were moving in the right direction and we now have nowhere to claim our investments.”

“When we started putting our funds in the scheme one could get assistance within seven days but things later changed to 14 days and when we were shut out the waiting period was 21 days. What it simply means is that the number of people in need of help has outnumbered the number of people joining. Right now we have nowhere to get our money which we invested.”

Another victim, Mrs Rosemary Mawonde said: “We never thought the scheme would end this way as we believed that by using EcoCash to do the transactions, things were in order. I am surprised that EcoCash is also distancing itself from the scheme and it is clear that I will never recover the USD300 that I invested.”

EcoCash, the mobile money operator that allowed its service to be used by MMM members for their transactions has distanced itself from the matter saying:

“We advise our valued customers and all stakeholders that Ecocash is a licensed mobile payment platform that enables customers to make financial transactions such as sending money, buying prepaid airtime as well as paying for goods and services within the confines of the law of Zimbabwe. EcoCash promotes safe and legal transactions but will not be held liable for any losses arising from the use of EcoCash to engage in illegal activities such as Ponzi schemes.”

Last week, Nigeria’s Securities and Exchange Commission SEC had warned all Nigerians to stay away from MMM. According to estimates, there over 509,021 Nigerians who are members of the Ponzi Scheme as at the time of writing this report.

No one knows when the scheme will start collapsing just like MMM Zimbabwe. However, in May, MMM South Africa had collapse with countless citizens losing millions in invested funds.

  • This is bad because a lot of Nigerians are already into this Mmm business

  • Kepstone

    Nonsense…… U have written, MMM NIGERIA is still waxing strong from 500,000 now 600,000. Y do people hate good stuff DT will change lives. Nonsense I am full blown MMM NIGERIA.

    • binary007

      reread your post and see how foolish you sound. It is December currently and mmm Nigeria has crashed…. as foolish as you are, you were warned 2months before hand, you turned deaf ears

  • MMM Nigeria

    MMM bad belle people e no go work, MMM will have its hard times and survive.

  • Fortee

    No problem will carefull. The Nigeria economy is in a mess now. We need alternative source of income & MMM is the answer. Before it will collapse in Nigeria, I would have collected enough, but for now, please leave me alone.

  • Am a Nigeria and MMM have helped alot it is here, and we pray MMM doesn’t collapse.

  • walex

    mmm is not an investment.You guys need to get this.It is a donation platform where people help one another with their spare money and it is boldly written on the site that there is no guarantee.We are mmm members and we understand the power of giving and that is what we are working with and we are happy cos lives are being CHANGED on a daily basis.MMM nigeria is diffferent from any mmm platform and we are waxing strong on a daily basis and the testimony keep pouring in.We understand our ideology and we are working with it.

  • from what you have stated it is very clear that ur zimbabwe mmm is different from nigeria mmm.

  • tony

    why r you concern with wat people do with there hard earned resources. how much do you contribute to there existances. mind you business and allow individuals to do as it pleases them. all the taxes collected what do government do with it. all the shares we bought how far with NSE. what is your problem if I loose my money. why don’t you think of your problem and leave mine for me.

  • OmazCourt

    This is sheer nonsense.whatever has a beginning sure has an end. So? Zimbabwe is not to compare to Nigeria in any way. In Nigeria, the number of people giving help outnumbers the number of people getting help so u guys should fuck off!!!

  • Boyombo

    Get ur info well. Mmm has coninued again in south africa. It was blackmailed that was why it stoped. Sec and CBN should face issues that are affecting the country not the one that takes nothing from them. The system is still ok in nigeria so lets enjoy it

  • Uche

    In MMM-NIGERIA it’s different. There’s no central account where participants pay money, rather money goes from one participant directly to another participant’s bank account. Once u request to Provide-Help (PH). U’re match with someone who has already Provided Help (PH) and is now Requesting to Get-Help (GH). Account details and phone number will be provided. There’ll be time limit. The person to PH has 48hrs to pay, & the person will confirm payment otherwise the system will block the person and re-match with another person will pay u. Then once it’s upto 30day u PH, U’ll be qualified to GH, the system will also match u with another person who will into ur account directly. It goes on like that. Some other countries have a weak where participants pay into a central like MMM-ZIMBABWE and others. That’s why they failed. It’s different in Nigeria. They learned from mistakes other countries made and improve on it to develop a very strong that unlikely to collapse in the near future. Nobody paid money to MMM-NIGERIA, so there’s no way they going to run away with money that’s in their pocket in the first place.
    This is not a Get-Rich-Quick Scheme as people term it. It’s an investment for crying out loud. Money is invested. There’s a period of waiting for mavro to grow(30days). It like loan. U give loan to someone in 30day ur loan is paid with 30% interest. Banks do it. MMM-NIGERIA is simply a platform where people help each other. A mutual fund donation community.

  • dray

    Fool…

  • Rita

    This happening to Zimbabwe about mmm has it gotten to Nigeria?

  • Killz

    Ogbeni, where is your source? If you can’t provide it, then you are the biggest fool of the century.

    What’s with the propaganda? Is it cos you want some traffic to your site or because you are sponsored by some other fools like you?

    Is it even your money? So why the spread of false rumour and creation of panic.

    Until you provide me the source, you remain a fool to me!!!

  • Mark Nnaji

    But mmm has no bank account it’s not a fraud, if the plan will eventually fall let it fall on my head

  • Jerome

    Oga all these lies about mmm you guys should leaves us now or did we tell you dat we did not know it is a risk. Guys mmm is for real and together we can change the world

  • Godfrey U

    Please, read this trash but don’t share. MMM global (aka help givers) is different from what we have here. MMM Nigeria had already warned about that site that seeks to copy our system. In Nigeria, the worse a govt becomes the more hardened we become. The more they try to divide us the more united we become. Let’s keep our system stronger.

  • Eliword

    This world is truly a bad place, and the world has managed to teach us that anything so good is after us. I think that is why I see all these baseless posts about this UNSTOPPABLE ENGINE that is transforming thousands of lives on daily basis. MMM is by far more transparent than the human nature, it is more transparent than anything structure we have seen before, and in our bad nature we just find it hard to believe the reality of this. Since when do we believe the media? Since when is the government so interested in how we spend our money? Has it not occurred to anyone that MMM is stopping them from enjoying what they have been enjoying in our ignorance? True intelligence I believe is that I can listen to something and know when something TRUEL/FALSE is coming my way. Why can’t anyone take his time to study about the world MMM is trying to build before publishing any publication to scare people from MMM? I have on a personal note found MMM to be the best and I can only hope that some years, not far from now we can have every Nigerian finally living as they Truly deserve. Long Live this Great Movement! I am proud to be a part of it.

  • glaxo

    Infact I joined bcos is a scam… I will have curse myself for life if I did not join.. to hell with all of this.. in this country where workers will work and no salary @d end… #longliveMMM

  • Joel Nosa

    MMM members understand what u guys on the outside don’t. The banks are crying now cos people no longer come to them for money. So federal govt and SEC want to cause a stampede and panic withdrawal, so that MMM Nigeria will crash. They fail, long live MMM Nigeria!

  • michael

    Why is SEC coming out to save Nigerians now….
    This is purely the wickedness of the rich and govt which MMM is out to eradicate is playing out already. Why can someone take panadol for another man’s headache.
    SEC led Nigerians to the worst scam of this generation through the Nigerian overated stock market and alot of Nigerians are suffering today including mua and many died of the shock. what have they done ??? Savanah bank, Society Generale, People’s bank and others collapsed with people’s money what did SEC do ??? A lot of companies and govt estblishment don’t pay salaries again,what did SEC do ??? Millions of Nigerians are on the street no job, what did SEC do ??? Nigerian pensioners are dying daily, what has SEC done ???
    Why is SEC now concerned about a community of people willing to help each other.
    Kindly inform SEC that they got everything about MMM wrong because
    MMM is not MLM
    MMM is not a business
    MMM is not investment
    MMM is not a HYIP
    SEC should put their effort in reviving our capital market they collectively destroyed. The participants of MMM know and are warned to use their spare money, so no need for SEC warning rather SEC should warn Nigerians not to buy shares and be careful of how they deposit money in banks because the way our economy is going even CBN is not safe.

  • Akinov

    It is the Unfriendly and incompetent Government institution that often try to create panic among members and participants of MMM that causes problems in the system only to turn around and say I TOLD YOU SO , that MMM is a scam or ponzi scheme. MMM will never have any problems if these Useless government that are causing hardship for the citizens stay off our backs and let us do whatever we want with our spare cash , MMM is not a scam . stop trying to create panic . MMM is survive in South Africa and Zimbabwe. right now in Nigeria it only takes a few seconds to get help . MMM is good!

  • Akinov

    LEGALITY

    MMM is a people community, which help each other for free, and absolutely consciously, they transfer money directly to each other, from one bank account to another, without any conditions, guarantees and promises. Just only because they want to do that. Because it is a good deal to help each other.
    It means the Mutual benefit fund as it is.

    There is no formal organization, no legal person in MMM. And of course there is no central bank account, no other activity in any form. Neither close, nor open. There is nothing! There are only millions and millions of simple participants, simple private persons. And their bank accounts. And nothing more.

    And of course there is no special registrations, permission and licenses in here.
    (Permissions and licenses for what and for what reason? For money transfer from one man to another? And whom this licenses and permissions should be given? :-))

    Thus, MMM is absolutely legal and does not break any laws. Because there are only money transfers between private persons and nothing more.
    It is impossible to forbid MMM. The same way it is impossible to forbid people manage their own money the way they like. Thus they need to forbid the whole private property institution.

    So everything is absolutely clear with the lawfulness. There are no violations and they won’t be! Let’s now talk about the other. About honesty. It is important to underline, that MMM doesn’t cheat or abuse anyone. In other words it is not a cheat or fraud in any case! Everyone is informed about the possible and impossible risks fully and from the very beginning (And everyone put a mark during the registration, confirming that he was informed about the warning.)

    MMM itself is more honest (in 100 times!) than any other bank, or any financial institution with their licenses or permissions. Because they all lie to you, hold or keep back something and so on. And only MMM doesn’t keep back you in silence, doesn’t hide anything and tell everything honestly and openly. “Yes, You take a great risk!… Yes, no guarantees!… Yes, You may loose everything at any moment!…” – Did You hear the same before anywhere? Only in MMM.
    Honesty, honesty and again honesty! This is the main principle. Honesty, openness and trust. This are the three whales on which the System stands. Have ever seen before the situation, when absolutely unacquainted people transfer money to each other with no reason? Giving them like a gift actually? Millions and millions of people all over the world, every day? Delirium? Fiction? Utopia? No, it is MMM!

    Participate! Welcome to the System! Long Live MMM!

  • qado

    i have never seen a people so spirited as Nigerians.
    mmm zimbabwe has a different structure from ours and that is why they are trying to remodel for sustainability sake.
    i am glad Nigerians understand this fact, and are speaking with one voice… LEAVE US ALONE. IF U SAY IT’S SCAM, WE LIKE THIS KIND OF SCAM. Long live mmm-nigeria

  • qado

    from your post,
    1. mmm in zimbabwe has a central account, here we pay directly to other participant’s accounts which is obviously safer.
    2. They pay 100% interest, we pay 30% which is easier to manage.
    3. They GH within a week, while we GH from 15 days upwards, depending on when you are matched to PH. Which reduces the traffic of GH by 50%, thereby reducing the GH load on the system to a very managable rate.
    Therefore, MMM-NIGERIA has a better model than the East Africans. So, i don’t see why i should panic over this post which intent is obviously to create PANIC in MMM-NIGERIA. MMM FOR LIFE MY FELLOW MAVRODIANS!

  • qado

    from your post, one could easily see that:
    1. mmm in zimbabwe has a central account, here we pay directly to other participant’s accounts which is obviously safer.
    2. They pay 100% interest, we pay 30% which is easier to manage.
    3. They GH within a week, while we GH from 15 days upwards, depending on when you are matched to PH. Which reduces the traffic of GH by 50%, thereby reducing the GH load on the system to a very managable rate.
    Therefore, MMM-NIGERIA has a better model than the East Africans. So, i don’t see why i should panic over this post which intent is obviously to create PANIC in MMM-NIGERIA. MMM FOR LIFE MY FELLOW MAVRODIANS!

  • nick

    this is just one strategy by which government and the so called rich in the society use to discourage the scheme. MMM is a reliable system and should not be called a scarm. if only the members are faithful to the ideology of mmm, then we do not have to fear a collapse. MMM is truly changing the world financially. let’s make it work and shame the rich greedy few in this world.

  • Chris

    MMM is the solution to world unjust financial system, and we in Nigeria are enjoying it. So government should leave us alone.

  • MMM steven

    MMMNigeria if like make e be scam if e like make e be fraud any name dem bad belle fit call , if like make dem carry my moni go, MMMNigeria better pass the fraudulent scheme were our country DE carry us do, if MMMNigeria like make e crash today it has helped so many people’s life than any intending fraudulent act professed by bad belle people , MMMNigeria! the day u crash that day I will still provide help. Long live MMMNigeria Long live Mavrodi Sergei !!! Yeye bad belle people.

  • MMM Zimbabwe did not crashe. MMM Zimbabwe offers 100% mavro growth in 30days. This was implemented to attract participants due to the economic hardship in the country.

    I will do my best to explain wot really happened in MMM Zimbabwe in order to calm panics in d mind of misinformed MMM participants. See what happens to MMM Zimbabwe here

  • Jacobs

    Fellow Mavrodians, can you see the country we are in; the type of government we have. The rich and the Banks do not want people to be liberated (to be financially free). They are agitated by the kind of awareness MMM is having and that MMM is spreading like wild fire in Nigeria. MMM is not MLM. MLM executives do a lot to convince buyers to purchase products they do not need; they compel new members to join just for the pyramid scheme of the income. They are given high target to meet per month. Nobody is give any target in MMM, but we are advised that for sustainability, you have to continue giving help and getting help; and bring new members – that is the only way MMM Nigeria can survive.

    Guys, MMM is a good thing that has happened to Nigeria. I made my initial capital within 2 months and I am still firing down. They will not succeed, MMM Nigeria has come to stay.

    My advice to fellow participants is that we should ask for our help at the maturity period of 30 days to avoid what happened in Zimbabwe – most participants were greedy and left their Mavro to be growing for more than 30 days, this was not palatable for the system. Money coming into the system was less than money needed in the system. Thus the hick-up.

    Together we change the world – Long live MMM Nigeria.

  • Kenley

    I am already a risk taker and I know it. Critics and panic causatives should please lie-low or else, I will personally permit them to go ahead campaigning for Sir Sagei Mavrodi, “the unbeatable president of Nigeria come 2019. longliveMMMNigeria!. Together we change the world!!.