Access Bank plc, one of the top financial institutions in the country warned customers against the popular Ponzi Scheme MMM which now has over 1.6 million participants and has become the most visited website.
With several warnings from CBN, financial experts, social media platforms, security agencies etc MMM participants refused to back off this pyramid networking scheme.
Access bank said it has come to its notice “that some customers are engaged in the ponzi scheme called MMM”through an emailed statement .
The bank gave a note of warning to it’s customers saying “please be advised that this scheme is not in line with any applicable or known investment product and may ultimately lead to loss of funds in the long run “.
Access Bank also encouraged it’s customers to invest wisely , “we advise that customers avail themselves of genuine and approved investments and products in the Nigerian banking environment.”
Since MMM was flagged by the Securities and Exchange Commission, SEC, there has been no disclaimer from any of the banks in Nigeria. In South Africa, many MMM people linked to the scheme had their accounts frozen after authorities declared the scheme to be a Ponzi Scheme.
You can go ahead and read several articles already written by PageOne startup desk on MMM and it’s risk.