With the same message of trying increase the financial capacity of its members, XNaira is another scam of peer to peer donation.
One of its claims is that its members will get 100% extra of their donation in 24 to 48 hours(maximum time).
‘Our ultimate goal is to see that people increase their financial capacity through donating money between themselves in this XNaira community’, the message on its website reads.
It is also evident that the scheme borrowed some ideas from its predecessors MMM, advising participant on what monies to donate into the system. One of the guideline is to not donate borrowed money or school fees or house rent or your last cash. Donate with only spare cash and if the money is not available in your account to pay instantly.
The is sure one of the tricks employed by the early starters to lure participants into the scheme. The domain for the site was registered just this year 2017 and there are no information on who owns and runs the scheme.
Some of the promoters of Xnaira visit many forum in search of newbies that can be encouraaged to join their train by pitching to visitors on the advantage of investing in the scheme.
Just recently, the Nigerian Securities and Exchange Commission, SEC exposed and declared Tine God Networks Limited as a Ponzi scam. SEC said Tine God Networks Limited claimed to be an Investment Company that engages in Business Development in Commercial sectors of the economy and also issues bonds to raise funds for its investment activities.
Xnaira is one of those time bombs that will soon explode and collapse.