SmartCashPlus is an online peer to peer donation platform that promises to double participant’s investment.
According to the promoters of the ponzi scheme after offering to donate to a fellow participant, the system automatically pairs you with a fellow member to give to and expect to receive Double your donation.
‘For giving to a SmartCashPlus member, your account gets activated which makes you eligible to receive a double of what you gave. You will then be paired with two members to receive from each the amount you gave.’
This is usual promise and the main reason why many Nigerians have adopted ponzi schemes as the way forward to making more money and alleviate poverty. ‘This is your best oppurtunity to give and receive double in return within the shortest time ever, join us and go tell your friends about us.’
From the little information available on its site, it is not spelts out what business is run in SmartCashPlus, hence it is clear that it is a ponzi scheme which will sooner or later fizzle out just as its predecessors.
Nigerians have been warned by the Central Bank (CBN) not to invest in unauthorized institution institution that is not insured by the Nigeria Deposit Insurance Corporation (NDIC).
For the religious, the holy book advises to flee away from all appearance of evil, but it appears that many Nigerians are still falling for the soothing words and enticing display of cash. You will also be shocked that this is encouraged in some worship places.
Wondering why these guys thrive? They basically promote funny interest rates that commercial banks cannot offer, and by so doing, many are attracted who later encourage their friends.
Just like other pyramid schemes, MMM failed, SmartCashPlus will also leave its members with nothing and hatred from friends they introduced. End of story.