Many ponzi schemes have sprung up and shut down in the last couple of months, and here comes Peoplesfund with loads of promises.
Its proponents claim it is a community mutual aid platform built for people in Nigeria and other neighbouring countries who are willing and ready to eradicate poverty from their life through a love offering donation to aid each other’s dreams come true, in pursuit of financial freedom.
Recalled that amounts have been invested and lost in several ponzi schemes in the past months.
The promoters say it is not a Bank, Investment Company, HYIP, MLM program or Get rich quick scheme but a community where people help each other. Like MMM?
Peoplesfund is a technical platform that is here to help millions of participants in Nigeria and other African countries to connect those who NEED help to those who are ready to PROVIDE help, for FREE. All transferred funds to another participant are your help given by your own good will to another one, absolutely gratis. We welcome you to PEOPLESFUND. According to the information available on the site.
They say it is a community where people trust one another. Again, these are the kind of enticing words ponzi scheme promoters use in bringing people to their platforms.
As rewarding as Ponzi schemes look, it is more complicated as the sustainability of the platform over a period of time is usually an issue. Old members who have invested wait on newbies to donate to get their return.
Authorities have warned against investing in schemes without a specific business model, but it seems all these have fallen on deaf ears as the proliferation of ponzi sites via different medium cannot be overemphasized. Hence, once it is discovered that the platform is running short of members, the rate at which investors put in money reduces which eventually leads to its crash.