For some months, MMM was the biggest thing in Nigeria, providing a quick way to make profits (without working) to millions of Nigerians. The enthusiasm among MMM participants was high, and some people continued to pump every naira note they could lay their hand on into the scheme.
Quite unexpectedly, on December 13, 2016, the facilitators of the whole MMM scheme dropped a bombshell that dashed the hopes of many participants and aspiring participants. The scheme was “frozen” for one month to “prevent it from crashing due to the anticipated December withdrawal rush”. And no one can say for sure whether the scheme would really return or not.
But I strongly doubt it if MMM would return. And if it does, it won’t last long this time around. Here’s the reason:
What keeps MMM going is the fact that more and more people join the scheme every day. But with the unexpected freezing in December 2016, many Nigerians have lost confidence in the scheme. So, if the scheme resumes at all, the number of new entrants will be too few to keep it alive. Yet, millions of people who have their money stuck in the system would want to withdraw at all cost. So, there’ll be massive withdrawal but little to funds generated from new entrants. And there’ll be no more funds to circulate in the system. And that would be the end.
All I’ve stated here is my opinion. I might be wrong, and you might think otherwise. Share your thoughts by leaving a comment.