Days after it returned to Nigeria, Ponzi scheme, Mavrodi Mondial Movement (MMM) is announcing plans to introduce up to 40 percent interest rate for its members.
The new strategy allegedly aimed at attracting new members and winning the confidence of the already angry participants, many of whom are said to be considering dumping the scheme.
The MMM scheme is believed to be planning a 40 percent interest rate for participants
Before it closed its operations in Nigeria, its interest rate was up to 30 percent. The scheme re-opened on January 13 after one month.
Daily Post quotes a top guider in the scheme as saying that the MMM was troubled that the inflow had dropped rapidly since it came back.
The guider said the top management of the scheme are considering upping the interest rate like it is currently happening in an unnamed African country where it just started operation.
“You know that many wanted to take their money during the Christmas and New year celebrations but could not.
“Some wanted to withdraw to pay rent, school fees and other bills. So now that the accounts have been unfreeze, they are demanding for their money.
“At this moment, we are having more outflow than inflow. In other words, those ready to provide help have dropped by half.
“The economy too is worsening and we understand that it is only when people have, they will give.”
Responding to why many participants who have millions of naira are yet to be paid, he explained thus: “We are processing, but can’t pay them now.
“We need money in the system and that is why the increase in interest is on the cards so some can decide to leave their funds.
“That said, participants that have between N50,000 and N300,000 or so are being paid on a daily basis, you can do your findings,” the guider said adding that participants would receive information on the recently introduced BitCoin when they log in.
“MMM has observed that many Nigerians really don’t know much about digital currencyand to address this, video, audio and text lectures are being uploaded to enlighten participants,” he said.
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