The Crash Of Peer To Peer Site In Nigeria 2017
By Amalu Paul okochukwu
- History of MMM United
- It’s Promises
- The crash
- How it affected the masses
- Final recommendation on what government should do to regulate the activities of peer to peer sites in Nigeria.
Some people may ask, Have mmm united crash? My answer is yes with below reason.
MMM United as a peer to peer site came into Nigeria as a donation site scheme on August, 11th 2016. According to their site site/ website, MMM United did not have any office or any bank account in Nigeria which a participant can use to reach the developer or creator of the scheme. Also, according to their website, barley 10 days after it was launched; the platform received at least 10 million clients or participants from 120 countries around and across the globe. From the research carried out by a Nigeria web developing firm in Nigeria, indicated that MMM United has students, civil servants and even some clergy men of god as its participants.
People Ask How Does peer to peer site Works And How Does they Make Money
According to mmm united and mmm Nigeria , it is a community of people providing each other financial help on the principle of gratuitousness, reciprocity and benevolence. MMM you don’t have to make contracts or pledge your property to other peers . Like BITCOIN causes revolution in financial relations, so MMM causes revolution in social relations between people.
MMM Nigeria , mmm united and get help worldwide is not actually a bank, it does not collect any cash from its participant directly but its participants pays to another person that have rendered help to another person at a percentage usually 100% per the amount the participant invested into the scheme. All transferred funds are known as donation and not investment.
Indeed, MMM United promised its participants 100% of interest to any member , MMM Nigeria and gethelpworldwide.com promises its participants 30% that have provided help to another person. The scheme made it that once the person provides help; the participant mavro will start to grow. The sum in the mavro shows how much the participant can request for himself. The scheme also promised 5% and 10% referral Bonus to any other member that referred a new member to join the scheme through a referral link. The referrer will get 5% from all the deposit the participants that he or she referred to join the scheme made. Also, MMM United gave its Guiders the right to create their own multi level structure and get a bonus from each donation of every participant in their structure that they are guiding. The guiders bonus depends on his level in the community of MMM United.
MMM United experienced a great down fall by keeping mute after it announced that it will be maintaining its system. The failure to fulfill its promises made its members to send a letter to them through its page, that they cannot access the site anymore and the scheme does not pay any more. Before its collapse, MMM United ran a promotion promising 20% extra interest for new members to attract new members to join the scheme but after arousing the interest of the new members which pushed them to join the community, they failed to pay the 20% extra interest to some participants. This made some participant to stop donation and new participant from registering. Some participants joined other peer to peer sites.
Not only that, the failure of MMM United or the inability of the scheme to reward its existing members made some people to believe that it is actually a scam, a way of duping people of their hard earned money. But the funniest thing is that those that has been rewarded many times kept investing their money into the scheme for a profit but at the end, there were disappointed as they cannot be able to access their site anymore let alone of been merged to pay a new entrant.
The scheme affected many Nigerians especially Nigerian students who invested their school fees into MMM United , gethelpworldwide.com and MMM Nigeria for a greater profit but at the end, their plans to get the initial amount they invested into the scheme proved abortive which made some of the to be unable to pay their school fees and also unable to write their examinations because of their inability to pay their fees.
The MMM United also made some social organizations to be inactive again because some of them invested millions into the scheme hoping that they will receive a quick return on investment and also a greater percentage all to no avail as the peer to peer site failed to reward or to pay them back the huge amount they invested.
Their failure has led many Nigerians into their early graves as some of them cannot bear the shock anymore then they gave up the ghost. Some are also still on their various hospital bed as a result of high blood pressure (HBP) since the scheme failed to pay them the huge amount they invested into the community of MMM United.
Some are still in psychiatric hospital as the shock of the closure of the scheme affected their reasoning, thinking and behaviour. Since then till today, they are unable to recover back to their normal senses and have spent so much money in their various hospitals as the result of the failure of MMM United.
Finally, I suggest that any Nigeria who wants to invest his hard earned money into any of these peer to peer sites should investigate and reason very well before investing his money into any of their sites. And the prospective participant should invest his spare money as they normally recommend before clicking the registration tab to avoid dissonance after investing their money into the scheme.
I hereby recommend that Nigeria government should closely monitor these unseen peer to peer organizations to make sure that they are dully registered into Corporate Affairs Commission so that they will have office address and locations to find them by their participants in case of any failure that may arise from them in the nearby future.
Government should also make rules and regulation that will be guiding the scheme for proper conduct to take place between them and their various participants.
Written by Amalu Uchechukwu Paul.
A entrepreneur , a scholar
read also many website that have criticize and also predicted the crash of peer to peer website below
- Peer to peer donation in Nigeria 2017
The Crash Of Peer To Peer Site In Nigeria 2017