MMM has improved Nigerians’ banking culture – Banker
MMM: It has almost become a household name, as it uncommon not to hear it referenced either in closed or open conversations.
Mavrodi Mundial Moneybox, MMM, as it fondly called is a ponzi scheme which operates as a wonder bank, giving its investors at least 30% of their investments after a period of 30 days.
For many Nigerians, especially the youths, the MMM scheme has been a major financial aid as the country grapples with an era of economic recession.
Findings by TheNewsGuru.com reveal that the scheme which only allows an individual to use a single bank account for transactions upon registering as a user, has led to an increase in the number of bank accounts that have been opened in various Nigerian banks over the last six months.
Our findings also revealed that the MMM scheme may have also increased the banking culture of Nigerians, as many who have abandoned their bank accounts are now reactivating it for transfer and receipt of funds, due to the operational policy of the ponzi scheme, called MMM.
TheNewsGuru.com gathered that new users/investors on MMM are guaranteed a fixed amount of money as sign-up bonus, a feat which serves as an incentive for more people to join the MMM movement, either directly or via referral.
However, the MMM scheme typically rules against using details of a bank account for more than one user/investor. This therefore, propels the need for multiple, howbeit, new bank accounts in order to claim the fixed sign-up bonus, hence, an increase in the number of banks accounts opened over the last six months.
Ifeoluwa Adedeji is a sales officer for one of Nigeria’s commercial banks. She operates around Ikeja-Lagos, canvassing passersby to get an instant bank account and a debit card upon filling a piece of form. Her offer comes with no instant cost, other than filling the provided form and making at least a thousand Naira deposit into the account much later.
When TheNewsGuru.com spoke with Ifeoluwa on the rates of accounts she has opened over the last months, she said it has been quite impressive as she often surpasses her expectations, in recent weeks.
“Actually, market has been interesting these days, because, people sometimes willingly come to open a new account even before I approach them.
“Some days I open up to ten accounts unlike before when I will only open two. I thought the recession will affect the number of accounts I am able to open each day but it has been impressive”.
Asked whether the rise in the number of new accounts has anything to do with MMM, she said “Some of the young people that come here to open account always tell me it’s because of MMM they are opening the account, but, I have always wondered how MMM connects with having a new account, but then, I just feel happy that I am still getting my own job done.”
Ifeoluwa said “I think this MMM thing has really improved banking culture among the youth, although, I really do not know what it is all about.”
Yemisi Olomu, a customer care staffer of a commercial bank in Sagamu, Ogun State, lend credence to Ifeoluwa’s assertions.
She said more persons are opening multiple accounts, a move which might not be unconnected with the drive to make more profit from the poplar MMM scheme.
“Honestly, MMM has been driving more people to open or reactivate their accounts. We now get requests for new accounts almost everyday, unlike before. I think it is because of MMM and some other online businesses.”
TheNewsGuru.com spoke with an MMM investor, Williams Chuka, who said he has had to open a new bank account since he joined MMM some two months back.
“I normally run two accounts which I opened like four years ago but when I joined MMM about two months ago I realised I could get the new member’s bonus simply by opening a new account, so I went to the bank and opened a new bank account and now I have three bank accounts which I’m using for MMM”.
Corroborating Williams’ point is Adeolu James, an MMM investor who is based in Edo State.
Adeolu said aside having to reactivate two of his bank accounts which have been dormant for a while, he has had to open another one and still planning to get another one.
For him, the new accounts do much more than just assuring him of the new membership bonus, rather, he is more interested in the referral bonuses that will accrue to him since he will have to register the new accounts under his already existing ones and then fund them either directly or indirectly.
Adeolu further said that the MMM scheme has made him initiate more financial transactions through the bank than before, since, he now has to use his mobile app for transfers which often times attract banks charges.
From the fore, it is evident that the MMM scheme which has become a topic of social interest for many Nigerians, wiping up diverse sentiments and reactions, is impacting some aspects of Nigeria’s banking sector.
