This came as a surprise to many Zimbabweans who participated in the MMM community. Its all over radio,news,newspapers. Many are in shock as they hope to get their money back. I am sure at this point some are smiling all the way and some are saying we once told you. But what is the real truth about MMM. Did MMM collapseor people will get their monies back.
In this article I will share my honest review say things as I see events unfold(ed). It is very unfortunate that many were not told the truth from the word go. I will do this article by answering some of the questions I get on different online platforms
The history of MMM in Zimbabwe, who started it and where?
Answer: MMM in Zimbabwe is under the MMM East African structure which consists of Zimbabwe and other east African countries. MMM is regional, Zimbabweans are on MMM east Africa. As an internet entrepreneur I first heard about MMM early 2014. In east Africa I am sure it was started in 2015 and late 2015 around December that is when I noticed a huge wave about MMM East Africa. There is no individual person that we can pin point that they have started it in Zimbabwe. Internet has a viral aspect. When I became part of MMM I thought I was the first one I was surprised to see huge numbers of people who were already part of it. There is a movie about MMM history its called Piramida.
How big is the MMM movement in Zimbabwe, any numbers, and valuations available?
ANSWER: I don’t know the numbers exactly because it is online based and people can participant in MMM from their smart phones or laptops. But I have seen a huge growth in membership from December 2015 till now
What is MMM (international) business model, how does it generate revenue for itself and what does it benefit from providing the platform to transact?
Answer: MMM is categorised as a Donation Exchange Program. Many programs have mushroomed that modelled MMM concept but they did not last, MMM has stood the test of time. As to how MMM benefits; one has to ask what MMM is first ? MMM is a community of people who FREELY exchange their spare money to one another (Stokvel like).
I stand to be corrected on this point, as an internet marketer there is what is known as SEO. In simple terms that is people searching for information on Google. The world is full of people who want to participate in such programs. There is a huge numbers of people that land on the MMM site, create their account and participate. I assume many people know about the referral program that MMM has. Many people end up registering on admin account & commissions go to the admin.
What is your comment on RBZ calling MMM a Ponzi/pyramid scheme and what are your views on how MMM operates?
ANSWER: MMM does not hide itself that it is a pyramid scheme, they have all the information on their website on how they operate. Indeed it is a pyramid scheme. It is very unfortunate that many people they jump on board without the full understanding of how it works and the risks involved. Everything is in black and white, its history and how it works. Even the owner admits its a pyramid scheme
What I have seen again and again is ignorance in people. Don’t join MMM because you have seen that other people are making money, join because you understand MMM, the risks and how it works.
The News going around will separate the people that want out and those that want to continue with MMM. If you look closely on how MMM performed in other countries. This is nothing new. Soon MMM will be even stronger that what it was. Do a research on MMM south africa.
We have been made aware of accounts being frozen due to an imbalance between withdrawals and deposits, what caused this imbalance and when will accounts be unfrozen?
Answer: Yes that is true there were frozen accounts due to the imbalance and once again that does not come as a surprise to me, because the information is there on their site about such times of accounts getting frozen. Those that joined MMM without understanding are the ones that are surprised. MMM participants know about this, if there are MMM participants who don’t know about this then they were ignorant to MMM Ideology.
The imbalance was due to many people requesting for help more than the people providing help. According to the messages that were communicated via MMM accounts on the 15th of September 2016 funds will be unfrozen and that depends with the community’s participation. I will not be surprised if the date is moved again.
Who froze the accounts and what other regulatory power does it have?
Answer: MMM support do the freezing. As to other regulatory power I would say they block accounts of the participants who abuse MMM community.
Will MMM be affected by the introduction of Bond Notes? And How has it responded to the Cash Crisis?
Answer: MMM is a community of people (you and me). Introduction of bond notes no one knows what will happen.
The community managed to survive the cash crisis just a few individuals whose accounts were blocked due to late payments, some got their accounts unblocked.
In any business environment you will never find favourable conditions there is always something we can point a finger on & if we focus on problems we won’t be successful in live.
To what extent are BitCoins used in transactions, have people grasped the concept of BitCoin?
Answer: Bitcoin is a digital currency used as money in many countries, they just work the same way as money. I am sure 95% of MMM community don’t know how to use bitcoins. The reason being many don’t want to educate themselves on how to use bitcoins, but the numbers of people that use bitcoins in Zimbabwe is increasing daily.
In your experience, what are the threshold transacting amounts in Zimbabwe?
Answer: MMM is a member to member donation exchange program I don’t oversee people’s accounts. The website has testimonies of people that received money, in their testimonies they say the amount they have helped someone with and the amount they received back from another member.
How have you been able to teach the public technologies like Bitcoin, M-Money and using the web-based platform and what has been their response? have you had to find other ways of keeping participants informed?
Answer: MMM communicates with its participants through their accounts. There are presentations that take place through the East Africa. MMM also offers a FREE online training course on such topics. The course is very enlightening. On a personal note I do Information marketing, SEO, facebook, youtube & blogging when it comes to team building online. The responses of course you get people liking what you are doing and haters too.
Now and again I always encourage people to learn how to make money online. Learn the skills first. I see many people wants to make money and with our economy I must admit it doesn’t feel good to loose a penny. After I did studies with an online university I decided to specialize with make money online programs.
With regards to MMM, I doubt if the program will go away even if there is bad publicity about how they operate. It is one of the successful, intelligent pyramid schemes ever created in the history of schemes. When joining such programs don’t put in money that you are not ready to loose.
Opps this my mind, If I missed something out please comment below and if you have and question comment below too.