Panic has spread among Nigerians participating in the online money lending scheme, MMM, as the scheme has placed a ban on all activated accounts for a period of one month.
The latest development by the ‘Wonder Bank’ scheme comes days after the founder of what has been described as a Ponzi scheme, Sergey Mavrodi, wrote an official letter addressed to the Nigerian Government clearing the scheme of its misgivings.
The Letter from MMM read
As usual, in the New Year season the System is experiencing heavy workload. Moreover, it has to deal with the constant frenzy provoked by the authorities in the mass media. The things are still going well; the participants feel calm; everyone gets paid – as you can see, there haven’t been any payment delays or other problems yet – but!.. it is better to avoid taking risk.:-)) (Moreover, there are almost three weeks left to the New Year.)
Hence, on the basis of the above mentioned, from now on all confirmed Mavro will be frozen for a month.
The reason for this measure is evident. We need to prevent any problems during the New Year season, and then, when everything calms down, this measure will be cancelled. (Which we will definitely do)
We hope for your understanding,