Many Nigerians have turned ‘deaf ears’ to government’s warnings as Ultimate Cycler, MMM, icharity, Paradise Payment Nigeria and other money schemes flood Nigeria.
Despite the several warnings issued by the Federal government, CBN and the EFCC on the dangers of patronizing money schemes like icharity, MMM, Ultimate cycler etc. Nigerians are still signing up in their hundreds on these platforms with many saying they are ‘gifts’ sent by God to help them cope as the recession continues to bite hard.
The biggest of these schemes that is spreading like a virus is Mavrodi Mondial Moneybox, MMM created by a Russian mathematician, Sergei Mavrodi. MMM is already banned in several countries of the world. The Scheme promises a return on investment of 30% after a period of one month.
The ‘wonder bank’ has seen millions of Nigerians pouring their money into it, with some selling their properties to raise money for ‘investment’.
In recent times, Organizers for the scheme called ‘guiders’ embarked on social corporate responsibility(charity) by giving relief items to IDPs in Northern Nigeria but some believe it was an attempt to whitewash the scheme’s shady image and bad history.
Another scheme that is gaining much popularity in the country now is Ultimate cycler. This money-doubling setup is a little different from MMM, it promises larger returns.
How It Works:
User ‘A’ signs up by and depositing a sum of N12, 500 to a fellow member, he/she signed under. When the deposit or ‘donation’ is approved, the Ultimate Cycler systems registers 4 other users under user ‘A’ ,who will pay N12,500 to User ‘A’ resulting in N50,000.
Basically User ‘A’ pays N12, 500 and gets N50, 000 in return.
Now that User ‘A’ has 4 users under him/her, the Ultimate Cycler system upgrades user ‘A’ to grade 2 level. On this level, User ‘A’ will pay N25, 000 from his/her N50, 000 gains to another grade 2 member. After this, the system will put 16 people under user ‘A’ who will then pay user ‘A’ N25, 000 each. At this stage, User ‘A’ gains N400, 000.
iCharity, on the other hand, is much similar to MMM, the only difference is a user chooses who he/she want to pay money to or ‘help’ (peer to peer).
Unlike MMM, where a system matches users with who they are to pay to, icharity allows its users to choose who to pay to.
Also gaining much popularity now in the country now is Paradise Payment Nigeria
Paradise Payment Nigeria (PPN) is a platform developed by rich minded people to create legitimate means of generating wealth or income for everyone. PPN is a strictly member-to-member 4 matrix payment system. In other words, members make a direct donation to another member without including any third party.
Example (for bronze package)
Pay N1, 500 Receive from 4 People = N6,000
Pay N,3000 Receive from 16 People =N48,000
Pay N10,000 Receive from 32 People = N320,000
That’s how the chain keeps moving…
For details on Paradise Payment Nigeria CLICK HERE