I use to have this mindset about MMM and really criticised the whole process, but like its said don't judge a book by its cover.
With the prevailing condition in Nigeria, people reserve the rights to do what they want with their money, this has been there for a long time as bankers were getting richer and living a well balanced life amidst adverse conditions.
So CBN and SEC should not truncate the process. Thank God there is no account to freeze, no transactions to stall. Below are basic facts you need:
There was so much panic about MMM Zimbabwe, all those were just rumours.
What is MMM?
MMM is a global mutual aid community. MMM is social financial donation exchange network. MMM is an online community of millions of people who have agreed to willingly extend financial helping hands to one another via donation.
MMM is not a bank, an investment opportunity, a business but simply a community of people helping each other financially.
MMM has no central pocket were money is been deposited. Transactions are done peer to peer.
MMM is being run by the community. That is you and me. We just have a technical program that regulates what we do and what we can't do. The technical system controls how much we can ask as help or withdraw; and how much we can provide as help or deposit.
MMM is composed of 3 components:
1. Provide help
2. Get help
3. Technical basic program
A provider of help is someone who has pledged to give financial help in the community. He or she can also be a receiver of help, when he or she has extended a financial helping hand to someone in the community.
A receiver of help is a member or participant who has already extended a helping hand or provided help. Thus such is qualified to receive help from the community.
So basically MMM hasn't any central account where all money deposits or donations go into; because all donations are done peer to peer. How do I mean? Donations are done via member to member transfers into their bank accounts or bitcoin wallets.
The technical basic program controls the activities of the provider of help and the receiver of help.
HOW IT WORKS
You know about the popular word 'Contribution' where people contribute money to one person and there's a book where everyone's name is written. When it gets to your turn; everybody's money is given to you.
In MMM, we make pledges to donate our SPARE money to members who need the money. We do so by logging into our MMM account (Personal office) to make the pledge. We join the queue of people who made pledges after making the pledge.
We ONLY make pledges. We don't gather our pledges to give to one person. In MMM there is no CENTRAL ACCOUNT (No bank account where all our pledges are paid into). Members transfer money directly to each other.
Now, if a member in the community who has already made a pledge to provide financial help to another member and has fulfilled his pledge now needs help, he does that by logging into his MMM account (Personal Office) to say so.
The system, connects him with the person in the queue for providing help. If it's your turn on the queue to provide help; when you log into your Personal Office, you will receive the details of the person to provide financial help to.
As soon as you pay the money directly into the person's bank account who needs that financial help and that person acknowledges he has received the money, you are now qualified to receive help.
You then log into your personal office to ask for financial help. Someone/people in the queue whose turn it is to provide help will be assigned to pay you 30% of the donation you provided + the donation money itself.