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.
HOW TO PARTICIPATE AND BENEFIT IN MMM?
Like I said earlier MMM is donation exchange network. If we had previous knowledge of mutual aid society. We understand mutual aid society is a community where we give financial help and receive financial help back.. The more financial help you give, the more financial help you get in return... It's like lending your money out, and receiving it back later or much later when you need it wit little growth (just example).
In the real sense, there's no lender, there's no borrower in MMM. What we do is donation. And there's no law in the world that says donation is illegal.
MMM offers its participants 30% growth rate per month for each and every donation we make in the system.
For example
You donate 10,000 naira, after 30 days you would be qualified to 13,000 naira as financial help from another participant in the community,
50,000 naira qualifies you to receive 65,000 naira
100,000 naira, qualifies you to receive 130,000 naira... etc
So basically.. the percentage grows by 1% daily or 30% monthly.
The basic calculation is.
Donation amount X 1.3 = expected amount after 30 days....
Let me just hint us on what goes on in the system a little.
When you make a donation request, your request is registered and placed in a queue, while your money still remains with you. The system has been programmed to sum up all the amount pledged to donate as total deposit in the system.
In exchange the system will register your request with its virtual currency called mavros. This mavros is already growing at 1 percent per day. While your request is in queue and your money is still in your pocket or bank account.
It's a tradition in MMM, that your donation is frozen for 14 days... So within that 14 days you cannot ask for help. However, you can ask for help(get help) after 14 days because it would have been unfrozen also if your order to send money to a participant who needs help is out already and money has been sent(and Confirmed).
So there are situations where your request will be in queue for 15-30 days and your virtual mavro is growing steadily.. Maybe on the 30th day your donation request is approved, contact details and bank details of the recipient who needs help is sent to you.. And you make the payment already and payment was confirmed... I tell you... Even the next day being the 31st day you can withdraw or request to get help.
And the total money you ask as help will be paid to you within 48 hours maximally by another participant
WHERE DOES 30% COME FROM?
Are you wondering where the 30% growth comes from?
Yes! I know you must be wondering where it comes from because we say MMM is not a business. Neither is it a multilevel marketing program.
Let me give you a practical example.
You create a request to provide help (PH) of N30,000. Someone else must have created a request to get help (GH) of N30,000. After some time , the order will come, the order contains the details of the recipient. The details include the name, phone number and the bank account details of the recipient. You will execute the order by sending the money (N30,000) to the recipient.
Remember your reward will be N39,000 after a month.
Now, at the end of one month you want to withdraw(GH). You will create a request to get help (GH) of N39,000. An order will be created, linking you to the person(s) that will pay you the money just the same way you paid N30,000.
The person who pays you N39,000 will still earn 30% on that amount which will be paid by another person.
So, the 30% comes from the members.
There is no interest rate in MMM. What we have is 30% growth. In MMM when you create a request to provide help of a sum of money, your account will be credited with Mavro.
Mavro is simply an index of growth of your donation. Mavro an index of your contribution to the development of the Community. This index grows at 30% per month. It is just a technical matter. Programmers can adjust this growth rate of mavro at any moment. The amount of mavro and its growth rate can be decreased, increased, stopped or cancelled. The amount of mavro and its growth rate can be adjusted at any moment to balance PH (Providing Help) and GH (Getting Help). That's why MMM can't collapse due to weak inflow of donations. If the inflow of donations will decrease, the amount of mavro will be adjusted, but the main important thing is that the process of donation exchange will not stop. It makes MMM stronger than the financial organizations.
Financial organizations have obligations, if they do not meet them, they will go bankrupt. MMM is very flexible. No matter what will happen, people will provide and get help.
MMM has over 10 safety nets which will never make it crash. And you Never notice But I will mention 10 out of them.
1, Pause mode
2, 14 days defrost
3, Extension of the getting help hours
4, Seeking help from neighboring country
5, No central account attached
7, Peer to peer system
8, Guider's efforts
9 PH match hours extension
10, Website upgrades and security
1. Pause mode
This process is applied when the numbers of the people getting help is greater than the people help. The system will pause the GH transactions and allow more PH to come into the system for the duration of 2 and half months, then the system will now restart.
PH means provide help and the GH means get help
2, 14 days defrost
The participants will not be able to withdraw their money until after 14 days when the payments have been confirmed. During this process, more PH would have come into the system therefore there would be pool of cash to pay the old participants.
3. Extension of GH hours
this occur when there is a public holidays when the banks are not working therefore, there won't be transaction and it may cause the problem to the system. The system will now extend the hours of the people who are getting help at that period to allow more People providing help into the system.
4. Help seeking from neighboring country
When there are more GH than PH in a country, MMM will look into the other countries which are doing well and match them together, pending the time that the affected country will be OK.
6. No central account attached
MMM does not have a certain account that we are sending to. MMM doesn't collect your money.
7. Peer to peer system
Participants pay directly to the bank account of the other participants seeking help
8. Guider's efforts
Guiders are the heartbeat of MMM, guiders make sure each and everyone in MMM understand the Ideology of MMM and how it works
9. PH match hours extension
When the system finds out that there are more GH than PH, the system will extend the hour of old PH so that to hold down their order matches duration and during this period, the system will allow more new PH to come into the system to get it balanced.
10, Website upgrades and security
MMM spends million of dollars in taking care of their website to cub online fraud in MMM, such as scam and other threats
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