Sunday, 18 December 2016

5 Reasons Why MMM Was So Successful in Nigeria

The news about MMM Nigeria freezing the accounts of its memberss is all over the news in Nigeria right now, but in this article, I am not going to be talking about that. I am also not going to be talking about whether MMM has crashed or not, or what MMM is. I am going to be talking about why MMM was so successful in Nigeria. Even though a lot of people believe the scheme has come to an end (which I don't totally believe), I just want to talk about why it was so successful in a very short period of time.

MMM Nigeria kicked off in the country in November 2015, and by June of 2016, it was all over the place. Yes, the recession played a major part in people buying into it so fast, but a few other reasons can be named why it has been so successful. I am sure everyone knows one or two people that have money invested in MMM. Personally, I know people that have hundreds of thousands of Naira put into the scheme. So, why was it so successful in such a short period of time?

Below are 5 reasons why I feel MMM was so successful in Nigeria.

1.  The Recession
Number one on the list has to be because of the recession. We are going through a great depression in Nigeria right now, and things are so hard; people are finding it hard to get jobs, people that had jobs are losing them, and prices of household items are skyrocketing by the day. So, people are constantly looking for means to earn money...and fast.

MMM Nigeria promises (and to the best of my knowledge, they have been delivering) 30% on each clients investment into the scheme monthly. This gave a lot of people hope in the hard-times we are currently experiencing in the country, and people invested heavily in it. Some even went ahead to borrow money to invest in MMM.

2.  The 30% ROI 
This is one of the sweetest reasons, and the biggest attracting factor of people to MMM;  the 30% Return On Investment. Imagine you are able to convince a family member or a financial institution to loan you a million Naira for investment, and you put that million Naira into would be getting three hundred thousand Naira on that million every month. That is something, right? Yea, that's one the things that drew a lot of people into putting their money into MMM; whether it was the person that invested N30,000, or the one that invested N30,000,000.

3.  Get Rich Quick Factor
Everyone wants to be rich and enjoy the good life, and most people are always looking for a shortcut to success. 30%  return on investment will multiply your money exponentially in a very short while, and people want to get a lot of money in as short a period as possible, so people jumped at MMM, even with all the possible risks involved.

4.  There is No Central Account Where Money is Kept
This is another big factor that got MMM Nigeria a lot of clients; the fact that you don't pay in your money into an MMM account, but pay into a fellow MMM members account that needs help/money. People believe their money is safer this way.

5.  Nigeria's Population
This is one the major reasons why I feel MMM is still a long way from crashing. Nigeria is not only the most populous nation in Africa, it is the most populous black nation in the world. With a population of 170 million people and counting (7th most populous nation in the world), there would be a lot more people who are willing to risk investing their money in the scheme. As long as MMM unfreezes members accounts next month and keeps paying out 30% monthly to clients, word of mouth would keep spreading the news of MMM like wildfire within Nigeria, and more Nigerian citizens will put their money in it. 

As long as there are more people willing to invest in MMM, the scheme will keep growing.

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