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MMM set to increase interest rates to 40 percent as Participants reduce

Posted: 17 January, 2017 at 06:28 pm
MMM set to increase interest rates to 40 percent  as Participants reduce
MMM Set To Increase Interest Rates To 40 Percent As Participants Reduce Photo 1

Barely a week after its return,owners of the Mavrodi Mondial Movement, MMM, may be considering a new mode of operation.

Recall that MMM reopened operations on January 13, after one month freezing on accounts that generated anxiety among participants.

DAILY POST gathered on Tuesday that MMM is considering jerking up the interest rate to 40 per cent from the current 30 per cent rate.

A top guider, who spoke on condition of anonymity, told thier correspondent that MMM was indeed worried that, “the excitement and inflow has rapidly dropped.”

He then disclosed that one of the ideas being debated by MMM top hierarchy was increase in interest rate

Asked how MMM is managing the high number of request for withdrawals the guilder said, “the truth is we were prepared.”

“You know that many wanted to take their money during the Christmas and

New year celebrations but could not.

“Some wanted to withdraw to pay rent, school fees and other bills. So now that the accounts have been unfreeze, they are demanding for their money.

“At this moment, we are having more outflow than inflow. In other words, those ready to provide help have dropped by half.

“The economy too is worsening and we understand that it is only when people have, they will give.”

On why many participants who have millions of naira are yet to be paid, he explained : “We are processing, but can't pay them now.”

“We need money in the system and that is why the increase in interest is on the cards so some can decide to leave their funds.

“That said, participants that have between N50,000 and N300,000 or so are being paid on a daily basis, you can do your findings.”

On the introduction of

Bitcoin, for MMM operations, the guider stated that participants will start receiving more information on BitCoin

“MMM has observed that many Nigerians really don't know much about digital currency and to address this, video, audio and text lectures are being uploaded to enlighten participants.”

It could be recalled that the Securities and Exchange Commission, SEC, warned the public against investing with crypto currencies such as OneCoin, Bitcoin .

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