As if having President Mugabe leading them into a recession is not enough, Zimbabweans are facing another, probably bigger, financial problem.
Thousands of Zimbabweans have lost their investments after the online money scheme, MMM Zimbabwe Global, terminated its services without prior notice to investors.
Apparently, the Reserve Bank of Zimbabwe had earlier warned citizens that MMM was a scam, but Zimbabweans didn’t listen because initial investors had made profit from the scheme.
It’s not surprising Zimbabweans were desperate to join the social financial network; the country’s economy is fast grinding to a halt.
The Zimbabwean Finance Minister, Patrick Chinamasa, and ZANU PF, the leading party, have been widely criticized for their inability to map out strategic economic reform ideas to improve the situation.
And of course, there’s this teeny tiny problem as well.
Ponzi schemes like the MMM only work when new members invest money, which is used to pay off older investors until a point where the schemes don’t attract new investors and crash.
The MMM Nigeria scheme is gaining traction and we heard someone even advised presido to put our money there.
Please, we don’t want.
The MMM scheme is known globally as a Russian scam network and the CBN has warned Nigerians against joining it.