Econet, Zimbabwe’s largest telecoms provider has distanced itself from the recently collapsed MMM ponzi scheme. In an advert published today, the company distanced itself from the scheme, saying they wouldn’t be responsible for any losses, MMM subscribers have incurred.
EcoCash has been the primary way for people to deposit into MMM. Not because MMM has any arrangement with Econet, but simply for the convenience this offers. So ponzi scheming is just the tens of ways EcoCash has made life easier – in both good and bad ways.
The Reserve Bank of Zimbabwe (RBZ) issued a public statement of 25 August 2016 warning the public against investing in pyramid and Ponzi schemes We have noted that some of these Pyramid schemes are allegedly advertising in a manner that suggests that the EcoCash facility is a medium for prospective members to deposit their money. This is not correct.
…EcoCash promotes safe and legal transactions but will not be held liable for any losses arising from the use of EcoCash to engage in illegal activities such as ponzi schemes.
I’m not sure which is incorrect here; MMM’s claim that EcoCash can be used as a medium to participate in the scheme (just as Bitcoin can) or Econet’s claim that this is incorrect. EcoCash can indeed be used as a medium to to deposit money into the scheme – that is transferring money to someone higher up in the pyramid levels. EcoCash the company, just isn’t a party to the transaction.
It’s the same way EcoCash can be used as a medium to pay for an illegal product like mbanje, a prostitute’s time or a bribe at a police roadblock. EcoCash is not a party in the illegal transaction, they just participate in ensuring the money gets to the other party and they charge for it. They can’t know what you’re paying for.
MMM Global has been extremely popular in Zimbabwe in the past several months, despite the owners of the scheme declaring openly that it’s “It is a naked scheme, nothing more … People interact with each other and give each other money. For no reason!”
MMM collapsed and all accounts were frozen leading to many Zimbabweans who had invested in the scheme being unable to access their money. According to people with investments in the scheme, they have been told the accounts will be unfrozen on the 15th of September. If MMM is as popular as the attention from both the RBZ, Econet and this popular sites list suggest, it must have contributed something to EcoCash use and indeed Econet’s revenue in the past months.
19 comments
That money is gone for! The Ponzi scammers have given themselves enough time to clean up and take-off whilst loosers are waiting for the 15 September to come.
It can go two way:
1. the scammers will open a new ponzi scheme and encourage existing people to invest into it because of ”genuine reasons” beyond their control which caused difficulties in the mmm
2. they will just vanish to new territories just like what they did when they first came to Zim, setting up new channels and ways of collecting money.
Ecocash have nothing to do with this, just lick your wounds in dark corners people and waiting to scammed again. Easy come easy go!!
Listen, you guys keep creating unwarranted panic, never called for and undemanded. Why tell adults of the risks involved in what you never told them to get involved in? How come you suddenly decided to care about their well being and welfare. You report so much. Allow them the opportunity to complain at least once. You guys are looking for who to laugh at not just because you love their safety and well being but because you don’t want them to be like you, to match your financial strength and rival your living standards, use the media in any form like you do…the rich are angry.
Well said bro.
They keep talking as though they care! They should better go and relax cos no one taking them serious.
I’m the normal parcitipant from RSA,MMM is here to stay, I wonder why the media is against MMM. Panic is their only tool.
Please
Does Anyone know about MMM`s operations in Nigeria ?
What is Zimbabwen goverment’s intervention proceedure so far?
mmm nigeria is well and bubbling
MMM is not collapsing! Before writing such articles, you must study the situation well. I see that media are against MMM. Why? Because our world has 2 types of people: the first type is meant to be rich, and the second type is meant to be poor. MMM will break this scheme.That is why they describe MMM in such a way. They cannot allow usual people to become rich!
I am a participant and I am very happy! MMM is growing every day! Just know.
Do you know how MMM works? Do you know what a Ponzi Scheme is?
This report is just a hoax. The reporter doesn’t know what is happening in MMM. I am a participant of MMM East Africa and I prefer MMM to any other financial institutions. Because I know MMM, which really pays and takes care of me. MMM is not a bank, or an investment company, it is not an online business. MMM do not have bank accounts because it is not a company. It is a social financial network where ordinary people help each other financially. There is no central account where all the money is kept. MMM just monitors and regulates how participants send money to each other. MMM depends on honest and trust. The MMM ideology is to create a fair financial system which helps ordinary people. MMM – is a mutual network, where people provide mavro as help directly to each other through automatic Private Offices via internet with a growing help index Mavro. The Power of Giving lets you receive in 23 times more than you gave to others in a year!!! MMM is absolutely legal and does not break any laws. Because there are only money transfers between private persons and nothing more. It is impossible to forbid MMM. The same way it is impossible to forbid people manage their own money the way they like. Thus they need to forbid the whole private property institution. So everything is absolutely clear with the lawfulness. There are no violations and they won’t be! MMM itself is more honest (in 100 times!) than any other bank, or any financial institution with their licenses or permissions. Because they all lie to you, hold or keep back something and so on. And only MMM doesn’t keep back you in silence, doesn’t hide anything and tell everything honestly and openly. “Yes, you take a great risk! Yes, no guarantees! Yes, you may lose everything at any moment!” – Did You hear the same before anywhere? Only in MMM. Join MMM now for total financial freedom and participate with your spare money.
MMM participants are not stealing money. There is nothing illegal about MMM. Money is sent as donations. Money is not borrowed or lended. Ecocash is just a medium of transfering money since the participants are all over the country. We dont need legal documents in MMM. WHAT FOR? For donating money? Join MMM now to realise financial freedom.
MMM participants are not stealing money. There is nothing illegal about MMM. Money is sent as donations. Money is not borrowed or lended. Ecocash is just a medium of transfering money since the participants are all over the country. We dont need legal documents in MMM. WHAT FOR? For donating money? Join MMM now to realise financial freedom ea-mmm.net
there is nothing wrong with MMM.
its growing stronger by each day
This article is pure drivel! How can EcoCash possible control every transaction that happens between any number of parties using it? If I transfer funds to an EcoCash user, how will EcoCash know whether that transaction was to pay for electricity, pay for a holiday, pay a MMM member, or pay for a penis enlargement? So how on earth are they supposed to “do something about MMM participants”? Come on!
The writer also shows how little he knows about how MMM works. People do not “deposit money into MMM” because MMM is not a central bank. Participants transfer money among themselves! If participant A wants to transfer money to participant B, how will they do it? They will find a common means to do it. If both participants use EcoCash, then that’s the common means they’ll do it. EcoCash doesn’t have to have anything to do it the transaction. The participants are simply helping each other, knowing full well that there are no guarantees. But it’s a wonderful thing to provide help to someone when you can, and to receive help when you need it.
Join the financial revolution and bring about the financial apocalypse!
MMM participants are not stealing money or they are not thieves. There is nothing illegal about MMM. Money is sent as donations with willing participants Money is not borrowed or lended. Ecocash is just a medium of transfering money since the participants are all over the country. We dont need legal documents in MMM. WHAT FOR? For donating money? Join MMM now to realise financial freedom ea-mmm.net
MMM participants are not stealing money or they are not thieves. There is nothing illegal about MMM. Money is sent as donations with willing participants Money is not borrowed or lended between participants.Noone is forced to join ordonate. Donaton does not require any legal documents For donating. Join MMM now to realise financial freedom ea-mmm.net
there is nothing illegal about MMM money is send direct to participant account we the participant we now that MMM will not failed us no central account for keeping the money goes direct our accounts never agree with what people are say joint and see how is works MMM will stand strong hardly to collapse MMM is paying.
MMM participants are not stealing money or they are not thieves. There is nothing illegal about MMM. Money is sent as donations with willing participants Money is not borrowed or lended. Ecocash is just a medium of transfering money since the participants are all over the country. We dont need legal documents in MMM. WHAT FOR? For donating money?
MMM participants are not stealing money or they are not thieves. There is nothing illegal about MMM. Money is sent as donations with willing participants Money is not borrowed or lended. Ecocash is just a medium of transfering money since the participants are all over the country. We dont need legal documents in MMM. WHAT FOR? For donating money? http://ea-mmm.net/?i=kamzviko@gmail.com
#4405
When are we going to get our money