Reasons why MMM suspended and stopped making payment to its Nigerian members barely 24 hour after its founder wrote an open letter to Nigerians government.
If you are an MMM nigeria member, then must have heard that MMM has suspended payment for the next 30 days,these sudden suspension of MMM payment/ money to account holders has certainly caused fear and anxiety among many nigerians who have registered for the MMM scheme.
It has now confirmed that MMM is freezing payment for a month and can not request for help for the next one month. Many Nigerians woke up to this shocking news on the MMM website.
yesterday, MMM founder, Sergey Mavrodi wrote an open letter to Nigerian Authorities, criticizing constant attacks on the money helping scheme
Reason why MMM Froze payments
“As usual, in the New Year season the System is experiencing heavy workload. Moreover, it has to deal with the constant frenzy provoked by the authorities in the mass media.”
“The things are still going well; the participants feel calm; everyone gets paid – as you can see, there haven’t been any payment delays or other problems yet – but!.. it is better to avoid taking risk.:-)) (Moreover, there are almost three weeks left to the New Year.)”
“Hence, on the basis of the above mentioned, from now on all confirmed Mavro will be frozen for a month.
Basically i think this freezing might turn out to be a good step in the long run as the system need to self sustain itself.
That can not be said of ultimate cycler however, as many people are saying that the 12,200 to get 50,000 scheme has officially crashed. on learning the MMM has frozen payment for a month, here what one participant has to say
“I put money out to support other people last month and I expect that money to yield so I can request for my payment with interest from the community, but now I can’t do that,” she said. “I don’t want to believe that we’re gradually getting to see the end of this business.