Nigerians like many other people in the rest of the world have the tendency to get carried away by the goodness of schemes that can make them rich overnight. They get excited with the prospect of making money that they would not make ordinarily by working.
Nigerians no doubt love every scheme that has to do with money doubling; the rate at which people invest in ponzi schemes confirms this.
While nobody has the right to stop people from spending money the way they want to, the best one can do is to educate and advise them on these schemes and the fatal blow they may be dealt with at the long run.
Online ponzi schemes have gained a whole lot of popularity following the profit people made from the MMM, which was the most popular as at last year. Nigerians who invest in schemes like this justify their actions by blaming the economic recession for it. They felt participating in schemes like that would alienate their sufferings and make things better for them.
The Central Bank of Nigeria was against MMM, the most prominent of the schemes. Strong words of warning were issued to many people but only a few heeded to them. With the suspension of the MMM scheme, Nigerians moved on to other paying schemes. Life goes on as it never ends.
See the online ponzi schemes Nigerians invest in:
1. MMM Nigeria
There is no way ponzi schemes will be listed without including MMM. It has remained the most prominent online money making portal in Nigeria. MMM Nigeria is part of the MMM global community; it is a Russian ponzi scheme that has been in existence since 1989.
This online money making portal changed the lives of many Nigerians as those who invested in it early became millionaires. This scheme helped lots of people by providing a platform where millions of people were able to provide ‘Help’ for those in ‘Need’.
The scheme gave members a 30 percent return upon investing. This scheme crept into the country’s cyberspace and made thousands of people put their savings into it.
2. Zar fund
This scheme was set up by Hannes Jordaan, an online entrepreneur who lives in South Africa. Zar fund works by offering financial assistance to those who need it.
Members are expected to join through a referral link which is level one. Then they will make an upline payment of 0.03btc per month to be able to receive the same amount from members under them in level one downline.
With enough collection of funds from those in level one, members are pushed to level two. Zar fund, although based on the active participation of referred members, is an easy way of making money.
3. Get help worldwide
This is another scheme that allows people to make as much as they can online. This scheme started in August 2016 and has become popular in Nigeria ever since then.
It is a mutual fund peer to peer donation; people help other people by providing direct financial help. Third parties are not encouraged in this scheme.
The help offered yields a profit of 30 percent if it is in local currency and 50 percent if it is in bitcoin. The profit is made within 30 days.
4. NNN Nigeria
After the Mavrodi Mundial Moneybox scheme crashed, NNN Nigeria sprang up. The latter scheme is a community of ordinary people who understands the meaning of unity.
They provide assistance to people who need it; the goal of this scheme is not money. The goal is to acquire as much as you can. It is a mutual aid that offers 35 percent yield to its participants as compared to the 30 percent offered by MMM.
This scheme is owned by the participants. It is made by the people and for the people. Some freedom lovers in America came together to establish it.
5. Givers forum
It is considered to be one of the top online money schemes in Nigeria. With the trending activities of other ponzi schemes, the Giver’s forum virality should not be doubted.
The giversforum.net domain was registered in October 2016. It is a community of givers who assist each other financially; there are no lenders or debtors here. People simply offer help when a member is in need.
Participants are charged to be kind and honest in their dealings. Financial help has to be given whenever a participant is in dire need of it.
The money stays in the account of participants and not in a central account which can be subjected to theft. At the moment, it is one of the top 5 schemes in Nigeria.
6. Crowd rising
This is a new ponzi scheme that is trending. It was set up in such a way that charities, schools, religious organisations and clubs can benefit from it.
The traffic on this site is relatively low compared to the other schemes. Donations are made directly into the account of the members.
7. Ultimate cycler
This scheme was set up by a US based network marketer identified as Peter Wolfing. Upon registering, members are expected to pay N12,500 to another member.
Members are encouraged to bring in other people if they cannot wait to be matched with people who will pay them.
This is an international charity club which has a network of donors. It is a platform that peers members with each other while expecting them to make financial donation.
Members give and receive donations here; it is an open club where anyone can join anywhere. Members do not pay to a central server here.
Schemes that use central servers are burdened with the responsibility of deciding who to give money to and at what time.
9. E-cooperative online
This is another scheme that has gained popularity in Nigeria. Here, members are not promised any percent on money donated. This scheme helps members raise the capital needed for major projects and gives them ideas on how to manage the money they make from their businesses.
They educate their members on how to make money yield returns through business investments. This scheme has two parts; the multilevel part of ecooperative, then the business part.
This scheme renders services like internet marketing and training, online adverts, micro-credit, skill acquisition training and business development. .