Without going into much history about MMM, here are the most important reasons why MMM were able to fool Nigerians.
1. They started with a free money promotional campaign ie 30% bonus. As bad as it may sound, the first set of real people who got paid 30% of what they had invested were used as the promotional scapegoats to lure their friends, families and others.
The MMM platform continued its promotional payments of 30%, 40% as the case may be. A lot of Nigerians were enticed with this mouthwatering offer to the extent they couldn't resist joining the scheme. Most of the second set of participants knew quite well they were joining a scam but they just couldn't resist the deal from Hell.
2. MMM website stated "Invest your spare money". Seriously, is there anything like spare money when you live in an unpredictable country like Nigeria.
MMM studied its target market carefully and realized the best way to get more investors is to openly state "invest your spare money". This way you are tormented by your conscience when you invest little thereby you fall for them by investing more, the target market are gullible Nigerians who are so greedy and foolishly ignorant.
3. Greed Greed Greed
An average Nigerian wants to get rich quick "I don't blame some", but I blame the people who deceitfully lured others into joining the scheme. The guiders and individuals greed to get more bonuses was a strong driving force which made the MMM scheme a huge success. Irrespective of the fact that Mavrodi's details has been all over the Internet as a Russian Criminal Nigerians neglected all the hand writing on the wall.
I must say its unfortunate greed played a major role in the MMM scheme. Let's be watchful as the rise of schemes like this is yet to come.
There are currently other schemes on ground silently gathering popularity, let's not let our greed take over our morals.
Protect your money.
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