CBN identified the scheme as fraudulent and not regulated. According to the CBN, It is also not in tandem with any known business model.
Speaking during a mentoring program for students of Government Secondary School, Suleja, the head of the consumer protection department of the CBN Kadija Kassim said the activities of the scheme is not regulated by any institution.
Kassim referring to the scheme as ‘wonder bank’ cautioned Nigerians on patronizing activities of the MMM scheme which stands for Mavrodi Mondial Moneybox.
Many Nigerians have been lured into MMM which functions as an online investment scheme.
The scheme, through its campaign allows a monthly investment return of 30% for every investor.
But Kassim said the scheme is fraudulent and is not supported by any business model.
“We have heard about the activities of MMM, but I want to warn you against it because they are wonder banks that are not regulated. Desist from their activities because they are fraudulent,” Kassim said.