mmm nigeria

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MMM Nigeria

The founder and participants of MMM Nigeria always try to make it clear that MMM is not a bank. They also insist that it is not an Multi-level Marketing (MLM) program or a High Yield Investment Program (HYIP). They insist it is a community where participants help one another to make money. This article is aimed at sharing all the information & facts you need to know about MMM Nigeria, THE GOOD, THE BAD & THE UGLY. Disclaimer!!!

mmm nigeria

What is MMM?

Contrary to some of the erroneous claims making rounds, MMM is not an investment and the program does not collect your money in anyway. You do not pay into the purse of the founders; rather, participants pay into each others’ bank account. The person giving the money out is the one “Giving Help, while the person collecting the money is the one “Receiving Help”.

So, what is the “help” all about?

History of MMM Nigeria

MMM Nigeria is an arm of MMM Global. You can read more about MMM global on You can also access MMM Nigeria via their website at The acronym MMM stands for Mavrodi Mundial Movement. It can also be referred to as Moneybox

MMM was first established in 1989 and the founder is Sergie Mavrodi. Name of his brother is Vyacheslav Mavrodi and they started the movement together along with Olga Melnikova. MMM was derived from the name of the three founders, whose first names start with M. the program was first called a Ponzi scheme in 1994.

When this company started initially, they were into the importation of computers and other office equipments. The tax police, in 1992, accused the company of tax evasion and this led to the collapse of MMM-bank. This forced the company into very difficult situation in which they were not even able to get loan from any bank to get into business again. This was the stage the company decided to switch into financial sector. They met with little success when they tried to offer Russian stocks to Americans.

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Later, they created MMM-Invest, in which they collect vouchers during privatization, but this too met with very little success.

Their ponzi scheme actually started in 1994, and they started getting money from many private investors to whom they promised an annual yield running to 1000%. The company grew very fast and this was further helped buy their determined and bold TV ad campaigns. At a later date, the government closed MMM office for tax evasion.   This led to investors losing their money and up to 50 of these investors committed suicide. MMM finally declared bankruptcy on the 22nd September 1997.

How MMM started in Nigeria

Mavrodi, later being released from jail for fraud, started MMM-2011. The company started MMM-South Africa in 2015 and they started giving participants 30% of their investment. The returns are given via a social financial network. The Capitec Bank later froze the accounts of clients because they saw MMM South Africa as a pyramid program.

MMM Nigeria started operation in 2016. MMM was however banned in China because the authorities said it was a pyramid scheme.

How does MMM work? MMM Registration

In MMM, an individual puts in a certain amount of money when providing help. He however gets back up to 30% of the amount he had put in plus the capital when he gets help. Let’s talk about MMM Nigeria, MMM Login & Registration!

You need to first register an account with MMM in order to participate in the program. You can register directly on MMM-Nigeria website or you can register through the link of the person that invited you into the program. During registration, you need to provide a working phone number and your email address.

After registration, you are required to give help by a minimum amount of N1,000. All you need to do is visit your private office and click on Give Help. After completing this stage, the MMM system will look for someone that it can match you with.

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This process may take some weeks, since the number of people “giving help” is more than the number of people “getting help”. Once the system has found someone for you, the next thing to do is to make a deposit of the amount you want to put into MMM.

The recipient will acknowledge receiving the money. After this, you only need to wait for some two weeks for your money to grow by 30%. At the end of the two weeks wait, you too can now request for help. You will be paid the amount with which you provide help plus 30% of that amount.

The use of bitcoin makes things faster than using bank transfer.

When you receive help, the total amount you are supposed to collect and the 30% increase will be deposited into your bank account. It can also0 be paid via your bitcoin account if you so desire. You need to understand that MMM private office does not collect money from anyone.

They only connect the person giving help to the person getting help. The back office also helps in calculating index Mavro and in making orders for the participants to transfer the money. The maximum amount of help you can provide is N2,200,000.

CBN’s line of thought about MMM Nigeria & EFCC

The Central Bank of Nigeria (CBN) earlier declared MMM as illegal and they put it down as a ponzi program. They went further by calling it fraudulent and advised Nigerians not to participate in the program.

The Nigerian National Assembly too went further by asking the Economic and Financial Crimes Commission (EFCC) to arrest the promoters of MMM. However, the EFCC came out to declare that MMM is not a fraud; therefore, they cannot arrest its participants or its promoters. This singular declaration by the EFCC puts an end to the agitation of the CBN and the National Assembly

 MMM Testimonies

Many positive and negative testimonies have been coming in about MMM Nigeria.

Positive Reviews

A Nigerian who claimed to earn N535,000 from MMM said she provided help of N400,000 on October 13, 2016 and that 30% increase was paid back to her on October 15th 2016, just 2 days after providing help.

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Another Nigerian said he provided help of N170,000, but he was paid N204,000 20 days later in the MMM program.

Her name is Joy and she provided help of N1,000,000 on the 27th of September, 2016. The money however yielded N1,301,000 and she was paid back on the MMM program on September 28, 2016. She said the money was paid directly into her bank account.

There have rarely been any bad testimonies about MMM, but a few still complain about it.

Negative Reviews

One participant claimed that he provided help but his money got hooked when he was about to receive help. When responding to this, representatives from MMM Nigeria office claimed that the individual violated their terms and conditions by registering two different accounts on the MMM program.


MMM may claim to be paying money today, but it still has some air of doubts surrounding its operations. As at the time of writing this article, I am yet to come across any legitimate MMM Nigeria office or see proper business registration documents with the Nigerian government.

Besides, some may completely frown at this scheme because it is tied to a form of interest for religious reasons, for example conscious Muslims do not take interest on money freely given to help someone in financial difficulty and that is why they prefer Islamic banking.

The Islamic belief is that “financial help” should be freely given by an individual to someone in need and not tied to receiving back interest or even praises from the gesture. Only the exact capital borrowed is returned without any  interest charges, this is part of the concept of Islamic banking.

Finally, with the air of uncertainty around the MMM Nigeria scheme, it is likely to end suddenly one day. No one can however say when that end will come. Be that as it may, some people claim to enjoy it while it lasts. But beware anyway and make sure you only invest money you can afford to lose!

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  1. My name is Samuel Aloysius an Mmm participant in portharcourt Nigeria.I was matched to provide help of N50,000 to one Mr.Cosmas Okon Uko on 28/11/2016 and I provided him help on the 29/11/2016 but forgot to upload my teller.Consequently, Mmm blocked my account and another participant was matched to pay him. I ve call this man several times to return my money but refused.So pls sir I need your help.

    • Sorry, but MMM is nothing but a potential scam waiting to happen. I advise you lodge a complaint with them and see how far they are willing to go help recover the funds from the defaulter.


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