Panic As MMM Freezes Payment For One-Month

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Popular financial site, Mavrodi Mondial Moneybox (MMM), yesterday, said it has frozen all payments for the next three weeks, causing panic among members.

This is coming on the heels of an open letter it wrote to Nigerian authorities, posted on its website on Monday.

The letter had responded to the authorities’ enquiries as to the legality of the high-yielding interest venture with over three million Nigerians as members.

The Tuesday post, believed to have been done by the founder, Sergey Mavrodi, said the freezing of Mavros (its currency) for all confirmed payments this month was due to the New Year season when the system experiences heavy workload.

It added that the constant frenzy of provocation from the authorities in the mass media was another reason for it to work on its system adding that it was “better to avoid taking risk” three weeks to the New Year.

“Hence, on the basis of the above mentioned, from now on all confirmed Mavro will be frozen for a month.

“The reason for this measure is evident. We need to prevent any problems during the New Year season, and then, when everything calms down, this measure will be cancelled,” it said.

Some of the members who were apparently scared poured out their reactions on the MMM Facebook post. Omoniyi Omoleke said, “I believe this is a wrong move that will create unnecessary panic and will scare new participants away if eventually the Mavros are unfrozen.”

Another member, Olawale Famusudo , said the measure was not good for the festive season. “Going ahead with this freezing will do nothing than crash the whole system as Nigerians are not that patient to understand corrective measures,” he said.

Baring his challenges, Bright Jasper Wokeji said his account had not been opening adding, “I swear am beginning to smell scam.”

Another member, Oluwasheun Aluko, said “MMM has finally doomed us, the reason is evident, this is a scam. Now it’s time for the federal government to mock us.”

However some members, like Ikenna Donald Ekwuibe, urged others to be patient. “There’s no way MMM can crash unless Sergey decides to shut down his website.”