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Thousands of Zimbabweans lose money as MMM crashes – iHarare
2016/09/02 Staff Reporter
THOUSANDS of people, among them civil servants and vendors, have lost thousands of dollars to fraudulent online pyramid scheme MMM Global Zimbabwe after it collapsed recently. The social financial network, which relied on an accelerating number of new members to pay off the old, abruptly terminated its services last week leaving participants stranded.
This comes as Econet’s mobile financial service platform, EcoCash yesterday distanced itself from the pyramid scheme. Participants claimed they were using EcoCash for their transactions.
Zimbabweans have in the past months been joining the online investment scheme