Bank of Ghana has warned Ghanaians to desist from depositing any money with MMM Ghana, saying, the company is operating a Ponzi Scheme and does not even have the required licence to take deposits from people.
According to Bank of Ghana, the operations of the company, MMM Ghana, constitute that of a ponzi scheme through a virtual office “hence anyone who does business with MMM Ghana does so at his or her own risk”.
MMM Ghana promises to give participants of its scheme a 30% interest on deposits, claiming it operates in 118 countries across the globe and has over 226 million participants.
MMM Ghana states on its website that it does not operate an investment scheme but rather a “social financial network.”“
“Yes, it is possible to get 30% per month here, but this is not an investment program! This is a community of ordinary people, selflessly helping each,” the company’s website states.
However, the Bank of Ghana in a statement released on Wednesday said; “The institution’s operations are contrary to section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) and also threatens the safety and soundness of the financial system.”