Nigerians groan as MMM suspends further payments to subscribers

Nigerians have been thrown into a sudden anxiety following a decision by promoters of deposit money scheme, MMM, to suspend new payouts to subscribers.

The members woke up on Tuesday morning to a disclaimer on the scheme's website informing them of the move.

But the promoters of the scheme it won't go burst just yet, adding that the setback will only last for a month.

The MMM is a deposit money scheme that market analysts said remained highly suspicious. The scheme draws from investments of later investors to pay off earlier ones.

Despite repeated warnings by the government for Nigerians to desist from investing their money, the subscriber base of the scheme has continued to boom.

But the MMM said the move was only to prepare its system for intense activities ahead as part of its preparation for a new year, which arrives in less than three weeks.

"As usual, in the New Year season, the system is experiencing heavy workload," the message, seen by those who logged on to their account this morning read.

The promoters also blamed the hysteria that has greeted the emergence of the scheme in the Nigerian media, as well as attempts by Nigerian government to shut it down.

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