Do you know that Ponzi schemes like Nairamates are usually operated by enticing new investors with consistent and higher rates of returns than the previous investments? Most of these Ponzi schemes like these are disasters in waiting to happen because, they take money from one person and give to the other, nothing but robbing peter to pay paul. The truth is no real value is added to the economy rather people lose in the long run. It is a pity that the current recession in Nigeria indirectly promoted ponzi schemes like Nairamates as many people want to invest in a bid to lessen their financial burdens. Others who were motivated by greed also waded in to enjoy high returns of financial investments; but the result does not look favorable.
Nairamates claim they have studied diligently the challenges of Peer2Peer system of donations and have found a solution to their challenges. They also said that with diligence and selflessness of their participants, they can be sustainable as the stated that they are not a bank, neither do they operate a central account where all the funds are stored, instead they put all the power in the hands of the participants. There is nothing spectacular about Nairamates. It is the same like every other ponzi scams! Even though the admins claim they have a good support system, but don’t they all say the same. What gave us a pointer that it is a scam is proof of payment where being uploaded just few moments after the scheme kicked off and suddenly their site crashes. Isn’t this the lastest tactics and strategists of scammers to get more people into their schemes?
There is no doubt that ponzi schemes and peer-to-peer schemes generally have given a totally frustrating or ugly impression in Nigeria and beyond by fraudulent individuals. The question of whether any Ponzi scheme is sustainable has definitely crossed the mind of many Nigerians. Be a smart investor. Don’t fall for those unrealistic returns. Remember, a fool and his money are quickly departed.Don’t be that fool. BE VIGILANT!