MMM takes Bulawayo by storm

A new money-spinning venture run by a Russian fugitive has taken Bulawayo by storm.

The scheme known as Mavrondi Mondial Money-box (MMM) has attracted scores of locals who are keen in making quick money.

A Russian national, Sergey Mavrodi is the founder of MMM and according to reports he ran a similar scheme in his home country before fleeing when the scheme collapsed.

According to reports, MMM global is a social financial network where people lend each other money at 30 percent interest rate.

University of Zimbabwe student Gerald Msimanga said he can now afford to pay his rent and other basics after joining the MMM facility.

"My friend told me about MMM and I decided to join because I was failing to cope with the costs of University.

"I joined with $20 but now my account has more than $600," he said.

Another MMM client Princess Ndlovu who is an Accounting student at Midlands State University said although the scheme has not been well advertised, it was growing in leaps and bounds.

"There is not much advertising on the scheme yet the network is growing at an alarming rate," said Ndlovu.

She said inviting someone into MMM earns one a 10 percent interest and that incentive has been key in encouraging people to recruit more members into the scheme.