The Bank of Ghana (BoG) has cautioned the general public to refrain from engaging the services of a supposed financial entity called MMM Ghana.
A statement by the Communications Department of the BoG noted that the company operated a Ponzi scheme through a virtual office, for which reason BoG has sought to draw the attention of the public to its activities.
It said the company, which has claimed a client base of over 10,000, goes round mobilising deposits from the general public.
According to the Bank of Ghana, the institution’s operations “are contrary to Section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930)”.
It said their operations also “threatened the safety and soundness of the financial system”.
The BoG has thus stated categorically that MMM Ghana “is not licensed by the Bank of Ghana to engage in any form of deposit-taking activity”.
Therefore “anyone who does business with MMM Ghana does so at his own risk,” the statement said.
Source: GNA
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First of all to you favour if you understand the system very well you will not be saying what you just comment,And for your information mmm is still function in Nigeria and even central bank of Nigeria couldn't stop it because it found out that it's not a company and all that they taught it was, it happened is South Africa and other 115countries.MMM is a donating platform which does not take money from individual and also tells you to participate with your spare money not your live savings. The risk involve is clear and you should understand it before joint the community. MMM is not a BANK and does not take deposit as BoG is stating in their release. I wish we had the opportunity to come on air to explain what we do than tarnishing the image of MMM.
This MMM Ghana is a 419 company. they have duped many millions of Nigerians which am victim of.please and please Ghanaians beware