Givers Forum is another Ponzi scheme fast gaining popularity in Nigeria at the moment. The scheme is made up of a community of givers, people who provide each other financial help.
Nigerians are flooding this particular scheme in hundreds despite the crash of ultimate cycler, one of the biggest ponzi schemes in the country, earlier this week. The scheme works this way;
An intending participant visits the givers forum login page here www.giversforum.com and registers
After successfully registering, the user logs into his/her account known as Personal Office with the login details he/she registered with.The user pledges help, the reciever of the help confirms receipt and a week later, the user is eligible to ask for help.
For example, the user pledges a N200,000. He/she will be rewarded with a N200,000 in his/her private office. A week later, this N200,000 becomes N210,000 and in a month, it becomes N240,000. In the same line, He/she will be able to request assistance for N210,000 in week 1, N220,000 in week 2, N230,000 in week 3 and N240,000 in week 4.
If a user does not respond to a request for help within 48 hours of that week, that user will be removed from the system permanently.
Just like MMM Nigeria(another big ponzi scheme in Nigeria), givers forum has no central account or central administrators/guiders who oversee transactions between members, funds are transferred between members from their respective bank accounts.
The only way to lose money is after paying a fellow member, the website crashes. The minimum amount that can be pledged in this scheme is N5000. The scheme is absolutely ‘legal’ and does not break any laws, because money transfer is between individuals who consent to it.
Read about other Ponzi schemes here