Givers Forum is another networking platform and fourth most popular Ponzi scheme that emerged in Nigeria during the time of recession.
In a short period of time, it gained popularity among people looking for a quick financial lifeline. Like its name, they claim to function like a charity organization where people offer and receive financial help, but in reality, their model of rewarding members of the platform operated in a similar way like many other Ponzi schemes of its time.
However, the founder of Givers Forum just like many of its kind is yet to be revealed, but while we speculate on that, let’s find out what the scheme is all about.
Givers Forum: What Is It?
Since you already understand a little bit from the above intro, The Givers forum Nigeria require its members to be honest with each other and ask for help when it`s needed.
The forum is no different from other Ponzi Schemes such as MMM, Twinkas, Ultimate Cycler etc. It has no central Bank account where users deposit money, or through which, cash flow can be traced. Rather, the forum’s admin directs cash flow from one member’s bank account to the other.
There are also no signing of contracts or exchange of goods and service. Givers Forum Nigeria prides itself as a “financial give and collect networking system.”
How Does It Work?
To register for Givers Forum, you are required to know the basis and operational working of the system. As a non-selective forum, anyone can become a member or user after the Registration process is completed.
The platform works in two ways: You Provide Help (pay others) and Get Help (get paid by others).
Once you login to the online office where you registered, you can declare your willingness to donate by clicking on the Provide Help button. You’ll get rewarded with the same money you pledged plus an interest. This inadvertently means that the daily interest on your money begins to count and your money starts growing at 10% per week and 40% per month. This sum shows how much you can ask from other participants after a week of making a pledge.
For instance, if you indicate your willingness to pledge N100, 000, it means that in your Private Office of Givers Forum, you will be rewarded with N100, 000 plus a 40% interest. After a week, the N100, 000 will yield an interest of N110, 000; if you allow it up to a month, you will receive N140 000.
All this is possible in the Forum only if you transfer and confirms your pledge.
Requests to provide help usually comes into the personal office you created on the platform. Therefore, if you do not provide the help within 48 hours on weekdays and 96 hours on weekends, you will be removed from the system and can’t register with the same email again.
The platform makes it clear that the 10% or 40% is not considered as a yield or interest rate since the funds were given away in goodwill and purely a reward for taking a risk to help a fellow participant.
Members also get rewarded in other ways besides the weekly 10% bonus, viz,
- Registration Bonus and
- Referral Bonus
Members of the forum get a one time reward ranging from N1,000 to N50,000 as a token of appreciation for “stepping out to help humanity” (although, it’s for those who make pledges immediately) as follows:
1. Donations from N20,000 – earns a reward of N1,000
2. Donations from N200,000 – earns a reward of N5,000
3. Donations from N500,000 – earns a reward of N10,000
4. Donations from N1,000,000 – earns a reward N20,000
5. Donations from N2,000,000 – earns a reward N50,000
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Although members are not obliged to recruit new participants. If a member invites new members into the Community, it becomes his/her additional contribution to the growth of the platform. The Givers Forum tends to give bonuses to motivate/boost membership and participation.
The referral bonus is listed as follows:
First generation – 10%
Second generation – 5%
Third generation – 3%
Fourth generation – 1%
Beginners looking to join the Givers Forum are allowed to ask upline members to provide help. Members are instructed not to share personal information connected to the Givers Forum – it also means members must secure their PO password and email.
Givers Forum can not exactly be described as fraudulent scheme since members join and donate money out of their own free will. This may be one of the reasons the government has no opinion against them.
However, it doesn’t also avert the risks involved since the platform has neither a central bank account or a central administration. They simply boast of being one true family that assist each other for a better Nigeria.